That alleviated some of the concern in the market that we saw on friday. When stocks tumbled when another fed official said an Interest Rate hike may be just around the corner. But todays speech by brainard was the last appearance ahead of next weeks meeting of policy makers. Her cautious language sent stocks sharply higher. The Dow Jones Industrial average climbed 239 points to 18,325. The nasdaq added 85, and the s p 500 jumped 31. We begin with two reports tonight. Bob pisani tells us why the markets are being whip sawed by the fed, but first Steve Liesman on what exactly Central Bank Officials said and where the feds voting members stand. Lots of fed speak today. But the market taking its cue from brainard who made a fullthroated case. Brainerd has a permanent vote and said the fed has not been hitting its inflation targets and there are risks from abroad and a stronger dollar that the fed should watch carefully. To the extent that the effect on installation of further gradual tightening in labor Market Conditions is likely to be moderate and gradual, the case to tighten policy pre e emtively is less compelling. Neel kashkari this morning. My view, there isnt appear to be huge urgency to do anything, frankly, and lets get as much data as we can and lets try to get our inflation back up. Again, look around the world. Around the world, inflation generally is coming up low. This is a global phenomenon. Not just a u. S. Phenomenon. Thats why we need to understand, what are those drivers. Why are Interest Rates over the last 30 years falling. Only Dennis Lockhart said, quote, im satisfied at this point that conditions warrant serious discussion, end quote, of a rate hike. Here is one reporters subjective view of where the ten voters at the meeting stand on hiking rates, based on their previous comments. Four look likely to vote for a hike, and three, including fed chair, janet yellen, are possible supporters. Two fed governors, brainard and dan at your youllo unknown. It likely they will side with the chair once she makes up her mind as its rare for governors to dissent, as opposed to Bank President s who dissent more often. It depends on janet yellen who said in august that the case was strengthening for a rate hike. There had been some luke warm data since then. Well find out next wednesday if she has changed her mind. For nightly business report, im steve liesm. Professional trader who has to come in every day and put money on the line. They are obsessed about what the fed is doing because Interest Rates at such extreme lows, there has to be some move in stocks and bonds and the dollar if and when the fed moves again. But the last two trading days has not helped them understand the situation at all. Traders went from complacent on friday morning to a mild panic midday friday, from not caring to suddenly shorting the market. And then on monday, the traders had reversed their positions. This is all in two trading days. How could you make money on this on a daily basis when one important fed voter says they want to raise rates on friday and then on monday, another important fed voter says they likely will not raise rates. The short answer is, you really cant. Maybe fed officials should just shut up and stop confusing everyone. Nine days before we learn what the fed is going to do, and most traders are no closer to having a Firm Conviction about what will happen than they did last week. Is the fed datadependent or not . And what is the data telling us, anyway . Theyre all so confused down here. Welcome to the new world of fed communication. For nightly business report, im bob pisani at the new york stock exchange. The head of the largest u. S. Bank assets wants the Federal Reserve to get on with it. Jpmorgan chase ceo, jamie dimon, said he wants to see fed chief janet yellen raise Interest Rates sooner rather than later. My own personal view, and she does not call me for advice, by the way. But 25 basis points is a drop in the bucket. We always 25 base points going really slow, dont worry about it. Lets just raise ra an Interest Rate hike means banks can charge a higher percentage to borrowers, and that in turn could help bank stocks. Michael hanson joins us now to talk more about the fed, the economy and the market. He is senior economist with bank of america global research. Nice to have you here. Thank you. So michael, where do you come down on this . We have had a lot of cross currents, im trying to be polite, in terms of what the differing fed officials are saying. But whats the official stance from bank of america global . Our expectation is well likely get a fed hike in september. I think decembe is probably a little bit too soon for some fed officials, as we heard. And doesnt seem that even the ones that may be leaning that rate hike might be okay. Dont really see a cost to waiting. And so for that reason, i think its probably likely that con sen source i really do think that Sherry Yellen wants to get consensus, and will likely be to not go in september, and can wait until december. You know, today these days we hear more and more from fed governors, from fed regional Bank President s. So we know what theyre thinking. I cant say that i can remember a time when i have looked at the fed and it seems as divided as it is today. Well, i think we had a lot of division around qe 1 and qe 2 in particular. I think it comes and goes in waves. Remember the fed is probably the most decentralized central bank on the planet. They all say their views, and i think the market was probably leaning a little bit in the direction of thinking that brainard today was going to be kind of a spokesman for the committee and i think thats not right. I think they all give their own individual she was certainly a, quote, dove, meaning for lower for longer Interest Rates. Thats right. I think she was trying to persuade her fellow committee members. She had five points she wanted to lay out on why she thought it made sense to wait. What about Neel Kashkaris comments we heard in Steve Liesmans report, which is that the low inflation rate that we have here is a global phenomenon, and not specific to the United States . And how much should that influence, if at all, the Federal Reserve . Well, i think it matters. The fed is focused obviously on u. S. Inflation, but it matters why u. S. Inflation is low and whether its going to come back up or not. There is a large debate in the committee whether the indictening labor market will help bring inflation up and she is skeptical. Or whether it is Global Factors and other things that may continue to keep inflation lower for longer. And i think thats really one of the central debates in the committee right now. How much would higher Interest Rates help banks . Good question. I mean, 25 basis points probably in the grand scheme of things is fairly modest but the market right now is looking for some signs that rates will be going up as a favorable indicator towards bank stocks. I would say the market rally today, despite that, because i think by and large, most in the stock market are hoping the fed will continue to keep a punch bowl full for longer. Michael, thank you so much. Appreciate it very much. Michael hanson with bank of america global research. The bond market rattled by the big debate after defying predictions of a rise for years, bond yields around the world have started to climb from historic lows. But are the moves a head fake or something more . Mike santoli takes a look. Have we finally seen the bottom for Interest Rates . An abrupt selloff lifted bond yields across yield markets and raised this question. From japan to europe to the u. S. , investors have stepped back from bonds, and Central Banks continued willingness near historic lows. This is a reversal that took hold over the summer when trillions of dollars worth of bonds traded with negative yields and investors bet that banks in japan and europe would continue buying Government Debt indefinitely. Meantime, Federal Reserve officials continue to suggest the rate increases likely before the year is out. If not after next weeks policy meeting, perhaps in dece. Of course, many have incorrectly predicted rates would start to climb for years now and the rise in the tenyear treasury yield from a low of 1. 6 in early july to just above 6. 5 now is hardly a dramatic move in the larger picture. That ended above 2. 25 . This could prove to be another fleeting balance in yield and even if the rates have been seen, low growth and inflation should keep them from rising too far or too still, a growing fatigue with Central Bank Policies and softening command for low yielding bonds provides a jolt for investors who have been rushing into dividendpaying stocks, believing the low bond rates insulated them from severe losses. One bright spot in the recent lift in longerterm bond yields, it helps banks and is carried bank stocks higher. As for the broad stock market, higher rates can usually be absorbed if they come with improved Economic Growth and corporate earnings. But until such a growth pickup is confirmed, fatter bond yields could upset an equity market grown reliant that rates would remain lower for longer. For nightly business report, i mike santoli at the new york stock exchange. Republican president ial candidate, donald trump, directed his criticism at the Federal Reserve. In an interview today on cnbc, he questioned the Central Banks independence, and said the fed chief was keeping Interest Rates low to help president obama. Shes keeping them artificially low. To get obama retired. Watch whats going to happen afterwards. Its a very serious problem. And i think its very political. I think shes very political, and to a certain extent, i think she should be ashamed of herself. John harwood joins us now from washington. Good to see you, john. So how did mr. Trumps comments about the fed compare to what he has said previously . Well, its odd, sue. On the very same show, just a few months ago, donald trump said that people he knew had a very high regard for her, she was a very capable person, shes just doing her job, shes a low Interest Rate person, just like i am. And today, when were in the heat of the general election, he says shes very political and she should be ashamed of herself. He seems to be impulsive and react in the moment based on the stimuli hes getting at the time. As opposed to having a consistent judgment of her or anybody else. Hillary clinton, her pneumonia diagnosis. And what seemed to be a sort of going weak in the knees at the very least. On yesterday. How serious is her illness, and what do we when do we expect her to resume a full schedule . Well, its not clear how serious the illness is. The images look very serious yesterday. Her knees just didnt buckle. She collapsed. Now, her aides have not described just what kind of pneumonia she has, and potentially it could be treated successfully by the antibiotics. The bigger challenge immediately, tyler, is that this undercuts the argument that shes been trying to make that she is, in fact, straight forward and not dishonest and not Holding Back Information the way critics say. Her she and her aides encouraged that belief by not disclosing the pneumonia diagnosis, which they now say was made on friday. Not altering her schedule and going through saying nothing, having her collapse and then waiting until the end of the day to disclose that information. Yeah, people have been talking a lot about that today, john. Do you think this will have a longlasting effect on the race. I doubt it. But you dont know. The race is relatively close. We have seen in the post abc Washington Post abc news poll over the weekend, she had a fivepoint lead down from eight before among likely voters. Its substantial but not an overwhelming advantage. When youre a 68yearold candidate, if you give people reason to doubt your physical fitness to take on the job, thats a problem. Indeed. John, thank you very much. John harwood, in wash. The coming election is one reason why businesses are rely reluctant to increase investment higher at a pace. The Quarterly Survey of chief executives. Most leaders of americas Largest Companies think the economy will continue to grow slowly and they dont think the election will increase economic momentum. Still ahead, why Silicon Valley and all of those fastgrowing startups may be at a turning point. Congressional leaders working towards temporarily funding the government past the end of the current fiscal year. And providing money to battle the zika virus. Senate majority leader, mitch mcconnell, said a lot of progress has been made and then he expects to advance the legislation in the senate next week. He did not, however, provide any other details. Last week, we told you about a county in arizona that has only one insurer offering a health plan on the Affordable Care act exchanges. The lack is not sitting well with some. And as Bertha Coombs reports, many want to know if the problem can be fixed. This summer, the county was the epicenter of upheaval in the Affordable Care act market. Until blue cross of arizona stepped in, no insurers offered plans for 2017. Broker, Theresa Farren is bracing clients to just one insurer. I try to help my clients and i feel like im a source that they can call to look at whats happening in and right now, i dont have a lot to offer them. One big reason insurers nationally are cutting back on the aca now is funding for the government risk and Reinsurance Program that was meant to backstop big losses on highcost claims expires in 2017. And that funding has been a fraction of what was expected in part because of the political impasse over the law in congress. Making more than 12 cents on the dollar in the risk corridors, thats just not right, if i promised you 100, and i handed you 12, you would be a little disappointed. To fix the problem, analysts and insurers say Congress Needs to enact changes to make the aca more like the medicare market. Which has a permanently funded reinsurance prog enrollment rules need to be tightened to stop patients who only sign up for just a short time. And insurers say they need flexibility to charge older, sicker parents a bit more and offer younger, healthier ones, lower cost, leaner plans. Thats just a start. I think, you know, widening the age bans and allowing insurers to offer skinnier coverage could get some more people signed up. But i think i think those fixes alone probably are not enough. Those measures will require legislative change in washington, but ultimately, the aca markets will only stabilize if enrollment grows. And that requires insurers to adapt, says consultant jim hammond. If we want everybody to get in, and we want the younger and healthier people to get into an insurance product, we have to give them a reason to do that. Analysts say if washington doesnt come up with a real fix by this time next year, we could see more communities like arizona facing the prospect of no aca coverage in 2018. Bertha coombs, nightly business repo an agricultural giant. Where we begin tonights market focus. We recently told you that the fertilizer makers were in talks. Now they have. The companies will merge to create a company with a total value worth 36 billion. Shares of ago reum down 2 to 19. 64. And 16. 76. Star board value disclosed a 4 stake in parago. Over the weekend, the investor sent perago a letter, saying the Financial Results have been poor since it fought off a bid from mylan last year. Perago has said it will enter into constructive and productive talks. The shares pop to 25. 93. Horizon would expand its business through an acquisition of raptar pharmaceuticals, allowing the Biotech Company to strengthen for rare Disease Treatment and increase its focus in that market. The phrma shares rose 9 to to 18. 89 and 20 to 898. Tesla will launch upgrades to the autopilot feature that will include the use of advanced radar and will rely less on conventional cameras. The move comes after a fatal crash in may while the vehicles semi Autonomous System was on. The features are aimed at improving Driver Safety that elon musk is betting on. The improvements, radar, inclusive of the others, probably cuts the accident rates in more than half. Thats my guess. It would make the model s and the x by far the safest car on the road. Tesla shares up you nearly 2 on the day to 198. 30. The french drug maker, san afee, will launch a joint venture with googles parent, alphabet, to take on diabetes. They will inject 500 million into the new Company Called on duo, expected to focus on treatment for the dis shares of alphabet up 1 , 798,. 82. And 39. 82. Hp is buying samsungs printer business for 1 billion. The computer maker said the deal is aimed at reinventing and disrupting the copier industry after the transaction is finalized, samsung will invest as much as 300 million in hp. Hp shares were up nearly 4 to 14. 49. Andterro pharmaceuticals disclosed late friday that the drug maker and two of its executives received a subpoena from the department of justice. Officials seeking documents regarding employee records, generic drug pricing and sales. Terro is said it will cooperate with the investigation. Meantime, the news sent shares down nearly 4 to 119. 42. Silicon valley may be at a turning point. The number of deals are falling, and the majority of Venture Capital is not going to the newest players. What happens next was a big topic of conversation at the tech crunch disrupt conference. Julia boorstin has more tonight from san fra. This years tech crunch disrupts brings together 500 startups, competing for investors attention at a time when its increasingly it tough for the little guys here to take their business to the next level. Venture deal volume declined in the second quarter, and though overall Venture Capital investment rose slightly, the majority went to private giants, such as uber and snapchat, raising the bar for startups. You need to have a Business Model that makes sense, and in my opinion, thats good. Its a survival of the fittest now, right . You coal out the ridiculous companies and raise all thinking from the beginning, how do we make money . Startups here including air mule, a company that allows travelers to relent out their luggage space says its harder to secure funding. More than a few years ago to close this. Another factor, all the folks here have been watching, this has been a slow year for ipos. Through august 1st, the slowest since 2009. Jerry, ceo i tudor group, says his company sees the advantages of staying private longer. Theres a opportunity for aot of these organizations to grow at a significantly fast pace by staying with private funding. So Companies Like uber, ourselves, what we can do is really invest heavily on cuttingedge technology, solutions that really drive results. Industrywatchers say this ipo drought cant continue, as investors are looking to cash out. I think theres a lot of pressure to not go public right now, just why you see this. Not going public. But i think that temperature is slowly changing. The investors are saying when do i get my money back. When is my return on my investment. The mostly Early Stage Companies here are far from an ipo. But eager to get on the radar of investors who come here to discover what could be the next generation of unicorn, or Companies Worth more than 1 for nightly business report, im Julia Boorstin in san francisco. Coming up, wall street remembers and gives back to commemorate the anniversary of the september 11th attacks. One day after the 15th anniversary of the september 11th attacks, Cantor Fitzgerald continuing its tradition of giving back. That firm, which lost more than 650 employees on that day, is hosting its annual charity day. And dominic chu was there. Certain people terro makes cash brokerage and banking firm, Cantor Fitzgerald last the majority of its employees in the 9 11 attacks and uses this charity for the anniversary. 15 years ago, we lost 650 people, and so when we rebuilt the company, we said we would have a charity day. We ask all our employees to waive their days pay and ask clients to do as much business as they can. And we dont give away our profits. We give away every dollar of revenue. Last year raised 12 million on that day. 125 million so far. 7 million. 7 million. All right. Every dollar collected in revenue for the day goes to charity. And a host of celebrities in the worlds of sports, arts and entertainment turn out to help the ca im trading away. Making lots of moolah. From Football Players like eli and Peyton Manning and Brandon Marshal to Baseball Players to super models like lily aldrich to actors like steve bu shemy and others. Its not just about professional athletes. Its about every human being on this plane its as you climb the ladder, can you lift someone else up with you. All day, seasoned traders sat alongside celebrities to get deals done for stocks and bonds. 101. 101. Done . And nobody told me to say that. The. Caller relief fund was originally set up to help some of the families directly affected by ner9 11. But tod hel a variety of other charities. If you give today, it goes a long way. And remember friends of firefighters. Doing their bengal la on october 20th. For some, its a little bit of fun stepping outside their normal professional lives. Theyve turned what happened to them at 9 11 into a day of positivity and raising money for charities, which is such a beautiful thing to do to celebrate. You know, the lives. Its always fun, and its fun to pretend that im a stock broker for the day and trading. This is a a lot of work you have to do here. I mean, you know, more nervous doing this than when im pitching. Ends up being a great at a for a great set of causes. Thank you s im on fire. For nightly business report, im dominic chu from the Cantor FitzgeraldTrading Floor in new york city. I wonder if peyton traded eli today. Well see. Before we go, another look at the rally on wall street. Eli had a good day yesterday. The dow climbed to 1825. Nasdaq up 85 and the s p 500 jumped 31. Friday . Forget friday. Thats right. Thats nightly business r tonight. Im sue herrera. Thanks for joining us. Have a great evening, he have been. Im tyler mathisen. Thanks for w father brown now, he enriches and strengthens you by a special sacrament so that you may assume the duties of marriage in mutual and lasting fidelity. And so, in the presence of the church, i ask you to state your intentions. Margaret le broc and geoffrey le broc i shall now ask you if you freely undertake the obligations of marriage, and to state that there is no legal impediment to your marriage. I wish granny betty was still alive. Shed put a stop to this. Your papa would want your mother to be happy. With him . His own brother . Father brown are you ready freely and without reservation to give yourselves to each other in marriage . Oh oh theres a mouse vermin, in the house of the lord . Horrid creature. Thank heavens you saw it. Oh, someone catch it. Its over there