News conference by outgoing fed chair ben bernanke. Wall street is on edge over whether he will disclose a wind down of bond buying stimulus program. Ahead of the meeting stocks went wild monday. The dow pushed up by 130the nasdaq 29 and s p by 12. Gold edge higher by 5 dollars. And oil by 71 cents. A report says a vote to approve janet yellen as the next fed chair could happen thursday. Today, president obama meets with top tech leaders to talk about the healthcare. Gov website and nsa spying. Also a snow snarl is expected for commuters from the midwest to the east coast. Take care on the roads. Glenn schultz of Performance Trust joins us now. Glenn, will it be a terrifying tuesday. Everybodys so concerned about this fed meeting. What is the bond market telling you . The bond market is telling me that theyve handicapped the odds of tapering at around 60 70 . If you compare this to the economists predictions thats about 34 of economists polled said theres going to be a taper. But you a
Captioning sponsored by wpbt this is n. B. R. Tom good evening. Im tom hudson. The sequester is here and the federal Government Spending cuts will soon be enacted. Susie im susie gharib. Good evening, everyone. Well look at what sequester means for the u. S. Economy, jobs and the markets and how long it may last. Tom one bright spot for the economy auto sales. February was another strong month of sales. Susie that and more tonight on n. B. R. Tom before midnight tonight, the sequester takes effect. Those automatic spending cuts will trigger federal government furloughs, cuts in government contracts and cut backs in federal services. Congressional leaders met with the president this morning to talk about the situation, but no one expected a break through and no one was disappointed. Our Washington Bureau chief darren gersh tonight on what happened and what comes next. Reporter by now, you know how this story goes. After the lastminute meeting at the white house, the speaker emerges grim
And maybe that will start to resonate out there with the American Public and maybe then well be able to move forward with some sort of more reasonable fiscal path to the future. Reporter by easter, hoagland expects the sequester pain will probably be bad enough to force some sort of compromise, if not how bad is it going to be . What im hearing from a lot of people is the feeling this whole sequester thing is way overblown, is it . Okay, play the washington number game with me for a minute. You heard the 2 number. Oh, its only 2 of federal spending over the next 10 years. Its no big deal. But theres another washington number which is because of the way the sequester is structured, its 10 to 13 in some programs this year. And thats going to cause some pain. Susie all right, well, talk us through this a little bit. I mean, you have said that the automatic spending cuts are going to be gradual. They officially kick in at midnight tonight. So talk us through what happens after midnight. Re
And maybe that will start to resonate out there with the American Public and maybe then well be able to move forward with some sort of more reasonable fiscal path to the future. Reporter by easter, hoagland expects the sequester pain will probably be bad enough to force some sort of compromise, if not how bad is it going to be . What im hearing from a lot of people is the feeling this whole sequester thing is way overblown, is it . Okay, play the washington number game with me for a minute. You heard the 2 number. Oh, its only 2 of federal spending over the next 10 years. Its no big deal. But theres another washington number which is because of the way the sequester is structured, its 10 to 13 in some programs this year. And thats going to cause some pain. Susie all right, well, talk us through this a little bit. I mean, you have said that the automatic spending cuts are going to be gradual. They officially kick in at midnight tonight. So talk us through what happens after midnight. Re
Culprit earnings in spain, the situation of the Banking Sector across europe, people worry that the Big Decisions havent been taken to stabilize the economy. What the italian election indicates is the anxiety about by people that the mix of policy isnt right. Personally, i think that the euro has been, in one sense, stabilized by the actions of the European Central bank over the past year or so, but as well as the liquidity problem, weve still got a solvency problem, and above all, weve got a growth problem. If we dont get the growth figures up, were in trouble. Thank you for joining us on squawk box on cnbc. Okay. Thank you. Guys, back to you. Michelle, thank you. That was a great interview. Thanks for letting us listen in on that. Folks, make sure you join us on monday with Warren Buffett starting at 6 00 a. M. Eastern time. That does it for us today. Right now its time for squawk on the street. Good friday morning. Welcome to squawk on the street. Im melissa lee with carl quintanill