Melissa straight off the top tonight, an exclusive interview with my personal choice for who should be the next fed chair, reknowned economist john taylor. News that Larry Summers has withdrawn his name for consideration of the job led to a nice rally in the markets. Everyone is looking ahead to try to predict whether the next fed chief will be vicechair janet yellen or not. Hear to weigh in what went down and what were in store for. Mere is stanford professor, john taylor himself, author of the five keys to prosperity. Great to have you back on the show. Good to be here. Melissa what did you think when you heard the news when, you heard Larry Summers was withdrawing his name . I was surprised but it looked like it was moving that way in the last few days. A number of Democratic Senators indicated resistance to him. That was going to make it hard. I think he read the tea leaves and the white house read the tea leaves and decided best not to push it. Melissa what do you think really wen
Dagen so much news today. The president coming off. Larry summers. The big bombshell yesterday. Call the president on the phone and said were backing out. Connell that is still the big market story. He will watch washington. Youre right. Larry summers. Dagen what is Nicole Petallides watching. A big rally. Reporter watching how those pieces of news are marketmoving events. Fed contention. Ultimately the market thinks that the money printing keeps on coming from the fed. Jumping up 156 points for the dow jones industrials. The nasdaq composite, cora , nasdaq composite. All of the dow components have been in the green throughout the day. The other thing that is also interesting is how this delays to bond yields, the 10year yields. That may move to mortgage rates. We are seeing home levels soaring. So the pieces of news and then how they relate to these markets. Dagen thank you so much. Larry summers pulling himself out of the running to be the next chairman of the Federal Reserve. What t
New york stock exchange. Sending it to you in the studio. The president saying it is about the middle class and theyre is a long way to go. At least today the markets are celebrating not news about the anniversary, but at least rallying nonetheless. Adam the other big story, Larry Summers pulling his name from consideration to become the next chairman of the Federal Reserve. Im adam shapiro. Lori im lori rothman. The field for the new fed chief was down. The front runners to head the Federal Reserve. Adam tying nat to the firm where he works. Try telling that to the firm, Atomic Research group on why the firm is putting its money on janet yellen. Lori five years removed from the financial crisis. You heard the president. Five plus whether he agrees with the president s take and what needs to be done to avoid another economic crisis. Adam watching aig implode. We have exclusive details in an interview with the insurers former chairman and ceo. Lori lets get back down to the floor of the
Almost 1. 3 billion. Liz luxury retailer saks, saying the chairman and shave executive officer and president ronald fresh will leave the company once officially acquired by canadas hudson bay company. The 2. 4 billion deal is expected to close by the end. Year. David a lot of deals going down these days. In the last minute we heard regulators are expected to hit jpmorgan with at least 700 million in penalties. This is part of that settlement related to the banks handling of the london whale trading loss last year. Liz united technologies, utx, Pratt Whitney says it will push down the price of f35 fighter jet engines by 2. 5 , possibly more. The jet is the most expensive military project in u. S. History. David the canadian aircraft maker bombardier is turning up the heat on boeing. With the maiden flight of its new c series jetliner. This is the first new narrow body plane of its size in decades. We have a lost breaking developments. Want to keep it right here for the next hour. After
Fed race. Good monday morning, everyone. Look at this. Stocks will take off when that bell rings. 100, 150 points higher. Around 4 20 eastern sunday afternoon the news broke, Larry Summers withdraws. The pundits believe he would have printed less money. Janet yellen the likely successor, and that she will keep on printing. Thats why stocks will likely go up. And oil way down. Because any action on syria is now less and less likely. Its five years since the panic, stocks close to record high, its a riproaring monday morning and Varney Company is about to begin. Thank you orville and wilbur. Amelia. Neil and buzz for teaching us that you cant create the future. By clinging to the past. And with that youre history. Instead of looking behind. Delta is looking beyond. 80 thousand of us investing billions. In everything from the best experiences below. To the finest comforts above. Were not simply saluting history. Were making it. Big headline. Larry summers pulling himself out of the runnin