tv Countdown to the Closing Bell With Liz Claman FOX Business October 16, 2015 3:00pm-4:01pm EDT
watch the democratic debate. he was watching the ball game, he said maybe he watched a little switching back and forth, he said he can't comment on the chatter that joe biden may run for president. he said you need to ask the vice president himself, i am sure we will, liz is taking us straight to the closing bell. liz: with dow up 31, we might have answer, still on track for the dow for a third straight weekly win. so are they not really that bad in stock world? mark this moment, because markets could move this week, they seem to be hanging on every word of any federal reserve, president or governor who made comments in the public. loretta moster may be the most hawkish of the bunch calling for
fed to raise rates she is with us, live in a fox business exclusive. we'll watch the markets, she is joining us one day after our interview with industry secretary jack lew. telling congress that u.s. government is set to go broke in 17 days, we'll hit the debt limit enough 3, he stood firm on the strong dollar. we managed to wrestle a great lot out of him about the new $10 bill. and president obama just wrapping up that press conference. lieutenant colonel ralph peters has analysis, we're less than an hour to the closing bell, let's start the count down.
liz: good afternoon, breaking news, whether syria, china or washington, d.c., it turns out that federal reserve and the rate hike debate is what is moving the markets most, we're just 12 days walker from the next federal reserve meeting, this is so call fail. the federal reserve failed to raise interest rates and september, an october rate hike does not look likely, that leads to december. the last meeting of the year, the only opportunity left for 2015. but the futures are pricing in now 40% chance of a rate hike in january of 2016. lately, of course, fed governors and presidents have been speaking making it almost a public debate, one voice is saying more loudly, it's time, hike interest rates now or we risk what? let's ask her, loretta mester,
is joining us, in a fox business exclusive welcome. >> thank you very much. liz:ing on the october 28 is coming up, if you were a voting member would you vote to raise rates. >> i'm not going to say i would vote if i were voting, but i will say i can think that the economy had handle a rate increase. housing is coming back. we have a employment labor market that looks after -- if you look at a bunch of statistics they look good, we averaged 200,000 jobs per month this year. yes, we did get weak reports in the last couple of weeks. but in general if you look at how far the economy has come, we're at or nearly at our goal on full employment. and i am confident that
inflation will get back to 2% over median run. there are down side risks from growth, global growth, that we take into, count in our models and forecast. but i think that the economy is move up from zero, which is an emergency interest rate, and handle that. liz: by how much? a quarter of a point? less? >> well, the way that path circumstance looking at the survey of the economy projections that will fomc puts out, really when liftoff circumstance one meeting here, one meeting there, this is the pacpath of interest rates aftere left off. most of us say a gradual path will be consistent with a continued economic growth. it is a gradual path up. liz: can i push you here? everyone just assumes a quarter of a percent rate hike but could it be less like 15 basis points.
>> i would not 1u7 are on the -, that fine-tuning it to that level does not make sense. that is not historically what we have done, we did it way back in the day, but since modern history it has been quarters. move up a quarter, let the you know data dictate where we go from there my anticipation is that it is the economy evolves as i forecast, a gradual increase in rates. liz: listen you are not alone. you have esther george of kansas city, said, this is the time, now is the time. everyone seems to be speaking. we had jeffrey lacker who was on with pet peter barnes, then youe two fed governors who caution, wait we have to wait. the economy is not ready. are you confusing the public? >> i hope not. what we're trying to do, and i my perspective is that fed
should be transparent, and communicate our rationale for decision making. i think that yellen has done an excellent job, this a risk management procedures, you go to the meeting, you have a view, and you listen to your colleagues around the paying else, i'm not -- table, i'm not upset by the fact we have diverse views, it would be more upsetting if we had the same views, it is how do you assess the risk, my feeling is the more we delay, the more there will be risks. we have learned from history that things can get away from us. i would like to be consistent with a gradual increase. i think by moving now when the economy can handle it we would be. liz: okay so, i am hearing you from, you feel that the economy is comfortable and solid enough at the moment to handle that however we have a debt dealing that we talked with treasury
secretary jack lew. if we hit it, would that change your view? >> you have to taking ventses as they coming take into consideration that, my hope is we could get the debt ceiling done. liz: how brought brutal would the fight be over there. >> i can not predict, i hope there would be learning. >> how much does something like china, the greek debt crisis, how when you are in these behind closed-doors meetings with janet yellen is something like, that those big global issues taken into effect. >> we do talk about the global economy, wir we're a part of the global economy. if the developments go a certain way, what is the impact on the u.s. economy. it impacts our economy not to a direct trade channel to china
but that affects oil prices and then our question is how does that, affect our outlook. liz: does a presidential election play any political gains in the minds of all of you in the fed. >> honestly i have been going to fomc meetings for a long time, i would say politics do not come into it. we're really put policy on what we think of the economy can handle where our outlook is. liz: the accusation that janet yellen is doing president obama a favor by keeping rates low. >> absolutely not, that does not come into it at all. liz: not at all. >> no. liz: if you were to vote that first meeting after the first of the year, would you vote for a rate hike. >> i will have to see how the economy evolves, i do not have a
vote until january, we're always looking at what is going on with the economy. it is a risk manag management perspective. i respect colleagues who say that you know we don't want to go because you know in their point of view the economy looks fragile, and perhaps better to wait. but my own view is that the economy can handle a slow increase, monetary policy will continue to be accommodative, that heads you know -- adds insurance against down side risk. liz: loretta mester, head of the cleveland fed, thank you so much for joining us a fox business exclusive. you are a tough one. >> i like to think of myself as an owl instead of a hawk. liz: why an owl. >> i am full of wisdom. liz: okay. thank you so much. let us now get reaction from someone who has been there
michael cox is former chief economist and senior vice president of the dallas fed, spending more than two decades there he is pretty ticked off by this fed, really, michael cox? you are live in dallas, why are you angry? >> i just feel like the fed, has it backwards, the paradox is that low interest rates are not the solution to our economic slowness that is the problem, that is causing slow growth, the capitalist economy runs on backs of cred expit capital, the way that we expand the economy. as if business is get lones from banks, the bank prime rate right now is lowest rate since 19 -- >> can i interrupt you, why am i worried about the banks? i am worried about savers, and loretta mester is too. he would like to see them up a quarter%, so does janet yellen said by end of the year, you are more angry that message is different from the actual
action? >> absolutely, but i think that -- again to stress, the way to get the economy is going to raise rates to point where the banks want to make loans, right now they hold 25 percent of their deposits in the form of reserves, that is -- this was 1% in december of 2007, now 25%, they don't want to loan because rates are too low, if they don't loan th the -- the one that president mester was talking about is having higher interest rate for the savers and also for the lenders. the same people can be willing to loan money. liz: would you say raise rates in october? >> i would. i would say go ahead, the economy not only can stand it, but the economy needs it for that reason. liz: then you are in agreement.
>> you -- know we're in agreement. liz: michael cox we must go thank you so much we appreciate it he is fired up but he agrees with loretta mester, we can hand el a quarter of a point rate point hike but she is not a voting member, not until january 1st. >> today president obama met with the south korea president at the white house, why was israel the hot topic of discussion? lieutenant colonel ralph peters here is the situation analysis. >> did the treasury secretary hint right here on fox business there might be wiggle room for negotiation with republicans when it comes to raising the debt ceiling? we i di dissect what you did not hearing during the interview with jack lew. >> and is it off with alexander
hamilton'sed it for thes there ar-- head for the $10bill? you have to hear this, when we come right back. we're cracking down on medicare fraud. the health care law gives us powerful tools to fight it. to investigate it. prosecute it. and stop criminals. our senior medicare patrol volunteers are teaching seniors across the country to stop, spot and report fraud. you can help. guard your medicare card.
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the russell is weak. >> a health care scare at united continental, ceo munoz had a heart attack yesterday, he is being treated as a hospital, ticker ual is falling 3%, there was a big spike in trading activity when the news cross he just took over for jeff smiez act who had to leave over little bit of an issue with port authority in new jersey, right now the stock is getting hit 3%. >> president obama condemned the violence in israel, and that country has right to protect its people from random acts of violence in the streets. he then called on leaders in both israel and palestine to help end the spread of violent. >> it important for both prime minister netanyahu and israeli elected officials and president
abbas and other people in positions of power to try to tamp down rhetoric that may feed violence, or anger or misunderstanding. liz: why is this flaring up again? should u.s. be more concerned than it is about this increased action in the region. joining me now fox news straggic analyst lieutenant colonel ralph peters. there is bloodshed on both sides why now? >> as a footnote they trashed tomb of joseph during the second insecond. the palestinians ared
premadonnas for the middle east, they are used to being the headline act, the events under president obama have spread so far out of control in the middle east, this is the palestinians saying, remember us, we're here, unfortunately they are indulging in monstrous -- >> we need to correct that it was not st. joseph's tomb. >> patriarch joseph as in joseph and his brothers. liz: okay we just want to let people know we made a mistake, i need to say this, it looks like the palestinians are making a page out of isis' book, isis destroying all kinds of ancient architectural ruins and beautiful holy sites, how much worse could it get?
>> let's hope it does not get worse. the sites in bel be-- the tomb f joseph is 19th century construct as it is now. but it a of the principle you don't attack people's religious sites, it seems like they take -- the radical young palestinians are taking a page out of the isis playbook. he started strong condemning the violence, but he always has to lay as much guilt on israel as the palestinians this time, in general, this is not the israeli's acting badly this is palestinian thugs stabbing israeli-jews, you cannot have it both ways on this mr. president. israelis are not out stabbing palestinian grand mothers, period. you know, liz, the basic fact of the matter in this particular
strife is israel wants to live in peace with his neighbors, but some of its neighbors' to kill jews, it is that stark. liz: thank you lieutenant colonel ralph peters. >> thank you, liz. liz: closing bell is 40 minutes away, while the markets are gaining for the week, walmart is not. charlie gasparino on the week that walmart would love to forget, he is breaking more news next. >> open the wallet, frontrunner in 2016 presidential race we veal their campaign -- reveal their campaign cash situations. >> and with tesla rolling out its autopilot for drivers, as if sit back and relax. , software will do the driving.
we asked you to social media, if america is ready for self-driving cars, some of you had interesting thoughts. jason tweeted, sure, why not. what could go wrong. the autopilot program may be safer than the folks i saw on the new jersey parkway today on the way to work. we love to hear what you say. you can do it on all the things on your screen. twitter, and facebook, we'll be back in one second, don't go away. there's a difference when you trade with fidelity. one you won't find anywhere else.
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at ally bank no branches equalsit's a fact.. kind of like mute buttons equal danger. ...that sound good? not being on this phone call sounds good. it's not muted. was that you jason? it was geoffrey! it was jason. it could've been brenda. liz: the dow just gain another 10, we're up-front, we're getting a peak at money the 2016 presidential candidates have raised and spent, hillary clinton out raising her republican competitors with $29
million last quarter, but spending more than 25 million, she now has 33 million on hand. payroll cost? by far her biggest extend, follow by cost of television ads, and candidate who said he does not need anybody else's money has raised 4 million from 74 thousand donors, donald trump contributed only about 100 grand himself, a drop from the spring when he paid $2 million in to coffers, what did those make america great hats like the one on his head -- how much did they cost? it was probably a big orderbut 700,000. >> i have one of them. liz: red or white. >> white. liz: that is charlie talking about walmart we should look at walmart shares first, they are continuing to take a hit. third day in a row. down another near full percentage point following the company's -- this is ugly.
a big loss this week, now some traders saying there may be grounding for an sec investigation? charlie gasparino. >> you notice like the stock took a you know nudged up a little bit on that chart before the big decline when they gave that -- doing that ham handed ridiculous cnbc interview, cnbc dubbed investors to buying stock. liz: unknowingly. >> unknowingly. this is good reason to believe, they should have pushed harder. liz: opposite of his smile. >> and rosie stuff he was projecting, their profits will be cut in 2017 and smaller issues negative on the stock. we know there were traders and analysts in the meeting, it was
an investor day meeting, those analysts signaled to their traders to sell out the stock. before everyone else got wind of what was going on. they were -- they were physically in the meeting. they were telling people, do what you got to do. liz: now sec wants to look at that. >> we have not heard that, we should point out a lot of traders on street, the way -- believe the way they handled this disclose our, walmart and new york stock exchange is a violation of rule fb . i cliff note version, on those sort of material events you have to disclose evenly to all. liz: to everyone. >> not just at a meeting. liz: it called fair disclosure. >> they should know, there should be a press release, we should say, that we called sec, no comment ironically walk is
not -- walmart is not denying they may be under investigation, we asked them to comment, they say no comment, they did not deny, and neither did the new york stock exchange, i can tell you, based on what i understand, as we have to do is look at the scenario issue we care about the small investor, we don't want them duped. our aim is to protect you, this is why i unraveld this, tuesday, right, 9m new york stock exchane meets with walmart, walmart tells new york stock exchange they will make some news, say some stuff at the wednesday's investor meeting they both decide, new york stock exchange decides not to halt the stock pending that news, wednesday comes, they do the puff piece interview with cnbc later in the morning they release that
information and the stock tanks, they realized it to that small group of analysts at the investor meeting. so, ipso facto is that a violation of rule fd, on its face it looks that way. but, i am not a lawyer, but the spirit of fd is release. liz: fair disclosure thank you, charlie he. >> thank you. liz: we know a lot of you own walmarstock it has been a toughe of day, closing level 29 minutes away. up next my exclusive interview with treasury secretary jack lew, why he said the federal government cannot be more nimble in payments processing picking and choosing who gets which check, who gets paid. a tale of two cities, two baseball towns desperate for a national league pennant.
>> the u.s. government is 3.7 trillion dollar know ter know w, very small changes when we hit the limit and can't borrow be we're operating on a cash basis, we have to have enough money every day to pay current day's bill, and the next day a bills. liz: that treasury secretary jack lew laying it out, reason he sounded the aall right
yesterday to members of -- the alarm yesterday to members of congress, that they will run out of money to pay bills two days sooner than thought, the date november 3, we pushed him on what happens in the government hits that debt ceiling why he is not in the business of prioritizing, meaning picking and choosing which of 80 million transaction that government pays out each month. if we get too close to limit, congress in a steel cage death match mode, what happens to your money in the markets, here toy it sec i did--dissect it chris . so-called business of prioritizing, jack lew said he cannot do it, you have a lot of
people saying can we preserve our cash by picking and choosing. >> we don't have the capacity to pick and choose, the systems were not set up for that purpose. i think it is a mistake to go down the road to ask what with you pay, and what can't you pay, at the moment you choose to pay one set of bills, you say that u.s. government cannot be trusted to pay those bills on time, that is a terrible thing. liz: which matters the most? >> the interest on the debt, i think it is an open question about whether that possible, treasury secretary lew has every incentive to say it is not possible. if push came to shove i think they would try. liz: chris can they pick and
choose or does congress need to act. >> i agree with jack on that, i think that drew is right you could probably single out things, the interest is most important, but last thing that the market needs is a 2013 debt fight again. liz: the dow is up 64, i am thinking it may have been loretta mester of the cleveland fed saying we need to raise rates now, and by a quarter of a points, but, back to jack lew. you are talking about this steel cage det bein match we're talkig about. the next speaker will want to extract spending cuts for raising the debt ceiling. here is what he said about negotiations with republicans. >> we made clear we're not going to allow the ability to pay our
bills to be used as kind of leverage to extract policy concessions that are otherwise unacceptable. if congress chooses to combine debt limit with other things that are mutually acceptable we have always said that is a different story. >> looking at past couple of issues with debt ceiling we have come away with some spending cuts some concessions. you can say it does not work. but it has tended to work. we have seen that in most recent deficit numbers, well contained as percentage of overall growth. liz: chris, not unprecedented to pair spending cuts with the debt ceiling, but by the way we should say since president reagan we have raised the debt ceiling 49 times, main of those times with a clean bill. here, reagan 18 times with congress. president obama 9, president
clinton 6. herbert walker bush 9, what do you think? is there room? >> absolutely, i think it was a great interview it showed that the administration does not want to take all of the blame, i look at this as a political statement, but there room 92 there room. and the u.s. dollar, the treasury always said that we believe in a strong u.s. dollar but they maybe act differently. the dollar is so strong it is affecting earnings of a lot of companies, walmart the latest one. here is what jack lew said about intervening to perhaps weaken the dollar at some point. >> we can't tolerate if countries a-- you know take steps to gain unfair advantage to devalue their currency, we're very aggressive pushing back on anything that looks like that. liz: you say now intervention to
slightly weak ebben the dollar -- week wea-- weaken the dollar? >> that is both unfair, and dangerous to the global economy. >> drew are there other ways to slowdown the stronger march of the dollar? >> there are. you are seeing them a lot of other country central banks are cutting rates or engaging in quantitative easing, which is the same effect as intervention. liz: can treasury do something? sell a few dollars on the market, i could be way off. but we kept say we believe in a strong economy not strong dollar. >> they have a limited ability to do it anything they would have to do first thing that market would look for to see whether or not the fidel castro participated in -- the federal reserve participated in the action that would seem up likely. liz: should treasury weaken the dollar. >> i don't think so, had was a little bit of a shot at china,
and walmart's problem are specific to walmart. i think you have seen our economy do well, 80s and 90s with a strong dollar, i am confident that excuses by management on missing because of weak currency are getting old. >> thank you so much for joining us. liz: closing bell, we're 17 minutes away, the treasury said it time too put a woman on a $10 bill, but what happens to the much loved alexander hamilton? should he say or go? dagen mcdowell, defending the man who died in a due il duel nn the count down. m. active management can tap global insights. active management can take calculated risks.
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liz: mets win, they are hea head for national league championship series, they will take on chicago cubs. they have not made a trip to world series in 70 years, a conflicted connel mcshane is out there, you are a mets fan. >> reporter: truth be told, disclaimer, i am a mets fan. i have been rooting for this team for a long time they have not won since 1986. that pails in comparison to poor chicago fans not winning since 1908, that illustrates bigger picture that business, of baseball is really booming here tonight it will boom out in kansas city with american league championship series, we were inside citi field, they are
getting ready for the series. cubs getting a work out, and mets taking day off. this is a no-lose situation for baseball, you had new york, los angeles, chicago, 3 biggest media markets, mets win so new york and chicago are left. and how much demand to see this. >> ticket prices, on secondary market, $800 for games 1 and 2. for game 6 and 7 as well, to chicago, they have not won in so long, they have a smaller stadium wrigley field, $1200 plus, to stub hub they were going for 10 grand, it will be crazy, great for the game, great for tv networks. turner has this on tbs, our friends on big fox, the game
tonight out in kansas city, ratings are up, 9%, from last year, exciting time for baseball, it will be great. liz: okay connel, i know hard for you to be fair and balanced thank you so much, all that money,. >> reporter: i'm trying. liz: in dollars, alexander hamilton is on $10 bill, during my interview with jack lew, i asked the industry will take hamilton off of the front? >> i think if you wait until we are ready to make an announcement, you will see that i keep my word when they say they will honor hamilton, we'll have women on the currency. liz: something tells me that hamilton will stay there is a lot of real estate on the bill there is the back, is it possible we could keep hamilton here and put the first female on currenciy on the back? >> i am not going to tell you what we're doing.
liz: he said, he would honor hamilton, they anticipate new $2$10 bill, enters circulation n 2020, dagen mcdowell defending it. >> how can you take the first o. i think they will have $2 10 bill -- $ two den -- 10 dollar n imagine, putting a woman on the back. do you know how much uproar that would cause, a dude on the
front, and a woman in the back. liz: there was such an outcry because hamilton our first treasury secretary, he is much loved. >> if they put them both on the front that would be fine, but one on front and back,. liz: is that weird to hamilton next on the i a woman from a different era. >> not at all it would be better, and how you can kick hamilton off of the bill, when he is the subject of the hottest musical on broadway right now. liz: it is so good. >> he is in the lexicon. back once again. and why can't we get rid of andrew jackson. he was a garbage president. he kicked native americans off their land, and we're keeping hip ohim on the $20. liz: that is why we have you on the show. >> i say have a 35 bill, put a woman on that some with between
no set-up fees. use your potion. sorry, not you. my pleasure. goodnight, tim. for all the confidence you need. who's tim? td ameritrade. you got this. . >> since modern history only a quarter. i think be consistent with that, move up a quarter, and let the data dictate where we go from there, but my anticipation is such if the economy evolves as i'm forecasting, a gradual increase up in rates. liz: when fed president loretta mester from our exclusive interview earlier in the hour. is it moving the markets? the dow and the nasdaq in the longest winning stretch in eight months. the s&p for six months. it is a bull run that appears to be continuing. on friday, we're bringing in david joy, ameriprise chief
market strategist. you heard what dr. mester says, she says let's go for it, do you think the markets on this given day want a rate hike in 12 days when the fed meets again? >> ironically, i think this rally we've seen over the last few weeks is precisely because the fed did not move in as a result. dollar weakened, the commodity prices have risen and taken pressure off emerging markets. the fear was you would see a lot of capital flight. i agree with her that we should get a quarter-point rate increase. i think the domestic economy can withstand it, and you heard the imf meeting, the rest of the world central banks would like us to get on with it. what's interesting here is there seems to be a disconnect between the dovish members of the board of governors and the hawkish members of the presidents of the regional fed banks and how that gets resolved is interesting as we get into december. david: david, do you like
stocks here, if so, where? what should people put money into make money now? >> you have to stay within the developed markets of the world. emerging markets are under pressure. we don't know what the real story is in china. in the united states, consumer discretionary, health care, financials, the eurozone looks attractive. you have a lot of monetary stimulus, the same is true in japan. i would be overweighted in those areas and underweighted in em still. liz: we have financials and a mixed picture, how do you think earnings are going to play out? we've got 20 seconds. >> i think a mixed bag. clearly the themes are strong dollar, cost cutting, shrinking revenues. that's going to plague us right through the end of earnings season. so it's going to be a little struggle. liz: big headlines on a constant basis. great to see you, david. thank you so much. >> thank you. david: david joy of ameriprise, it looks like a win, a close to
the upside for the week for all major indices, i'll hand it to david asman and melissa francis. happy friday. melissa: to you as well. david: the dow and the nasdaq are higher for the week, the dow up for three weeks, let's hope it's a bull run. robert gates telling fox president obama's micromanagement of the military drove him nuts, his words. is that why things are spiraling out of control in the middle east right now? our panel weighs in. melissa: high alert in jerusalem as hamas calls for another day of rage. we'll take you there live for an update. david: a reporter roughed up as well. fox news reporting that the fbi is now focused on whether there were violations of the espionage act in the hillary clinton e-mail mess, according to intelligence sources close to the investigation. we have more details right here. melissa: first, stocks on track
and higher for the week as the closing bell sounds on wall street. the major averages now up for three weeks in a row. david: and take a look at major averages as we end the day and the week. 76 points on the dow to the plus side. everything is positive except for gold. although gold has been in an upstretch, up about 2% for the week. today it was down. some people taking their gains, but all the indices are up and oil is up as well. melissa: that's right, while markets wait for monday. here is everything you need to know right now. david: president obama is warning russia, the president speaking at the white house moments ago that moscow can, quote, not bomb their way to a peaceful solution in syria. fox's peter barnes is with us. >> reporter: a wide-ranging press conference with the president of south korea here for a visit today with president obama.