Transcript for How Will the President's Budget Impact the Market?
And -- not covered the opening bell. Now and we had about putting this morning tickets -- -- remorse and out there -- -- everyone I'm Dan Cutler in New York futures have putting up this morning after some strong trade data from China showing that imports there. Have picked up it's good news for the US and for Europe so want to bring in Jeff -- from Yahoo! finance break down that headline along with the rest the business headlines this Wednesday morning. Jeff good morning to you assert. Good morning my friend parts of the biggest story that's breaking right now as the release the minutes from the Federal Reserve meeting and it looks as -- -- may -- some dissension among the ranks right not everyone is on board with what chairman Bernanke is doing about quantitative easing. Yeah why is president notes nor were Bernanke remember on the table in a speech about teamwork -- -- bludgeoning to death with a patch just like that movie that didn't make the notes that's. Of course there's -- centers save upwards edited -- untouchables writing but the point is that there's always dissenters at these meetings. What's happened is that in the past the Fed was completely opaque under Greenspan they -- to keep everything secret. Bernanke's been wide open of this communications and the idea that folks are -- -- in this entire conversation about the economy out. Just like you when I would should be somewhat reassuring that there -- traders -- to make a bigger deal lot of these minutes. Then they do today -- the mainstream press -- slow. Getting on the -- that the minutes don't matter all that much which is -- wanted to talk to you and our audience and get them ahead of the game is and it's don't mean anything other than the economy staggering. Well you're right here -- from. Important -- at all down the basics are so essentially mean is there any kind of concerns -- fact that there is this kind of back and forth that there isn't just as unified message across the -- but keeping those interest rates low. You know that this is that a group full of people vanity. You what I gathered six or seven more people we had a meeting it would take is a half an hour to figure out what we wanted to launch. These guys are trying to figure out what the economy what's going out the economy and the message all along has -- you don't want. We don't want to spend 85 billion a month which is what the current quantitative easing has. Would want to spend that money if we don't have to of the economy's doing great the final stop these these quantitative easing programs that's what -- rational person would do. As try to figure out to do their best of the -- at hand and make a decision and so we want -- and you want. In any group type -- -- you want someone to be the -- about that raises different ideas. I think -- sign of -- helping me. Some not just not without actually watch the sausage being manufactured -- when there's a lot of dollars going into the grinder -- and wants to have answered sometimes daddy doesn't really have the -- -- wants -- to know something we don't. Yeah you know it's too bad he doesn't what are the other big headlines this morning the president is coming out with his proposal for a new budget for 2014 what are the details on this. Well he gave a little bit the deficit dropped to four point 4% of GDP. That's not so bad the other headline is that the president threw deep to -- a bone in the sense that he is that they're gonna just some of those cost of living standards. To reduce the Social Security Medicaid overhead that this economy has now that doesn't mean seniors going to be getting the last checks it's just gonna mean. That we're gonna count the way we go about counting inflation. A little different it's the first time the -- -- willing to throw that on the table so it showed that -- some mock conversation at least. The Medicare is well also being discussed in this budget right. Right -- and yet these things just have not important to -- on -- still kind of not. But the agreement to discuss them later -- was. Not as far as we've gotten so -- ask you this I -- -- -- -- just talking about the deficit right now I mean are we at a point economically standing. Where it's still requiring more stimulus in the -- the matter is that maybe we should not be focusing so much and what are your your deficit is. You know than the fact that -- backed a story with you know the Fed prior to this offense on make -- policy right now again we don't really have much of a budget or framework from the fiscal policy. Perspective get this economy going. And so I would love to do you know stop the deficit spending right now but we don't have anything to replace it whereas on the -- side of the government through that branch. And so should we continue to do this deficit spending. Probably for want of a better plan from anybody else because the economy is not that robust and I talked on nonfarm payrolls just last week. What it it's no great shakes going on -- of the recovery it's a little fragile right now and it's not that broke so why start tweaking things. Now all right. Hey just get -- breaking out at KPMG one of the bigger -- one of the big four auditors. Yesterday what exactly happened in this case this pretty interest thing. It seems like one of the partners -- -- MG. Took some liberties what some inside information you haven't made some trades. Now this story is still developing it's not apparent -- that that there is any other malfeasance going on this guy Americans trades. We don't know who was partners were we don't know exactly what was happening there. But they are gonna have to restate some of the numbers that this guy's team came up -- is a partner at KPMG but not it is not KPM -- -- He's just -- to guys out there that's -- we audits. Will see where rideau residency it's interesting that the FBI got them rather than that folks are -- regulating these security transactions. Aunt who has it is indicated their jobs of the connection between Herbalife KPMG says that it will not be the auditor -- -- -- in house or senate Herbalife. It could actually get delisted from the exchange and how likely is that actually. -- chances are slim and non Muslims out of town. There's plenty affirms arteries and keep -- KPMG is not our water at this point and it's not exactly a advertisement for the firm -- partners are inside trading on information at hand them. Oh big JB -- and in damage control doesn't say much about -- life at all in terms of whether or not the worthy of listing it takes a lot to get delisted it's not going to be us. Art -- billionaire icon Carl life -- in the inner icon billionaire investor to some he is the icon -- -- time. He's got his pockets stuffed with shares of Herbalife -- more about this. Carl anomalies -- about him. -- -- nothing like an investigative there was -- Canada and majors a scuffle with another billionaire. Reality yeah -- Exactly you wanna scare -- did suggest that he is not having anyone to fight with anymore -- -- get worked up. In the delisting thing he's -- savages and that's gonna matter what's gonna play out of their life as the fundamentals are either strong. Which Carl says -- week with an investment du -- and thanks that's what's -- determine markers on what -- it's not going to be who accounts -- KPMG's perfect irrefutable. So -- -- -- libelous replace them with another big accounting -- -- -- deal. Give me some good news about crude oil production in the US. And its top every wish -- -- -- I -- -- baby that -- owners Fred and Otto -- -- they'll take it. They -- did its were able to manufacture of you'll understand as -- were producing Korea just finery. We're refining it very fast and that's what do if we can refine crude -- better off. Our productions going higher it's just a matter what to do with it and that's where all the trading partners get involved that's very Keystone Pipeline gets involved. It gets weird after that but the truth is. With this fracking process it moved North Dakota right now an executive is going -- if you can spell the word shale. You can get a job for 150 to 200 grand -- year. That's the production of crude that we have going on so it it's those numbers are higher were imprisoned part of the crew -- -- -- -- -- gas tank until we can refine the stuff. Hot industry indeed also a hot industry. The art industry the art world -- -- huge. And -- billionaire Leonard water air of course to the Estee Lauder fortune. Giving -- more than a billion dollars in art. To metropolitan museum here in New York thankfully. Because now I can go -- access to all of this. -- but this is unprecedented. Well I'd say it's crazy but it's also New York -- candidates. We're talking about the place were Tilda -- the actress can go into a box and -- -- -- -- people -- -- to see her. And it expert talking about modern art in order illustrates is that it it's obviously just a weirdo type of donation of all things we can do with -- our money in our assets after we die. Give them entered the modern art museum is its low on the list of needs but again that's what New York is built bonds at very very quintessentially New York type of donation. That's how voice got built -- first place and so I like it on that and I'm not so much of a modern art guy in general so as far as I'm concerned mr. walker to kick some of that me. Keep your keep your -- to yourself what last look at the big wheel put your -- the Dow is up almost sixty points at 141732. Jet MacKey from Yahoo! finance are have a great Wednesday -- -- and.
This transcript has been automatically generated and may not be 100% accurate.