The veto, only the third of Obama Hospira and see. Janet yellen obamas presidency. The fed chair got the attention of investors when she told the Senate Banking committee that an Interest Rate increase is in the works. The modification should be understood as reflecting the committees judgment the conditions have improved to the point where it will soon be at the case that the change in the target range could be warranted. Betty yellen will faced questions from House Financial Services panel. Greece has more work to do if it wants to keep getting aid. The new reforms from Alexis Tsipras clear the way for a fourmonth extension of the bailout. The imf managing director says the plans may not meet the lenders benchmarks. Christine lagarde says greece must do more. Ukraine talks yesterday between Foreign Ministers broke down to fingerpointing. Russia and ukraine lane each other for violating the ceasefire deal. President Obamas National Security advisor has sharp words for Benjamin Netanyahu. Susan rice called the plan to address next week disruptive. That yahoo is expected to speak against negotiating a nuclear deal with Benjamin Netanyahu is expected to speak against a nuclear deal with iran. A degree of partisanship which is not only unfortunate, it is destructive of the fabric of the relationship. It is something that is distraugh destructive. We need to keep it that way it has always been arson we need to keep it that way. Betty 1 5 of all southwest airline jets need a safety inspection. Regulators say they may still keep flying. The carrier grounded 128 planes because backup rudders had not been checked. Backup rotors have not been checked. Those are our top headlines. Target just coming out with their fourthquarter report. Losses as you might expect in their Canadian Unit as they pull out of that country. Julie hyman has the numbers. Julie discontinued operations. It closed all of its Canadian Stores and liquidated the merchandise. The Fourth Quarter in the u. S. Looks very strong for target. Comparable sales of 3. 8 . 3. 1 was the figure analysts were looking for. It has been a while since target has seen strength like this. The companys earningspershare beating estimates in the Fourth Quarter. The forecast for the First Quarter is coming up short of what analysts had been anticipating. . 95 to a dollar. That would be the weak spot within this report. Looking at some of the commentary from the ceo of the company, he says the company saw strength in the signature categories which he said style baby kids and wellness. He says we are seeing early momentum in our efforts to transform target. The company has made dramatic moves. The closure of canadian operations. Also, it announced it would be offering Free Shipping on orders over 25 on its website, undercutting the Free Shipping of some competitors. Target has lagged behind in its online sales. That is one of the moves it appears to be making to try to make up for lost ground. Looking like a strong Fourth Quarter with that First Quarter that First Quarter estimate is coming up short. Betty julie hyman on the breaking news desk. Futures hovered a record high. The dollar is weaker. Treasuries are rallying. Janet yellens testimony to the senate. She has to the house today for a second day of testimony. Joining us is joshua wright. And david and david stockton. Josh, youre here with me. She set forth the conditions for raising Interest Rates. This is what it means when patient is dropped and the markets were pretty calm. Would you say this is a success. . She is trying to extract the fed from this policy and do it in a way without upsetting the markets. Betty how about you david . I think janet yellen probably had a good sleep last night. She threaded the needle perfectly in terms of laying the groundwork for a shift in the direction of fed policy and likely removal of patience at the march meeting without necessarily getting expectations to coalesce about an increase in Interest Rates. I think it was a balanced view of the economy and Monetary Policy. Betty what do she do today not to, for lack of a better phrase screw it up . She has to stick to the same message and not get off that message which was, they are seeing the economy improve. Theres more to go yet in terms of overall improvement and that the removal of patience is not a sign that Interest Rates will increase in june. When the fed gets to the june meeting, inflation will be so subdued that they are likely not to want to raise Interest Rates. Betty you had written about this as well. Expect that once they remove the word patience we will get an interest rise. One of the big developments is that the fed is getting out of the game. They will no longer be broadcasting ahead of time what their moves will be. It is getting back to a world of meeting by meeting, you have to watch the data. Betty data dependent. I thought you pointed out something interesting. There was no plan articulated about what happened, what the policy is post liftoff. People have been looking for more information on what the fed will do after they raise rates because there has been a lot of talk about the date of the initial raise hike rates hike. In the minutes from the january meeting, there seem to be a bit of this he meant the a bit of disagreement on the committee. Betty should she be outlining that, david . There is a not a lot that she can do in this testimony to outline that. It will be more interesting to see what happens at this march meeting when we see the dots of the Interest Rate forecast themselves and whether or not that has changed in any material way from december. I think she has to be careful about not getting out in front of the committee in terms of writing too much guidance about what that Interest Rate path is going to look like post liftoff. I think that is going to be a more important question. What is that trajectory of rates going to look like . The fed will be telling us something in march about that. Betty i want to play one moment this testimony. Very likely she will be walking into more hostile territory today in the house. Yesterday she had some back and forth with senators on the interaction between the fed and congress and what the fed thinks about fiscal policy. I want to play one part of that conversation. The rise we have seen in inequality in the United States is of great concern to me. We discussed this the last time you were here and you offer no solutions toward that problem. You might recall. There are a variety of Different Things the congress could consider in policy measures that might be appropriate. This is a domain for congress to consider. Betty did that surprise you that she really wanted to push that back to congress . That did not surprise me too much. She has indicated in the past her concern about rising inequality. Janet yellen has a lot on her plate right now and the idea that she should be advocating policies would be very controversial to congress about how to solve some of these intractable problems. I think she is quite wise to stay away from offering to much guidance on specific fiscal policies. Betty you take care of your house, i will take care of mine. That is basically the message. Thank you so much, david stockton. Also, thank you to josh wright. Janet yellen begins her second day of testimony in the house at 10 00 a. M. Eastern time. President obama heading to florida to rally for his executive action on immigration. Oil slips again six Straight Days of falling oil prices. A lot of fingerpointing going on. We will be back. Betty top stories this morning. Reese gets a new warning from its creditors. New economic policies are only the beginning. Athens is earning praise but the imf and ecb say actions be glad of the. In ukraine, possible signs of progress. The government is saying fighting with prorussian rebels has subsided. A full seat a full ceasefire has not taken effect. Looking to snap five straight as of declines. Saudi Arabia Cushman and wakefield searching for a buyer. The company has reportedly hired Goldman Sachs and Morgan Stanley to help. Real estate broker is said to be seeking 2 million hong kong post government want to reduce taxes. The move comes on the heels of slow Economic Growth area hong kong plants do more to support tourism related businesses. A personal tax reduction equal to 2600 this Financial Year in addition to extra finances for the poor and elderly. Chicago mayor rahm emanuel has been forced into a runoff for his bid for reelection. The democratic mayor got 55 of the vote in his first election. Emmanuel has a huge hunting advantage and had president obama stump for him. He will face jesus garcia on april 7. He got about 33 of the vote. Peter cook, in miami this morning. We will speak to you about immigration in a few moments that is why your there. I had to get your take on rahm emanuel and how big of a disappointment this is for one of president obamas lieutenants. This is a big disappointment. They hoped to avoid the runoff in chicago. The president paid a visit to boost rahm. He outraised his opponents by 10 to one. The fact that he did not win outright is a disappointment for rahm emanuel. I think it is still likely he will prevail as the mayor but it will be an intense sixweek campaign and we will see how it shakes out. Betty the amount of Division Within the Democratic Party as we saw with these elections in chicago. I know the president is trying to rally support for the executive action he took on immigration. He is doing that today in miami. He has the help of the tech world. The brazil born cofounder of instagram made his case before the white house for an easier visa process and said every week i come across people who are not able to join us for six months or more because of h one b caps. We are joined. Were joined by kevin ryan. Peter, set the stage on what the president hopes to accomplish. You can be sure he will talk about tech issues. The big reason the president is coming down here to miami, other than to avoid the weather in d. C. , is to try and put republicans on the defensive, to showcase what he has done with regard to immigration since becoming president and to reassure the Hispanic Community across the country that even know he is facing legal challenges that he plans to follow through. He is going to speak this afternoon in this town hall setting Florida International university. It will have a handpicked audience including business executives, the mayor of miami and some of the 5 million or so individuals who would have been shielded from deportation by the president s actions. We spoke to one person who will be in the audience, and activist who was protected back in 2012. His mother and relatives would have been shielded by this latest move by the president and now they are in legal limbo. I was definitely sad, telling my mother she could not apply for the extension. We know this is going to be a continuous fight. Republicans will continue to attack these policies in court and in congress. At the same time, we will continue to push and be resilient in fighting for our families. Vargas is a supporter of the president but he also told us he plans to challenge the president to continue to push through more executive actions it seems like there is no opportunity for success in congress. There is gridlock in congress over this issue. Dont be surprised if the president is challenged for not doing enough in miami today. Betty i dont want to put words in your mouth, but you dont think congress, or even the presents action is enough for the tech community. We have two choices, either we employ people in other countries to do the work or we get visas for them to come to the United States. Congress actions are causing costing wellpaid jobs in the United States. It is being held hostage to other issues that have nothing to do with tax. Ech. Betty the white house has added on Something Else for the tech community. They are now allowing people waiting for their visa that their spouses can also apply for work visas. Why is that not enough . That does not allow us to hire more people coming in every year. A person on instagram was saying people had to wait six months. Most Small Companies do not have that luxury so they do not hire people. The president is doing everything he can. The problem is congress. Betty peter, quickly, why has the tech communitys call fall in on death death years in congress . Deaf ears in congress . You do the easy things and the hard things become more difficult. Betty thank you so much. Kevin ryan stays with me. A huge fine for apple over half 1 billion for infringement in the Music Software world. That story, coming up. Betty you are watching in the loop. Good morning. Im betty liu. 2014 was a banner year for ipos. One company that was not on the list, gilt groupe. Just last week, the company did receive a fresh round of funding. That rings the total funding round to 286 million. Does this latest cash injection signal that an ipo is off the tables . I want to bring back founder and chairman kevin ryan. Business insider is over 1 billion . Kevin not yet. Couple years from now. Betty what is going on with gilt . Kevin the samestore sales are only at 1 even though the economy is booming. That means when you go into a Department Store today everything is on sale all the time. That makes it more competitive for everyone. It continues to grow. We raise money for the first time in a long time so we could expand. We think there will be more inventory available in the next seven months because betty what do you mean more inventory . Kevin more unsold in the terri more unsold inventory. There are opportunities. The business sector will continue to grow for a long time. I think it will be steady growth. Betty several years ago, the buzz was that you were going to go ipo. Is that still on the table . Kevin that buzz was never from us. The media would ask us about it all the time and we would never say we are going public next year. We would say, at some point in the future it is possible to go public. Allie baba waited 14 years to go public. I think that worked out well allieibaba waited 14 years to go public. I think that worked out well. Betty it was a billiondollar valuation. Was this round above that billion or was it the same or below . Kevin in general, what i will say is you have seen ecommerce valuations have come down in the last year, independent of us. Those companies have taken a hit. Betty would the trend be the same for gilt . Kevin it is doing hundreds of millions of dollars of revenue and continues to grow. I think it will do well. Betty Business Insider, a company you founded directly very successful, wrote about gilt groupe. I want to read one quote what they said. The buzz is gone. Gilt groupe is struggling to maintain growth and it still has not gone public. As a new cash ingejection this week suggest. Kevin i was not part of that story. They do independent reporting. The part that is true is the overall Retail Sector is tougher now. There has not been a lot of management turnover in the last year. I think things look pretty good. Retail is a tough business, a low margin business. I think we have seen companies who publish their numbers are profitable. Zillow, you can see their numbers are profitable. The sector does work. The concept does work and for a long time. You are not still at a point where people do not want great people still want great merchandise at great prices. The content is already there. It is not as new as it was, it just continues to grow. Betty it is not as new of a concept. Kevin tj maxx has grown for 25 years. It is not buzz, it is just a great business that keeps growing. Betty you have raised money for mongo db Business Insider raised 25 million. Is it easy these days to raise money . Kevin it is very easy to raise money if your business is doing well. There are lots of companies that cannot raise money but if you are doing well, it is pretty easy. The internet and Technology Sector could not be doing better. Huge value is being created every day. Revenues are growing. Business insider has published its revenues. It grew 70 last year. Real value is being created. Betty we will have much more with kevin ryan of gilt groupe. Here is a look at other top stories. On capitol hill, janet yellen will be asked about plans for Interest Rates. The chair will testify before the House Financial Services committee. Plans for an Interest Rate increase are in the works. Yellen held back on specifics but said it could happen before the end of the year. Congress is trying to go around the approval process. President obama the tote Keystone Pipeline bill. The administration does not think the pipeline would create that many jobs or cut oil prices. The veto is only the third of obamas presidency. It looks like the fight over internet regulation is over. According to the new york tim