National guardsmen patrolled the streets overnight. 200 best 45 arrests were made during the rioting. President obama criticized the rioters. There is no excuse for the kind of violence we saw yesterday. It is counterproductive. When individuals get crowbars and start prying open doors to loot they are not protesters. Betty in some neighborhoods, people turned out to start cleaning up broken glass and debris. The orioles game this afternoon at camden yards will go on as scheduled. No fans will be admitted as a safety precaution. Games scheduled this weekend in baltimore will be played in tampa instead. The death toll in nepal is now over 5000. The extent of damage still not fully known. Food and medicine finally started to reach the region where the quake was centered. Landslides cut off access to many remote villages. Hospitals are overwhelmed. The u. N. Says more than 2 Million People live in severely affected areas. The combatants in the samesex marriage debate face months of waiting while the Supreme Court decides the issue. Arguments were presented yesterday in related cases. Justice Anthony Kennedy will probably cast the pivotal vote. He said samesex couples are seeking dignity but he also said the traditional definition of marriage has been around for thousands of years and he wonders if the high court should change that definition. Some analysts are saying twitters result raised questions about the companys ceo. Twitter cut its sales forecast. Its shares dropped sharply after that. He is disappointed by the performance of his Advertising Team but some investors say it failed to see the slowdown in that promises that promises of new features fell flat. You just heard from the president on rioters. The president also played host to shinzo abe at a state dinner. Former star trek actor george dtakei. Russell wilson was also there with his date sierra. Back on the markets, it is fed day in washington. The Federal Reserve releases its policy statement this afternoon. We can learn if the fed will push back its liftoff date. Peter cook, outside the fed with much more. You have been to so many of these. You know what the big sticking points are. What are we going to learn today . Peter as you said, even before the fed releases its statement after this latest meeting a lot of expectations among fed watchers that their timetable is being pushed back because of the weakness we have seen in the economy. Our latest survey of economists 73 now think the first rate increase will happen at the september meeting, up from 37 from our last survey back in march. You have a certain percentage of economists that think we will not see any sort of rate increase until 2016. Todays statement might give us clues as to where the fed falls in that calendar window. It is not going to be explicit. We know janet yellen is not going to spell it out with specificity but we could get a better sense in the statement where they fall. Betty the key will be the airline which on the economy, right . Peter they are going to have to acknowledge the recent weakness not just in jobs but the First Quarter weakness. He will break those numbers on gdp. The fed already has those numbers. That is backward looking but it does tell them something about where the economy stands right now. One of the . Questions going forward, how much of the recent weakness do they attribute to transitory backers . The poor weather in the First Quarter . The west coast port dispute . Perhaps the greater likelihood that their timetable has not changed that much. Maybe june remains in place. That is something everyone will be watching closely. What do they attribute the weakness in economy to . Struck from or is it something temporary that they think is going to be done structural problems or is it something temporary . Betty what might we hear from them about changing Forward Guidance . Peter the last statement gave them a lot more flexibility. A drop the reference to patience. They will be data dependent. They said in their last statement, we will be ready to move once we see further improvement in the labor market. When we are confident in inflation is moving back up to that 2 target. They dont have to change that much but if they do change Forward Guidance, it would be a suggestion that the fantasy something in the economy other people do not right now that the fed sees something in the economy that other people do not right now. Betty thank you so much. Peter cook, our chief washington correspondent. Julie hyman has breaking news on mastercard results. Julie mixed in terms of a beat on earnings coming in at . 89. Revenue coming in slightly below what analysts had been anticipating a 2. 2 3 billion. Like so Many Companies that we heard from recently, it looks like the currency was part of the problem. The company gets about 60 of its revenue from outside the United States so it said its net income rose 17 . That number would have been 24 without the effect of the rising dollar. Betty thank you so much. Mastercard and their mixed earnings report. As peter cook mentioned, one piece of data we are following is going to come before the fed statement which is gdp numbers outright now in about 20 minutes time. I want to take a step back. Carl berg and donna is with me. It looks like the First Quarter is not going to be that great. Carl the Consensus Forecast is 1 . This is where we were last year at this time. We only got. 1 on the first print of gdp and it was subsequently revised two 2 . Echoes of last year in this data. Last year was a compelling story , impacting things like retail sales and housing. The weather story is a lot thinner this year. I think what is more important is the dollar story in that strengthening of the dollar has shifted dynamics in the economy. Im looking for q1 to be in a you to be an go of q4. I think one of the new facets is going to be soft Consumer Spending. Betty we want to see the Consumer Spending numbers. Carl it is not going to be enough to save the economy. Talking about the echoes from 2014, we had a weak firstquarter and then low outnumbers blowout numbers. It does not look like that will be the case. The leading indicators of activity Consumer Confidence these things tell us the Current Quarter will be better than where we were in q1 but not enough to replicate what we saw last year. Betty are the markets pricing this in . Carl this is the reason why the markets are so pessimistic on the fed as peter highlighted. People do not have the confidence we are going to be above trend growth or significantly above trend growth so they look to the fed to continue to stall. September looks like the most likely candidate. A lonely rate increase. Maybe two and done. Certainly not the start of a lot of monetary tightening. Betty thank you so much. I know you will be watching numbers closely. Bloomberg intelligence chief u. S. Economist. Tomorrow we will be watching another index that will be important on wage growth. Joe weisenthal explains. Joe as the unemployed rate continues to drop and the labor market gets tighter, people are looking out for any sign that wages are starting to pick up. Rising wages could pressure the fed to move forward on hiking rates. On thursday we get a quarterly look. The survey captures employee costs of wages and benefits. Analysts expect the 0. 6 rise from last quarter. If the number comes in any hotter, watch out. That could spark allah tilly on fears the fed could raise rates faster than expected that could spark volatility on fears the fed could raise rates faster than expected. Measures of Consumer Confidence have grown considerably. There is they, we will learn of the story is changing. Betty we will see. Lets get back to some of the earnings. We just heard from mastercard. Yesterday was an ugly report coming out from twitter. The companys revenue well short of estimates. User growth slowed to a pace of 18 to 302 million. The report was leaked on its investor website early. Causing the stock to plunge then get halted on the new york stock exchange, trading down around 2 in the premarket. I want to bring in tom giles. You guys must have been busy. Tom things got off to a bad start for twitter. We were waiting for the close but obviously celerity changed that altogether. The numbers did not look good from the beginning. The question right now for a lot of people is, does twitter have visibility into its ability to generate revenue . They have made a lot of changes. Two dick costolo plus credit they have focused on engaging the user, giving the fun things to do and increasing the value of ads. Betty maybe it is not enough. Tom the problem is it looks like this might have discouraged some advertisers from coming to twitter. It is the measure of whether we are engaging with an ad, whether people are engaging, whether ads will be usable to the users. That is something twitter has tried to improve. Advertisers are asking, i dont know if it is working for us. A lot of people a lot of advertisers were turned off. Betty they stayed away. Does this put dick costolos job in jeopardy . Tom we have not heard investors calling for his head. The biggest shareholder talked to brad stone yesterday. Ed williams saying he still has confidence in the company. That is an important vote of confidence. There are other analysts were asking about the credibility. We want to hear from investors. One area where they are issuing a verdict is they are selling stock. The stock is down. We are seeing it down more in early market trading. That is a question we will be asking them going forward. Betty voting with their feet right now. Thank you for joining me, tom giles of bloomberg news. Be sure to turn in with our interview for our interview with dick costolo. At 3 00 p. M. Still to come cash, questions in the clintons. Peter schweizer is in the loop in a few moments. Betty heres a look at our top stories. The greek finance minister says he was attacked while dining at a restaurant in central athens. Yanis varoufakis says protesters threw objects at him and his wife at the restaurant. They were not hurt. No arrests were reported. There is a new power structure in saudi america saudi arabia. King solomon has replaced crown prince. He has made his son second in line to the throne. The move consolidates power in the Younger Generation of saudi princes. I want to get to julie hyman who has some breaking news on the oil front. Julie on Marathon Petroleum the Company Announcing it is going to be splitting its stock twoforone. It also will be paying out a dividend of . 50 per share on a presplit basis of the dividend payable on june 10 and it looks like the shares will be traded on a split adjusted basis on june 11. To be clear, there is a Marathon Petroleum and a marathon oil. This is mpc, not mro. Betty thank you so much. The fed wraps up its two day meeting later today, getting most most economists do not see a rate lift off until september. Traders may be underestimating the risk the meeting could have on money market rates. Zero dollar futures show that speculators stand to profit if yields slide through the end of the twoday meeting. For more perspective, we are joined by jim caron managing director at Morgan Stanley. I think estimation is an accurate word to characterize what has happened in the markets and with the fed expectations and with data. How would you put that into work into action . Jim the big event was the march 18 fomc were the fed had a different set of initial conditions. At the time, the fed was trying to switch to more of the databased guidance. They are contending with a strengthening u. S. Dollar. Both of those things seem to dissipate at this point. The data has gotten softer so i think the fed needs to address that. Theyve made clear their communication that their actions will be databased. The dollar has stopped appreciating on a rapid basis as well so things seem more calm in terms of the fed. That is why i think there is an estimation as to how much significance will this meeting actually have. What is really important is to understand the communication and the timeline of what the fed is going to try to communicate. We had a weaker firstquarter expected. We had inflation that is slow to rise. Wages that are slow to rise. It begs the question, how quickly will they have to rise in 2015. To answer your question, from an investment perspective, to us this still seems like a carry environment. In opportunity to earn income. We still have to respect the fact that there are risks that rates may rise so you do manage risks for sure that we do not think it will be a rapid rise. Betty it will not be this shock. It seems like it is going to be less than what people expected initially. One thing lets talk about europe. If you have a fed raising rate you have the europe on the quantitative easing. Bonds are going into negative yield. What does that mean for treasuries or it portfolio like yours . Jim that is something that we refer to as the globalization of u. S. Fixed income. There used to be a time when all that really mattered was what was happening today we have to keep a close eye on a lot of other different markets. Ultimately we have to think about what the ecb is doing in terms of the loop back into the u. S. If the ecb keeps policy easy, to the point where they drive bonds to negative yields, we get a big Interest Rate differential between the u. S. And europe and that drives the currency. The strengthening dollar, the feedback loop is that the dollar could get stronger. That hurts growth and becomes a feedback loop that could slow the pace of the rate rise. Betty 100 . Stay with me. Jim caron, managing director at Morgan Stanley. in a few minutes the Commerce Department is releasing its first read of firstquarter gdp. These numbers get revised quite a bit in subsequent revisions. Firstquarter gdp is supposed to be 1 according to economist surveys by bloomberg. I want to bring in peter coy, our economics editor as well as jim caron, staying with me. Peter, bloomberg is all over this story. There is one piece i thought was good about the good, the bad and the ugly in this report. Tell me the good stuff first. Peter craig torres wrote the piece. Great article. We probably are likely to get an increase in gdp but it will not be big. Betty it is still growth. Peter most likely. Consumer spending is roughly holding on. Moving through it really quickly and over supplying a lot. We had a lot of bad weather in the First Quarter. Betty port delays. Peter port delays would be in their too. Betty the ugly is the strong dollar. Peter the strong dollar obviously hurts american sales abroad and makes it cheaper to buy imports rather than domestic products. We also had a slowdown in Capital Spending in the energy sector. Dont forget people point that out but it is also important to remember low gasoline prices are on net helping consumers. That would be good. Betty what the house of Morgan Stanley says what . Jim the forecast is 0. 6 . It is on the lower side of the consensus. We have to start to look at when these good affects from Lower Energy Prices will actually impact us area a lot of people have thought about secondquarter gdp. We saw on friday that honorable goods numbers came out durable goods numbers came out. Many growth forecasts in the Second Quarter that were 3 the gdp as a rebound from the First Quarter and they have been revised to 2. 5 . Were just starting the Second Quarter. The issue that i have is the trajectory of growth we are getting in the first half of this year is a lot less and what we had thought. How does the market think about that . What does it mean for the fed and why should they be more aggressive . Betty not to overplay this, but did we overplay the lower gas prices . How much that would affect the economy . Peter the savings rate went up quite a bit. Americans are reliable spenders. They get money and tend to spend it. We are not like the chinese who really hold onto the money betty and then they buy a Louis Vuitton purse for 1000. Peter as in 2014, we will see the gdp growth rising in subsequent quarters. Betty how important is this number for you . Jim i think this number has been well advertised. If it is anywhere around 1 i think the market shrugs it off and it will look forward. It is a backward looking number. We have to look forward. It is about the ramp going into the Second Quarter and potentially into the third quarter. I think all the eggs are in that basket. Betty that is when the fed is going to move. Jim if you believe the data is going to get so much better in three to six months time, any weakness we are seeing right now might be temporary. If we find out it is not, that is going to be the problem. Betty yes. Peter, what is the fed going to parse from these numbers . Peter i think people should do the same thing the fed is doing, mostly looking through these numbers, understanding that they are the first read. Last years First Quarter, the numbers of it different estimate very over three percentage point range. At one point we were as high as plus. 1. At one point we were as low as 2. 5. It goes to show how volatile this is and how little weight you should put into a slight fluctuation in a particular number. Betty those numbers are just about to break in a few moments. The first read is going to be about 1 . I want to get to julie hyman who has more on those numbers. Julie the number is much worse than had been anticipated. Coming in at a gain of only 2 10 of 1 . 1 is the average of the economists we surveyed. Jim was talking about 6 10 of 1 . Personal consumption numbers are coming in better than estimated. 1. 9 versus the 1. 7 gain that economists were anticipating. That represents a slowdown from the fourth quarter. The gdp price index is interesting. A decline