Fronts of the Economic Data coming. Then we have a lot of earnings. The fed will begin a twoday policy meeting tomorrow with an announcement set for wednesday afternoon. If all goes expected, the fomc will turn off its massive bondbuying program and will also assure investors it plans to stand ready to act should the economy be threatened. Also on the economic calendar, pending home sales today. Tomorrow, durable goods. Then thursday jobless claims and the first read on Third Quarter gdp. Finally on friday, personal income and spending for chicago pmi and consumer sentiment. Merck is the first big name to watch before the bell today and then well hear from twitter. Michelle, over to you. Well check on the markets this morning with futures suggesting earlier on to look like it will be definitive ly a positive open. The futures are lower suggesting the dow opens lower by 16 points. The s p opens lower by two and the nasdaq lower by roughly 3. 5. In energy news Goldman Sachs slashes the 2015 Oil Price Forecast arguing rising output will outgrow demand. The changes make goldman the most bearish of the major financial firms. Crude prices have dropped 25 over the past five months. Well show you what is going on this morning. Wti is at 81 per barrel while brent is at 85. 70 per barrel. Gasoline prices have been falling to their lowest levels in four years. The latest lumberg survey says the average price of a gallon of unleaded regular is down 18 cents in the past two weeks to 3. 08 per gallon. There you can see on the wholesale market trading at 2. 17. Well show you what is happening with treasuries, tenyear yield at 2. 75 . It popped up a little bit late last week as we saw some of the risk on trade. The dollar right now is weaker against the major currencies, 107. 8 yen. The euro will cost you about 1. 26. And the price of gold this morning is lower but not by much. 1231. And a new controversy this morning in how some states are dealing with ebola. And new York Governor Andrew Cuomo clarifying details about the mandatory 21day quarantine. Now the workers can stay in their homes and Health Care Staff will check on them twice a day and cuomos comments came after the Obama Administration pushed back and expressed concern about the quarantines introduced in new york and new jersey on friday. Meantime, lawyers for the nurse that is quarantined in new jersey has been on the front page of most of our papers the last three days. Shes in the hospital after returning from treating ebola patients. She says that shes going to sue to get herself out of quarantine at this point. Interesting story. Last night cuomo said that she was likely going to be tested today. Again. Again. And that he imagined in his words that she was going to go on with her life after this. So i think shes been treated, by the way, horribly in this particular instance of the tense situation. Nonetheless, i have to say im more with you than i have ever been on some of this stuff. We live in new jersey and new york. You hear the governor say were going to make people to us it sounds, 21 days, let them selfishly, that is the kneejerk reaction for people. I live ten minutes from newark airport. Thats the kneejerk reaction. I dont know about whether you need to there are experts that say, if you dont handle it in west africa, thats how it gets out of hand. And if it discourages anyone i see what theyre saying, but the kneejerk reaction makes sense, if you come back from west africa, dont go out. This comes from poor explanations from the cdc for one very basic question, which is if ebola is so hard to get, why are so many people getting it . Why do you mean so many . In west africa, thousands upon thousands of people. And here in the United States hold on, theres an answer to that question that they have not given. Maybe because its horrific to discuss. But we dont handle dead bodies the way they do there, right . Its completely different. People wonder, well, how does a Health Care Worker get it when they know they are working on somebody who is sick and they must be suited up, yet they still get it . It must be more transmissable than people think and its not. The cdc doesnt explain that a body dying of this disease is in such a horrific state. They dont you sitting next to somebody on a plane isnt going to give it to you. In reading the guidelines, i was like, what is that . They said, it is about burying the bodies. Thats what you have to do to con tape it. The aid workers going there, are they administering Preventive Care . I think it is hospice work and funeral services, right . I would argue what cuomo and christie is much about science as an economics story, to say i think they look at the situation like what happened last week and that on its own in isolation is nothing on a relative basis, one person. They think to themselves, if i have ten or 20 of these situations, and they are literally going to eat at the meatball Sandwich Shop to prove it is possible. If you get into a situation where people are not going to use the subway as much, all of a sudden you have a totally different type of problem. You have a terrible Economic Situation as well. But people said, wait a second, okay, so 12 hours later he gets a fever and was at the Bowling Alley and on the subway. They say, how can this happen if were trying to stop this . It comes back, he was working on people over there, he knew full well that he was exposed to the virus, maybe not exposed, he probably took all the precautions, but he comes back and thats the kneejerk, lets just talk about this here, why cant you stay in the house for a couple weeks . It was a great question in the press conference from cuomo that said, what happens if they dont stay in their homes . How are you going to open force that . Do we become like a police state . Are you going to arrest the people . The people hes calling heroes, are you going to arrest them . He said repeatedly, these people of great moral charactererer going there to do these things. I cant imagine we would have these up stances. But then you have what happened in new jersey where this woman is now planning to sue the government. And i dont think she was treated particularly well. They could have put her in a hotel or something, this tent thing looks awful, but nonetheless, youre going to have some people that come back to say, im not doing it this way. And then what are you going to do . Yep. Well, someone mark oconnor, i quoted him last week, he said lets keep things in perspective. I quote him every day. Its like the lottery. Low probability, but boy to you its high impact. He said 18 people die every year from toothpickrelated accidents or something. Right. I like that one. The mortality rate on ebola is much higher. How do you die from a toothpick . Thats a good question. I dont want to know. You dont . No. I cant figure out one way to die from infected from the toothpick. Anyway. In global news, the ecb releases the latest stress test results from yesterday. No systemically important banks failed in greece or italy. 13 banks need to raise another 12 billion worth of capital. The stress test scenario was based on the decline of 7 in europes economy. However, it did not include deflation and did not include the russian sanctions. Lets join the discussion on whether or not these tests are credible and joining us with his reaction is the chief editorial financial editor at the financial times. The last time this happened, a bank failed having been cleared by the stress test. Is this test more credible . I think the general view, and i certainly havent gone through every one, is they are substantially more credible . The ecb, the European Central bank was involved in this for the first time and did a pretty exhaustive asset quality review going through all the major banks in the eurozone. The stress test is regarded as more or less comparable with the u. S. Stress test. Now, are they strenuous enough . I think you can raise real questions in addition to the points you made. They dont seem to include the possibility of actual sovereign defaults in the eurozone. But that is quite possible. At least its certainly not up conceivable. Inflation is a real danger that you mentioned could be worse. And it is important to stress that will in my view, acceptable levels of bank capital are very low. If you look at them carefully, its better than the past. It might be enough. Its certainly likely to improve confidence in the shortrun, but the statement that the banks are now definitely out of the woods is probably a bit overoptimistic. When you look at what they said with the assets that needed to be written down or the amount of nonperforming lope that is the banks had not recognized, were they pressured in any way . Do you think the numbers could have been higher except there was a political game here as well that they didnt want the banks to look that bad . I have no reason to suppose that they succumbed to political pressure. Of course, behind the scenes one can never know, but it seems up likely. The European Central bank is really a remarkably independent institution. Theres no question about that. Probably the most independent central bank on the planet. It knows its reputation is on the line taking over these responsibilities for banking supervision now with a new role. It is designed to make it for the first time credible that these supervisory reactions are not take bin political pressure. They have to do this properly. I cant believe they messed this up. Dont forget they found nine banks in italy bad and the president of the ecb is mario draghi, who used to be the regulator for italy. That suggests not too much pressure. Will it lead to more lending, which is the ultimate goal . Well, thats the biggest question. My big concern here is ive never been completely convinced that the constraint was the willingness of banks to lend. In some countries that will be important, but the fundamental question is are there lots of good projects from Good Companies coming forward in these deflation in their weak demand environments of the eurozone. You have to wonder whether this will prove effective. They just cleared one of the hurdles, a necessary condition for new lending, but im not sure its a sufficient one. Mr. Wolf, thank you for joining us, or martin. Pleasure. Good to see you. Were coming off one of the best weeks on wall street in two years with investors shrugging off the ebola fears and shrugging off europes weak economy and the crumbling price of crude. Earnings trumping all the outside factors. This week the fed is in focus once again plus lots of tech results. Here to help us get ready for another busy week is lou green, strategist for drw trading and also onset. This is where it gets confusing, andrea, its michelle meyer. I would even put bank of america and Merrill Lynchs i can put forth you remember her name and get Marissa Meyers name right from now on. Instead of pronouncing it the way it looks, even if you talk to her for and hour, i still didnt have her last name right. Marissa meyer and michelle meyer, she is not related at this point. Because it is spelled differently. Okay. Have you ever spoken to have you used yahoo . I have used yahoo . Thats enough. Heres something that people are saying. These are these arent really the tinfoil hat people or lots of water or span the basement people, but there are some people who say every time we get an indication of the end of qe, we see how the markets are going to react to it and the fed wimps out. Thats an indication of how messy this is going to be. That all of this move we have seen in the markets for the last yearandahalf, all the upward momentum is how power fful this is. I dont think it is just about qe but generally about Monetary Policy being accommodative in the u. S. But also globally. So qe has been very well foreshadowed to end qe, they have preannounced it. The market should know the fed is said to stop buying new purchases at the meeting this week. To me the bigger question will be, how do they communicate a potential exit and tell the markets what do you mean, higher rates . Higher interest rates. I think thats where it will be complicated and we learned about that in the minutes when we talked about how much they were concerned with tweaking the language and what we need for the markets and how the markets interpret it. I think where a lot of people are focussed is what they do with the lower guidance, if they keep considerable time or not. If they change any words, slight words, the markets do tend to pay quite a lot of attention. They will. And they foreshadow with their inflation comment saying they foreshadow that 2015 is probably questionable, maybe they go past mid2015. Mid2015 is arguably the baseline view of the factors. But thats provided everything goes as planned. And thats one of the difficulties with the dot plot. These are at a baseline model forecasts of growth and inflation. And the implied federal funds projectory provided things go as planned. But what about the Downside Risks and the Global Growth that continues to weaken. How is that then playing into the federal reserves based on forecasts . Thats where i think the communication has been quite difficult. In the past month the markets have moved a lot in terms of the reserve. Well, yes. I dont have a specific question for you other than were you listening . I was listening and paying close attention. The interesting thing is, even though during the first qe and second qe when we knew exactly when they were going to end, the market, the stock market had a lot of difficulty afterwards. And in essence was only rescued by another qe. After qe 2 end, they came through and that ended in june of 11. Then the market was down 20 . By october, it did very little then from june 11 to december 12. At 16 months or so, the s p was up at 3. 5 annualized rate. Then we stepped in with qe 3. So the interesting thing is that the bonds have also react ed to this when the qe is over. This time because of the taper and not a definitive low point, the walk went lower to the beginning of this. I think thats one of the things where during qe theres the idea it could work and generate growth, employment, wages and inflation. Then at the end the tenyear says thats all row got and we start to head lower. The interesting thing is in the september 18th meeting they made it clear that the qe was going to add, was clearly going to add at the end of october the stock market peaking september 19th the day after. That might just be a coincidence. But the volatility, i think, has to deal with the outlook. But the stock market is definitely having trouble with the end of this one. A lot of times when people throw in the towel, the banglen and the fumbles, somebody told me yesterday they were able to beat the ravens. But once i stop following them, they will start winning. Many investors now think that a downturn in treasuries is now a while ago. Now people have finally decided that maybe rates are going to stay low for a while. Its in the journal. They talk to a bunch of clowns is that not indicative that maybe finally now rates will go up. I think just how lack of confidence there is in terms of the plashmarket right now, its to understand the Economic Policy and the overall growth. The overall tendency is this environment is one of very low rates that shouldnt prove persistent, but it is hard to have a lot of confidence right now. All right. I also think, just briefly here, the idea of the long end kind of operating on former guidance, where we think the economy is going and what kind of inflation that will generation. The fed for the longest growth of economy is 2 . This is falling significantly over the last decade for forward guidance. Michelle meyer, thank you. As in marissa meyer. Coming up next, another challenge for apple pay. This time its at a pharmacy. Well tell you which one and when this google executive is not busy with searching for androids or drones. Well show you incredible video when we return. E financial noise financial noise financial noise financial noise a google executive has set the world altitude record for a jump. He jumped in a specifically designed space suit and reached speeds of more than 800 miles per hour. The exec exceeded the speed of sound setting off a small sonic boom. Wow. That was very, very cool. Another retailer dropping apple pay. Rite aid drops apple pay saying a number of merchants are supporting a rival system called current c, an app to scan the bar product that connects to a consumer debit card. This includes walmart and best buy to develop their up mobile payment systems. Just when you thought apple pay was it, maybe its not it, at least not yet. I have now tried it and think its great. I havent tried it yet. Whatever its worth. The atmosphere and the terminal velocity you hit is because of the wind distance. If youre that high and you can get up to 800 miles an hour from your weight. And you are not pulling the parachute for a long time. I wonder if there was a small sopp sonic boom, i wonder if he was a larger guy, would it be a larger sonic boom . You couldnt move faster. Im not saying he would go faster. A feather and the weight drop the same, but i wonder if a really big one of those guys that they have to take out the front window of his house to move him to the that would be a bigger ill bet you the size of a sonic boom. Because hes wasting more air. Uhhuh. Is robin there . Sorry, bob. Coming up, your vote in the med terms i like the quick sound that he did. On the sonic boom . Yeah. The midterms fullfigured guy is what i meant. Big and tall guy. But the election could get overshadowed by jeb bush after a few comments from the son. Could we see a bush clinton . I dont think they will run together, but thats what we are hoping for in 2016. Thats next. That would really be bipartisan, wouldnt it . But im thinking jeb and bill for vice president. Anyway, heres last weeks winners and losers. I love this theme song. Introducing Synchrony Financial bringing new meaning to the word partnership. Banking. Loyalty. Analytics. Synchrony financial. Engage with us. Sometimes they just drop in. Always obvious. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. An Unpre