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Bernanke to Testify on State of the Economy

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    FBN’s Diane Macedo breaks down the stories moving the markets around the world.

  • Duration 4:58
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Time -- of the morning.

I'm on the fox.

Good morning everyone Federal Reserve Chairman Ben Bernanke said to -- the central bank's latest take on the economy.

But the outlook is expected to be more grim than it was a few months ago.

Bernanke will give his semiannual report to the senate banking committee today and to the house financial services committee tomorrow.

This testimony comes as job growth is slowing manufacturing is weak and consumers are spending last.

At the Fed's latest policy meeting last month members decided to extend a program that moves -- bond portfolio -- -- an effort to lower long term interest rates.

Minutes from that meeting show officials were open to taking more action.

But we're divided over whether the economy needs more help now that that is set to hold another policy meeting in two weeks -- lawmakers will likely ask Bernanke.

If the Central Bank plans to launch a third round of bond buying known as quantitative easing.

Lawmakers are also likely to press the Fed Chairman on Libor scandal and what the Fed did beyond flagging -- problem.

The Bank of England's governor to questions from British lawmakers today on but he knew about the live -- scandal surrounding Barclays.

And his role in former CEO Bob -- resignation.

Mervyn King is already told the treasury select committee that the BO we never -- any evidence of wrongdoing.

And that it took regulators three years to find such issues king added that Barclays now has to creating new bank with a new culture to take it -- -- they say at FSA chairman Adair turner.

Testified earlier that he saw no problem.

With king getting involved in the concerns over Barclays and this whole -- rigging scandal and he said.

Bob Diamond could lead a change in the company's culture.

-- -- down just days after the scandal broke after regulators including king turned up the pressure on him to leave the position.

But questions have been raised about the central bank's role in all of this after 2008 memo from -- Appeared to suggest that -- -- deputy governor Paul Tucker condoned the rate breaking.

Checking the markets now here in the US futures are up across the board Dow futures are up by 42.

S&P -- up by four -- the nasdaq's up by nine over in Europe.

The German index measuring investor expectations.

Fell.

Less than expected this month but it was still down for a third month in a -- -- -- -- Stoxx Europe are mixed London's down.

By almost 27 point -- Paris and Frankfurt about it agreed not to get a closer look at what's moving those European market.

Commerzbank global equities economist Peter Dixon.

Over in -- Peter what's your take on what we've heard from the Bank of England's Mervyn King about this whole -- scandal and Barclays.

Well you know I think to some extent -- a bigger agenda go on here and what an agenda -- actually use.

He's -- -- -- here in the UK trying to get much more.

Say much more control over Central Park which is how to its regulatory functions expounded at.

Without -- concomitant increase in the -- -- -- it is accountability so I think daddy's.

To an extent what's going on here I'm delighted boy is she well you know I think it's being used as an excuse to -- -- drug estimate for the quite frankly.

I have may -- a power play here and shifting gears a little -- Peter the OECD says Europe needs to adopt a massive programs similar to -- the US -- TARP.

To shore up the region's banks how likely is it that a program like that would past.

Paribas I think -- difficult to this day to imagine it's you know European -- makers would actually go down not -- But I think the dead like to -- indeed the -- that the sort of policy which is required because it's increasingly clear.

That's the banking sector is the one area which is holding back wealth and until you start to sort out some of these zombie banks which -- Well awards and around the European policy announcement I don't think -- economic -- program since it was affected the economy united -- And -- how challenging would indeed implement something like that in a region like -- for -- doing with several governments as opposed to the US Korea won.

Yeah I mean it's huge as he added that -- -- -- -- can find it very difficult to agree on.

Relatively small amounts for the buyout packages for the -- for the whole of the European policy seems like how to march and they get that gonna get any resolution -- the banking sector very yen equity.

Peter -- live from London.

I Commerce Bank -- thanks Peter.

And shares of Yahoo! are climbing in the premarket after the company announced its -- a Google executive as their new CEO.

Marisa Mayer will begin her new job today after resigning from Google and yesterday.

Viral also hold a seat on Yahoo!'s board service the company's president she joined Google in 1999 -- that company's twentieth.

Employee and most recently -- products like Google Maps Google earth and street view.

Myers hiring comes after Yahoo! was forced to accept the resignation of former CEO Scott Thompson -- today.

After false academic credentials were found in his bio -- -- release its second quarter results after the bell today.

And the companies expect to report a profit of -- three cents a share.

On revenue -- one point one billion dollars both up from a year ago.

Here's a look at commodities now oil and gold are both up Imus in the morning continues right now on Fox Business giving you the power from her.

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