louis fed president james bullard says the u.s.ld see a full economic recovery sooner than most people expect. he joins us ♪ jack: this week federal reserve chairman jerome powell urged lawmakers to provide more covid-19 stimulus. st. louis fed president james bullard doesn't necessarily agree. he joins me now. >> thanks for having me. jack: of course, the market is not the same as the economy, but still fed chairman jay powell says stimulus help is needed. i want to play a quick clip of his comments right now. >> a long period of unnecessarily slow progress could continue to exacerbate existing disparities in our economy. that would be tragic, especially in height of our country's progress on -- light of our country's progress on these issues. too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses. by contrast, the risks of overdoing it seem for now to be smaller. even if policy actions ultimately prove to be greater than needed, they will not go to waste. jack: so, jim, you'r

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louis fed president james bullard says the u.s.ld see a full economic recovery sooner than most people expect. he joins us hope, it is the light in all of us that cannot be extinguished. it rages on to give us a glimmer of what we can do, and of who we can become. because hope fuels opportunity. university of phoenix is awarding up to one million dollars in new scholarships through this month. yes, hope is alive and well. see what scholarship you qualify for at phoenix.edu. the lack of controlp whenover my business kai, made me a little intense. but now quickbooks helps me get paid, manage cash flow, and run payroll. and now i'm back on top... with koala kai. save over 30 hours a month with intuit quickbooks. huh? oh,sorry... i know that a lot of times,mom, it might not seem like i'm listening to you, but i am. and what you say really does matter to me. all the talks we've had over the years- including what you've told me about not using alcohol and other drugs-they stick with me and they make a difference, especially at times that

manus: on the other side effect coin, we have bullard versus bargain.ullard is breaking away from the peers. the economy is recovering faster than we expected. bullard, he's saying the recovery is faster than expected. he has the contrary invoice. you can delay the stimulus. we can wait on fiscal stimulus. potential for one of those fumbles in terms of a narrative from the fed which alleviates the pressure on the politicians. good morning. annmarie: let's take a look at the markets. futures higher. we don't have a lot of movement. there's a number of holidays. australian stocks are doing better. the focus is on the nikkei. it is changed right now. there is no trading. the exchange had an outage. trading will be down for the entire day. rollover the board. dollar down across all of g10 this morning. weakness against the yuan as well. that heightens how unlocked the ust is. crude holding above $40 a barrel yesterday. we saw that stockpile data showing a surprise drop. also, dollar weakness. i know you called the bond market a snooze fest. as we have been

brandy bullard booked into marin county jail on several charges. found two unregistered and loaded guns. fraudulent edd debit cards, identity theft documents and forged checks. >>> governor newsom in san jose announced $200 million in new fundi funding for initiative to convert buildings into housing for the homeless. >> reporter: in san jose governor gavin newsom got firsthand look at area's interim housing site for the hoemts homeless. >> we're not walking away from commitment, not taking eye off the ball at all, weathering the current economic storm and doing more than we've ever done in the history of the state. >> reporter: near the intersection of monterey and burnell, housing units open to serve some of the most vulnerable members of the community. made possible by state and local funding. >> when i came here, i was so amazed. >> reporter: former teacher with a master's degree, homeless nearly six years, sexually assaulted staying in a shelter. hopeful to transition into permanent home. >> we're being treated like people. okay? not a statist

the only fed official who is holding out still is jim bullard.e expects a decent year if not good growth in the fourth quarter and that he thinks there is enough stimulus left over to carry over until next year, but again, he is also saying he does not think there is going to be a second ways. he things cases may go up again but they will not go to what we saw in april, so he said absent that, which he does not expect, things are doing reasonably well. no more stimulus needed. he is one in 17. fedi: we also heard by the via the beige book. what was the assessment when it comes to the nation's recovery? ivan: slight to moderate -- kathleen: slight to modest pace in september. when it comes to the beige book, each district bank, the head of in coming meaning -- meeting november, puts in an anecdotal survey driven look at the economy. economy isthe growing. the results are mixed. if you are dependent on restaurants, that is a problem. housing is looking really hot. wouldot something that refute the view from fed officials and others that more help i

bullard of the st. louis fed.he call for negative interest rates in the united kingdom, and the vicinity of 2021, peter schaffrik is with us right now. all of this is fine, and all of fine withic talk is the officials who spoke yesterday. what do you then do in fixed income if that is the outlook and that is the call? negative interest rates tells me price up, yelled down. that is a good thing, right? peter: it depends on who you are, of course, but yes, we think there is ace -- there is still a scope of performance, particularly on the short end of the u.k. market, but also down the curve. that before a call for negative interest rates would be made, we would get another round of qe. so we have the bank meeting coming up soon, and we think the qe envelope that is running out, the current envelope is running out at the end of this year will be increased by $100 billion. if i look at what is priced in on short end currency, i think if the markets sort of started to become really convinced that negative rates are co

i know you are hanging on every single word from bostick, bullard, and kashkari. am particularly interested in vice chair of supervision randy quarles. he came out yesterday and said the treasury market maybe too big at this point for the fed to step away, and will need to have a material role in the functioning of the market forever to come. p.m., these 8:00 dueling town meetings between former vice president joe biden and president trump on abc and nbc effectively. very interesting. the virtual debate not happening, but now we have dueling townhall's come up with questions about how people will get to view both of them. jonathan: we will talk about that no doubt later in this hour. let's get to the price action this morning. shaping up as follows. equity futures breaking down. big losses in europe. at one point, the dax was down more than 3%. the s&p right now, down 0.9%. in europe, where i wake up at 4:30 local time -- tom: oh, please. here we go. [laughter] jonathan: just throwing it out there. gabriela santos has been trying for five years to transfer to lond

jim bullard said last week or the week before -- both, actually -- that he thinks the stimulus is enoughiven that the economy has not slowed down quite as much as people thought it would in march. nevertheless, there's a very message. --shery: president trump has certainly been busy with his tweets, again mistakenly comparing the coronavirus with the seasonal flu. >> es, facebook actually took down a post from the white house where and trump compared the coronavirus to the seasonal flu. a number of differences have been pointed out over time about how they need to be handled. trump has been trying to really portray himself as someone who has been ready to get back to work. he's talking about going into the west wing. he is now quarantined in the residence. he's trying to, i think, project a sense of strength. at the same time, we are seeing even more reports today of staffers within the white house testing positive for coronavirus. this still seems like something spreading throughout the white house complex. who knows what will happen if the president -- it's been less than a week since

the data follows upbeat remarks from saint lewis that president james bullard last night. forlayed down the need stimulus to continue into 2021. >> you're getting this big bounceback in the fourth quarter from the very bad second quarter, of course. i think the natural assumption is that you should have well above trend growth again in the fourth quarter and in the first on.ter, following guy: pre-optimistic -- pretty optimistic. michelle meyer, bank of america securities head of u.s. economics, what do you think of that? michelle: i do think the quarter had a big bounce in economic activity as a result of reopening, as a result of incredible stimulus. but that is just the initial stage of the recovery. but i think really matters, and there is still a lot of uncertainty, is about the next stage of the recovery. how much further healing will we see in the cycle? what are the obstacles we might face? how does the path of the virus impact that? i think that still remains an outstanding question. some of the more outstanding indicators we track moderation in the rate of growth

we've got loretta mester, neel kashkari, tom barkan, randy quarles, and jim bullard all today. every day it seems like they speak more and communicate that much less. we are going to hold rates low. the question is just the threshold to further stimulate. then come append to your bloomberg -- then, pinned to your bloomberg terminals, the fed beige book. how much has the spread of the pandemic really trickled into economic readthrough to consumer confidence, to business confidence? perhaps we will get a picture. jonathan: this will become -- this has become my favorite part of the show, lisa telling us what is to come throughout the day and why it doesn't matter. [laughter] tom: there's no other way to put it. the beige book, i never put a lot of emphasis on. it is very dated. but every once in a while, there's a tea leaf there. really, how the beige book folds into the earnings expectations, and a little bit darker here off of ibm a few days ago and the netflix joy last night. a quiet: it's got to be wednesday morning for me to even pretend to be excited about the beige book. i

the war, led by colonel allen greer, who was chief of staff of the 92nd leesion, also by robert e bullard, who was from alabama, commanded black troops in the spanish-american war. i can tell you that familiarity did breed contempt in his mind about the black soldier. he would lead this campaign to disparage the black soldier, which would be picked up later in an official report that i will refer to at the end of my talk, the army war college study of 1925. but i want to say something about black officers, and let's point to the nation's leading military academy. thefirst black graduate of united states military academy was henry ossian flipper. that happened in 1877, so in reconstruction. the second was john hanks alexander in 1887. and the third was charles young, and we have an image of what actuallyoung, who should have become the first black general in the united hetes military, but after reached the rank of colonel, was determined to have been unfit physically to continue in active service. and this came out of a complaint by a white southern lieutenant who served under young in the