the watchwords for bullard were rigor and candor. as he got the hang of going to fomc meetings and seeing the discussion around the table, he became more confident in his own analysis, and he began bringing just a very rigorous thought to the committee deliberations, and i think he deserves a lot of credit for that. i think describing him as an intellectual leader is apt. he took the data very seriously, and he took very seriously the models of monetary policymaking. he deserves a lot of credit. kathleen: he is recently known as one of the hawks, a leader, someone who dissented in march of last year not because he did not want the fed to start hiking rates but thought it should be a bigger hike. right now we think of him as a hawk, but there were times when he was a dove arguing for the fed could not start raising rates after the financial crisis until the economy changed dramatically. he was opposed to going when inflation was at 1%. >> i think that is the thing about him. when thinking about things, policy should be sensitive to in

james bullard has resigned. and australia's central bank names the first ever female governor and wall street banks kickoff the earning season. a warm welcome to the show. another company heading to the tape is erickson. adjusted ebit ahead of the estimates. they had said there would be a choppy set of numbers. adjusted ebit, 2.8 billion. they benefited from the early impact of cost out execution. cost cuts are helping them. they see a similar third-quarter in terms of market mess and the trends they have seen in the second quarter. sales comfortably ahead. the market penciled it in as lowered. the trajectory is better but the stock is maligned down 20% at the moment. let's see how that comes in. much maligned has been the concept of disinflation however this. has been invoked. -- however that has been invoked. a couple weeks ago we were talking about 5% rates. you can see there is a new trajectory and language. a full pivot from rabid inflation to deflation. the beneficiary has been the yen. the dollar has impl

he has been covering jim bullard for years. everybody was surprised, and i believe that chris waller, who is speaking at the many marketeers dinner tonight, says he takes it at face value. one of the people there was talking to him. he got a good job offer, but everybody is wondering, he didn't have to retire, he wasn't 65. why did he go? steve: it was a little bit of a shock, and people are still trying to figure out exactly what happened. he did not have to go for another several years. this offer did come up. he is somebody who is really committed to academia. and if you listen to his speeches, half the time they are very topical on current events and current monetary policy. but sometimes, they get super academic. he is somebody who can do calculus, econometric equations. but just like any other phd economist, he is very committed to the academic, scholarly work. in some ways, it is a natural fit to go back to scholarship. and this is in indiana. as has been noted, he was a phd graduate at indiana. this is not far from wher

fed president james bullard is stepping down apparently to take an academia job. steve liesman has details. hi. >> hi. kelly, yeah. one of the longest serving bank presidents on the federal reserve committee stepping down today. as he was taking the job at a business school at purdue. active there double checking. a long time he's been there. 33 years president since 2008 you know, kevin has a relatively new crop of bank presidents and i haven't been able to confirm if he's longest serving president but certainly one of the longest serves presidents there and going to be stepping down today going to be advising the board of, the st. louis fed and the bank and august 14th then august 15th starts the job. fairly unusual for this kind of media departure. usually bank presidents stay in place until a replacement is found. sometimes leave and replacement found later. the process of replacing, a long time i think still looking for a president ein kansas city after -- sorry, they stepped down right now looks like -- kathleen o'neil kathy will take his place. she is a chi

joining me now is former florida state senator dwight bullard. senior political adviser for florida rising and a former high school social studies teacher and political strategist stuart stevens, friend of the show, is also with us. thank you both for being here. let's go to you first, dwight. you were at the meeting where they took on these brilliant new standards for teaching history. can you describe how that meeting went? >> um, i don't know what was first the dog or the pony, but it was definitely a dog and pony show. there were a number of folks who spoke out against the standards, simply asking the board to table them until they could be revisited. and then with unanimous consent, the all-white state board of education decided to adopt these new african american history standards. >> so it was an all-white group. okay, one of the things, i went through and read the standards because i didn't want to criticize something i hadn't read. i saw the sort of lines that have gotten the most ink, the stuff about people got transferrable skills. i n

bullard, indiana. they each have a different character.re is an emotional linkage between richmond and st. louis unlike boston and alice. -- dallas. jonathan: he heard -- you heard how the link james was willing to speak out. -- bullard was willing to speak out. ultimately even without a vote, he's able to make way sometimes because he talks so much. tom: i don't want wonderful things with jim bullard and had the honor of lunch and when the we visit purdue, what is important here is the idea of what he thinks of the dots. he was the outlier. jonathan: a number of years ago. tom: is that a typo on the screen or not? jonathan: as the governor of indiana going to join us? i hurt -- heard her might. i'm not sure any of these people are committed. a lot of data through the week and the data so far fielding hopes and dreams of a soft landing. steven englander calling the game changer for the u.s. dollar. writing we doubt the fed will hike again at the july 26 meeting. we think the recent u.s. dollar underperformance reflect connotative shift in

i started this segment talking about bullard's out, kashkari is bearish.e 30 seconds but the federal reserve have the hawks packed it in there? do you think the fed will be less of a factor going forward? >> yeah. absolutely i think we get the one last raise because we said they would. they sit back on the sidelines. inflation is coming down like a rock. you see it in all the numbers. super core in particular and you can't ignore that and so i do think we will see a pause. investors are focused on fundamentals now. take a look at walmart this is another name to own for the long term. reduce your exposure to target and increase exposure to walmart. charles: speaking of walmart, i have something to say at the end of the show about the hunger cliff. politically incorrect, love the new haircut by the way. talk to you real soon. >> thanks, charles. charles: speaking of actions, folks, it is a huge reason why you need to be personally invested in this market. this is why i'm hosting a very special special. i mean this is maintaining unstoppable prosperity. july

bullard's replacement, according to the st. louis fed. >>> big banks are in the green today ahead of the unofficial start to earnings season jpmorgan, citi and wells all reporting their numbers tomorrow morning. bank of america, morgan stanley reporting next week along with a slew of regionals. let's bring in top bank analyst mike mayo of wells fargo ahead of all that. and it doesn't seem like there is, you know, much expectation that we're going to hear a lot of greatness out of these numbers is there, mike >> you know, second quarter bank earnings, it is a battle i term it the three rs, rates, recession, and regulation. the battle with higher for longer interest rates is going against banks and that's why estimates have been going lower for almost all the large cap banks, except for jpmorgan, by the way, this year the battle with the recession, it is still potentially to come. i think that will be a positive story, i don't think you'll see too many signs of a recession from the banks and the third battle is regulation and the

you just use mo bullard, so usually at the beginning of the conflict in ukraine western economies, some journalists tried to convince the world that russia had no chance in the economic battle with the west. but similar retrograde could be heard before when moscow decided to a serious, legitimate authorities in the fight against terrorist president bruton, is the preaching remaining resolves to plug budget halls and paying for the war in syria. almost out of money, russia winding down, it's costing operations in syria. russia, and we'll go bankrupt in 2017 american financing at george soros. stewart, the graduation all again. but if we separate, excuse me, and crowns us by the degrees, that's probably the we'll get to by that's what i'm going to do. i've seen him please have your permission to put that in your voice junior, i. e. so they have what, what did i stop was up with their feel. but our training at the end of 2017, the claims about russia's upcoming dive feet in the middle east. but being for gospel, how the middle east became russia's game, not americans. how to, to in came to

anthony costa, francis bullard and the temperance movements. many evangelicals believed they could and should involve themselves in politics in order to enforce a particular view, their particular view on the broader country. perhaps put them up against a lot of jewish and catholic immigrants. they had different ideas about things like alcohol. you can also see that on the left. there was a gospel movement within the churches in the late 19th or 20th century, they were deeply involved in progressive politics and causes like labor reform, health and safety, women's rights, children's rights, children's rights in the workplace. so you can see christians on both the left and the right way more comfortable involving themselves in politics as christians on behalf of their churches would have been the case before the war. they had an enduring legacy. one thing i am trying to talk about in this book is that christianity and religion generally was a real important prism and framework people applied in understanding the word and making sense of it. at t

of the people getting out front aggressive on the need for more rate hikes with the likes of jim bullard from the st. louis fed. today on cbs face the nation, one of the leading sunday morning programs in the u.s. when it comes to news, because obviously, everyone in the u.s. and around the world is concerned about inflation. is it coming down? it is interesting he is more upbeat on the outlook, he said. he does see progress made on inflation. after seeing all that in more ways than one, saying it is not realistic to think you can continue to bring down inflation without some kind of cost to the labor market, bring down inflation closer to its 2% target on friday. we got the personal consumption expenditure report. that includes what spending is doing and what consumers are doing. this terminal chart also shows you that inflation, these are what the markets are watching so closely now. what you can see happening here is that the core pce cut down to 4.1% year-over-year. that is great progress. the headline got down to about 3%. on a monthly average, this is important because year-over-ye

james bullard is leaving, going to the school of business.te. cheryl: kevin, it's always great to have you on set. it's good to see you on this monday morning. >> thanks, cheryl. cheryl: kevin mahn. your morning mover, activision blizzard. it is soaring right now in the premarket. take a look at that, up more than 4%. it had a lot of buildup last week on the microsoft deal. microsoft signing a 10 year deal with sony to keep its best selling call of duty game series available on the playstation as a u.s. appeals court rejected the federal trade commission's request to pause microsoft's purchase of activation. stock up 17% year-to-date. the stock is about 4% higher this morning as well. coming up, special presidential envoy for climate, john kerry is in beijing right now as the biden administration threatens consequences for china's microsoft tag. gogordon chang is here next, hes going to weigh in, next. ♪ i want to, i want to, i want to stay. ♪ngs ther. hey! like your workplace benefits... and retirement savings. with voya, considering all you

who replaces bullard?s the president of the bank and he started banking in 1990 so he was a longtime fixture there. you don't know if they go within internal or external candidate. it's going to be interesting to see. it's not the same as it used to be where a bank had a view of the economy. leigh lewis was of monetarist does the governor of the federal reserve system move back to st. louis? does he want to be president? i suppose it would depend on whether he likes the city of st. louis area there is more power and influence in washington but he was make -- would bring in more money. a fed governor makes about 180,000 dollars per year. i think they might have gone up closer to $200,000. jim bullard was the lowest paid of all the regional banks fed print business apply for a job at the new york fed in san francisco. what are they pulling down? they are over half a million per year. i had no idea the disparity between presidents and cabinets. the banks or quads i/o for show. they are run like independent in

eric rosenfgrin is out and james bullard is out. these officials exited mostly after doing something that would prohibit them from becoming a chairman. you got to see they all thought they'd be successors to powell but trading stocks on the job, maybe, didn't help. here's the point, none of them offered a mea culpa to the public. any wonder the opinion of the federal reserve is in the toilet. this is no laughing matter and the nation deserved better and we keep getting re-threats and repeats and i'd rather watch a pink panther movie than live a day-to-day in my economy. liz claman, i say pe peter sells is the best pink panther. liz: oh, for sure. we have decent gains in the stock market it's amazing. charles: not everyone is doing so well but the rich are getting richer. liz: that's true. if you're invested in stocks. it's a new 52-week kind of someday and close to stocks on the big board blasting blue the one year ceilings at this hour with bankers and ai stocks lifting the major indexes and the dow jones are jumping 354 points at

eric rosenfgrin is out and james bullard is out.ng something that would prohibit them from becoming a chairman. you got to see they all thought they'd be successors to powell but trading stocks on the job, maybe, didn't help. here's the point, none of them offered a mea culpa to the public. any wonder the opinion of the federal reserve is in the toilet. this is no laughing matter and the nation deserved better and we keep getting re-threats and repeats and i'd rather watch a pink panther movie than live a day-to-day in my economy. liz claman, i say pe peter sells is the best pink panther. liz: oh, for sure. we h

apparently james bullard will step down in august. obviously been on the hawkish side.oes that change anything for you? >> this is in line with the expectation that interest rates are close to peaking. rate hike in july, i wouldn't be surprised if fed funds are lower than that next year and much lower one year from now. charles: great stuff. may takeaway on market manipulation. finally there are consequences out there but will the retail investor to ever be made whole? emotions behavior play a significant part in this market. ball street is often wrong and deflects its own inaction and mistakes pointing to the retail investor. on that note the street would like to save face. i think they want to start getting aggressive. to that end, an interesting survey from jpmorgan. clients, only 26% of clients according to jpmorgan are saying they want to be in this market f you're a large investor that is your contrarian buy signal, but i got to tell you something, in real life, retail is not behind the eight ball. look at this coming into the year, everyone sold off but recently

frank bullard. well, i guess bullets flew for about 18 to 20 minutes as fast as we could get them in and out of our guns. now, the rebels began to fall back. i thought to myself, we got you now. but almost at the same time, heard a voice from the rear crying fall back. i turned around and said, what that mean? ain't the rebels falling back? but again, the cry fall back. now someone yelled fall back. we're flank. the rebels are in our rear. i look back, i was true. in a moment. all was confusion man for himself. we ran like a flock of sheep. the rebels mowed us down. the sedgwick's division moves into the west woods, flanked on three sides. they'll lose half of the command in 20 minutes. edwin sumner rides into the group back, for god's sake, move back. you're in a bad fix, francis. 20th massachusetts in less time than it takes to tell it. the ground was strewn with the bodies of the dead and wounded. jonathan stone, 15th mass. you me about the battle of antietam, which i try to relate. the battle oc

powell is fighting a bunch of doves on the committee and now be bullard gone, it's going to be less hawk. so he's got to kind of squeeze a line in there. one thing i do want to say, peter, i agree with everything -- welshing i don't agree with everything -- [laughter] well, nonetheless, it's not the fed, it's the u.s. government that is, has come to market with too many stimulus programs that are, that have really increased the debt. >> of course. the fed enabled that. if the fed had not monetized all that debt, if the fed had not suppressed interest rates, the government couldn't have gotten away with all that deficit spending. they would have been forced to be fiscally responsible years ago, but because of the fed they remain reckless and irresponsible, and now we're sitting on a powder keg of debt that's going to exploit load at any -- explode at any moment. liz: is the treasury market, maybe the t-bills, the shorter term treasuries, are those still as attractive with a 5% coupon or whatever, you know, as you look at some of these? >> andy and then peterrer. >> i love t-bills at 5.5%.

this includes jim bullard. the president of the st. louis fed.is meeting along with his former director of research, chris waller who is now at the board of governors. basically they are saying they could be in favor of two or rate hikes depending on information that core inflation has not come down anywhere near as much as the headline number. right in the middle is a camp led by jay powell. studies disinterest. the centrists agree there could be more rate hikes needed. beyond this one but they think the pace has to start out. even if they leave the door open to a rate hike, they will probably emphasize that. if you provide phil bostic come the president of the atlanta fed as one of the leaders of that cap. along with the new chicago fed president. both of them pretty dovish. they think there has been a lot done. inflation is coming down and it is not worth risking damage to the labor market. basically, markets are with the doves -- darkside. that is a, no more. investors are voting dovish. ultimately, i think a lot of people are betting that we

louis fed president jim bullard will step down and leave the bank on august 14th. he will become dean of purdue's business school and no longer play a role in the interest rate decisions for the fed inc, incln this month there is a business school in st. croix or malta university. >> you looked into it? >> i put my name in the hat for ambassador of malta. i don't think there is a lot to do of th do it is cushy and great weather. manageable small island beautiful architecture old, ancient, nice people. maltese falcons. >>> ftc making another attempt to prevent the microsoft activision-blizzard deal they are temporaryingily blockig the deal before the july 18th deadline overseas, microsoft and activision weighing the sale in the u.s. to appease regulators there and move forward with the merger >> they said in my ear, take it from letter. no, they said this is me if it it says anchor >> this is your show. >> that's true i don't -- >> i'm just a visitor. >> a journalist. >>> the ftx is investigating if open a.i. is harming people with false information. the agency sayi

we've had a lot of turnover among the regional banks district bank presidents and announcement of jim bullardie evans. they have accumulated 50 plus years of institutional experience that is no longer in that room. think that is relevant. jonathan: richard, thank you for weighing in. let's check in soon. if you're just joining the program, welcome to the program. s&p 500 positive by 0.55%. coming up, we catch up with james athey looking ahead to the ecb rate decision. most people anticipating a hike from the ecb even with germany recession and the data this week looking awful. lisa: you pointed out how the earnings have been disappointed in europe and how different it is from what we are seeing in the u.s. crocs just upgraded their forecasts and evidently they are cool again and i wonder how you feel about that. jonathan: i have no idea what is school anymore based on the things i am into. and the kind of things people are wearing these days. lisa: i'm just looking at that and it will be a field day event. jonathan: tk is more fashion forward that i am. lisa: is he wearing crocs? tom: -- jona