tom: i am with bullard.chmond fed twitting out that they will speak against further delay next week. the central banks -- tom: we have to go to twitter answers because we got a huge response. vonnie: we asked what you want to hear from the fed vice chair speaking at 12:25 eastern tomorrow in jackson hole, wyoming. we cannot let the stock market control our decision, we have to rely on data. pretty sure -- the second answer -- what i want to hear the present time to raise rates is after a market value adjustment. tom: we just got that. features -15 right now. vonnie: the last answer, thanks everybody, the federal reserve is to be unwound and closed or i resign and mr. tom keene can take my seat. not know whether to order chicken salad or grilled cheese for lunch. these people are sharks that's sharp -- sharp. stanleyif that is what fischer says it will be tom keene who wrote that speech. time for our agenda, let's go back to jackson hole where brendan greeley is standing by. brendan: if tom keene is the head

james bullard welcomes a rate increase.arket volatility and the cost of money from jackson hole, wyoming. lost&p 500 has gained and within 6% since stocks opened on monday. funds doingual question mark it cannot predict the stock market, but creators say it's software can predict sports injuries. rugby teams already use kidman labs. we will show you how it works.

matt: james bullard says u.s. economic fundamentals look good, despite the gyrations in the markets this week. does that mean a rate hike is coming? we will bring you his interview from jackson hole. mark: protecting the nation's military from cyber threats, and interview with the defense secretary ashton carter who is visiting silicon valley today. matt: good afternoon, i am matt miller. mark: i am our content. secretary carter will be sitting down with emily chang, so you will not want to meet up. let's start with a look at the markets. stocks have been drifting between gains and losses after coming off two days of huge upswings. you can see on the board that the s&p 500 and the dow industrials are now lower. the s&p is down right now just over a 10th of a percent at 1984 , dow jones industrial average falling this afternoon as well, down over a quarter of a percent at 16611. nasdaq on this friday in the green. it is up just slightly at 4815. oil is extending this week's gains, nymex crude is up. look at that, u

james bullard welcomes a rate increase. details from bullard on market volatility and the cost of money from jackson hole, wyoming. lost&p 500 has gained and within 6% since stocks opened on monday. funds doingual question mark it cannot predict the stock market, but creators say it's software can predict sports injuries. rugby teams already use kidman labs. we will show you how it works. this is the bloomberg market day. i am pimm fox. a little bit of selling taking hold. the s&p 500 down a little more than two points, the dow jones down a quarter of a percent, and the nasdaq falling marginally around three points. treasuries.e a little bit of buying taking place in the 10 year end two year following a little bit of a selloff in the middle of the week, but a little bit by. let's look at some of the top stories crossing the bloomberg terminal. the shanghai composite was up almost 5%. simultaneously, the chinese leadership is preparing for a world war ii military victory parade next week. and markets, chinese regulators are

greeley, jim bullard is a neutral voice and always makes news.re these chosen four from vice-chairman fisher? >> they're pretty far from each other. i think esther george is the most sensible of the bunch and i think that my friend has been kind of out to lunch for the last couple of years so i think the fed is very divided right because it has no basic rules. tom: the money issue here is in the last two days we have all had heartburn and heart attacks over these markets. what could be worse than what we have seen? >> there is a school of thought. you look at gary gordon that yale i can't rim his name right now at stanford and what they have been arguing is that the fed has been reducing liquidity? -- so talk of4 qe4 -- charles, tom has to go to radio so we have to say goodbye to him. sorry to cut you off. questionk a twitter early on and we have some answers and with to give you some of those answers now. has the fell off changed the fed's timetable. of and thatreminds fed that we need to have tools in the tool chest. rates going up. vonnie: tha

jim bullard is saying he expects the jobless rate to decline further because a lot of good things havepened in the labor market. he says u.s. growth is looking good. he expects unemployment to fall below 4%, into the 4% range. betty: and the fed is not reactor likely to equity markets. matt: that is an important thing for him to say. a lot of people would not believe that. he also says they will wait until september to make their september decision, which we would hope they did not make it already. global markets are seeing dark days. we have been pointing that out for the last week. currencies are following. commodity prices plunging. concerns over china's growth are causing big losses in stocks. betty: what does the stage look like for u.s. companies abroad? i want to bring in kat cole, c.e.o. of brands like cinnabon and carvell. we talked about this before, your international operations. you operate stores in over 60 companies. they are in asia, russia, the middle east. are you worried when you see these numbers in emerging markets? kat: we are worried and cautious. focus brands as

that view, so different from bullard brought out those that flooded the market with orders and drove it through the session. finish up a staggering 319 points. first we need to be ready for a fed tightening if markets around the world get calmer because the economy in the u.s. is strong. second is regardless of what the fed does there's plenty of money on the side hines waiting for bargains and after 10% decline for the year there's many bargains to be found. we got a stunning change in the mind set once they started yielding twice what they gave you. at the same time tech was joined by the financials in leading the market. that's always bullish. next lesson, stocks do get cheaper as they go down and you can use volatility. wednesday brought out buyers worldwide. even china rallied going into thursday's session. we jumped almost 300 points from the get-go and stayed higher bolstered by a 10% run in oil of all things. the biggest one day gain in crude in six years and the sorriest most damaged part of the stock and bond markets energy. it seems counter intuitive but we must always be

. >> senator bullard, you have worked as you indicated in education system as the teacher. think are the best ways to improve the system for our children? >> the best ways are to put kids first. one of the proverbial elephants in the room is that millions and millions of taxpayer dollars are being spent on testing mechanisms that have no validity. systems and practices that are really just going as blank checks to these corporate individuals who are taking over education, as doctor peterson pointed out. the privatization effort is real. it is real time. it is happening and it is being dulled out to these vendors and providers that are saying that i have the best practices. the reality is that what the teachers and students are doing on the ground each and every day at school districts start up can be unfolded in the first couple of week of class. a teacher can tell you exactly, you know, where the deficiencies are in a particular student just by acknowledging them through a simple teacher manufactured test. so when we talk about scaling things back, let's get back to best p

bullard comes out the next day after i said i wish they wouldn't do that.ure coincidence but that's what i feel like you're up against. >> at lot of decisions being made today. apple shares have overcorrected. and it's note they said the e-mail is accelerated over the past few weeks, gives us better visibility to the september quarter. that's typically an iphone transition month making july and august important in our important. they do a worse case trough earnings in trough valuations which they argue takes it to 84. >> they should read the best buy commentary about the apple watch. they have to put it in more stores. that's actual fact. i know a lot of these analysts hate facts that get in the way of the story. >> i should be fair. they're keeping their 130 target but if the world -- >> that's good. thank you. i didn't know that. what i worry about is do you buy apple up five? no. wait until someone drills it. wait until the minneapolis fed, the twins and the vikings, wait until they come out and say the market is so stable i think we ought to crush it. >

we did talk to james bullard.ghe fomc is not -- not comfortable changing policy in the middle of volatility. we did save the interview for rajan for friday. he famously, 10 years ago, told the conference exactly what was going to happen in the financial crisis. as predicted, it all came true. we asked him what we should be worried about. say it would be better if we grow faster. i would also say that central banks have pretty much done what they could do. it is not a view that is universally held by central bankers. ,n general, across the world central banks have done pretty much what they are capable of. now others have to step up. >> so that is the answer. central bankers to the rest of the world, you go do structural reform and fiscal reform. we have done enough. we are exhausted. brendan's bring in brown into the conversation. rajan telling us that central banks are done. over the last half hour, we have talked about this policy experiment that is being conducted. in your mind, it is not delivered very much. i

james bullard shared his point of view. >> i think it will be a good day we make this first move. been at zero for 6.5 years. i think it will signal confidence in the u.s. market. olivia: did the discussions reinforce the idea of tightening monetary policy? ask carl riccadonna. september ratea hike was lies. we had the volatility last week and we heard from bill dudley and it seemed like september was dead. then we heard stanley fischer say, you don't have to get to 2% per inflation. carl: september seems to have nine lives. the common theme we heard from fed speakers last week was, if we get beyond this market volatility, if we look beyond the volatility, the economy is where we needed to be to start the exit process. that is a big if. we are starting this week off and it has been trading, late august. london is closed today but we see the decline in the equity market. olivia: is there anything you heard that surprised you? carl: not in particular. i hear this constant drumbeat that policymakers want to get off the zero bound in 2015. they have an itchy trigger finger to do that.

louis fed president james bullard says the recent market volatility should not encourage the federal reserve change its economic outlook. consumer spending increased in july. purchases rose 3/10 of 1%, similar to the progress in june. wages and salaries increased the most since november. market turbulence may be affecting how americans view the overall economy. consumer confidence fell in august to a three-month low according to the university of michigan consumer sentiment index. the shareholders at mylan have agreed to go ahead with the hostile takeover bid for perrigo. the price, $33 billion. now it is up to perrigo shareholders. their management have recently offer value's destructive. the ceo of ashley madison has stepped down. note biederman stepped down. --ley's broke into ashley hackers broke into ashley theson and stole information of many users. wizard top stories at the moment. theng up in the next hour, apple watch, it is dominating the wearable device market. in less than two weeks, the apple is expected to unveil its newest iphone, and perhaps much more. we are going to

matt: james bullard says u.s.s look good, despite the gyrations in the markets this week. does that mean a rate hike is coming? we will bring you his interview from jackson hole. mark: protecting the nation's military from cyber threats, and interview with the defense secretary ashton carter who is visiting silicon valley today. matt: good afternoon, i am matt miller. mark: i am our content. secretary carter will be sitting down with emily chang, so you will not want to meet up. let's start with a look at the markets. stocks have been drifting between gains and losses after coming off two days of huge

liz: dennis lockhart, you had james bullard of st.aying, okay, we're ready, let's do it. we're no longer in an emergency mode of zero to a quarter of a percent rate. jeff, do you agree, is it september. >> i do agree september's very possible. the headline should be coming this fall, the end of zero interest rate policy. i think they could lift the fed funds rate 25 basis points. and the thing that lockhart also said that i thought was interesting, jon, was the cumulative progress. if you get stuck looking month to month, you can maybe get disappointed when you only see 215,000 jobs. but cumulative progress, the 11.1 million jobs created since the end of the recession, that's more jobs than created in any expansion on the last three before the first rate hike. so they're overdue, if you're looking at the jobs market for that liftoff. liz: go ahead, jon. >> the other thing that i think was really important today is the unemployment rate. so you could look at it and say it didn't change, it was 5.3%, why should that matter? it matters b

jamescussed all that with bullard. the key question for the committee is how much would you want to change the outlook based on the volatility that we've seen over the last 10 days i think the answer to that is not going to be very much. said that the u.s. economic fundamentals look good. those are some of your top stories at the moment. day two of the jackson hole symposium is underway in wyoming the theme of the gathering this year is inflation and monetary policy. pimm: michael mckee and brendan have been there following all the events. earlier today he asked to federal reserve president loretto master how the united states is going to get back to the 2% deflation level. >> i'm reasonably confident, when you look at the factors factoring in the inflation forecast, inflation expectation has been relatively stable. we had growth above trend growth. we have labor markets for improving is continuing. now we have the sharks in terms of oil price shocks. an appreciation of the dollar, which is equally scary. the economy i

james bullard made it clear that higher rates are on the agenda no matter what. including what's going on in china. if you look at the market on friday you'll see it was making a come back right up into his comments. they got widespread disseminati dissemination. they were precisely the kind of sentiments that should best be kept within the fed. i'm in favor of free speech. these comments were akined to a defensive line coach criticizing the head coach of an nfl team. keep in the locker room. otherwise it's wreck lass and someone has to call him out. might as well be me. i did it in 2007 when i accused the fed of knowing nothing. we found that out in the fed minutes released five years later. i don't play for them and i'm more than willing to shout from the roof tops when i see something that accelerates the down side like that. we didn't get in a surenesses today that the fed feels otherwise and the board is wrong. silence isn't golden. dennis lockhart came out and said the international situation complicated things but he also said he expects a rate hike someti

china over here, bullard says there will be low inflation impact from china.rkets reading into all comments coming out of but willard this morning. >> a slowing economy probably have a slightly slowing increase in wages, in china, products have become cheaper because they just -- devalued currency this is going to quite a few keep inflation around the world, in check, but the question is weather or not it guys to go actually contribute to deflation that is what a lot of -- >> he also says that he expects, that by the end of 2016 u.s. will be above 2% inflation. phil, by the way, stay right there oil may be coming off biggest one day gain in more than six years, but is that translating to drivers? we all want to know the price at the pump falling yet again 2.51 for a gallon of regular. that is off look at that 12 cents from just a week ago. john busey is this good north consumer i know the answer to that one. >> you would think, so right you really would, and we've been waiting for the drop in oil prices, not just stimulate culmination discuss a consumer has th

bullard, let's get your reaction to the fox news debate last week. was it fair? were the questions fair? >> well, i thought it was a misrepresentation of what fox is the other 364 days of the year. i think naturally they asked tough questions, it would be a pretty boring debate if they just got together and asked everybody how great they were. they asked questions that i thought were to be expected of a presidential campaign. i think where the media might have misread it, oh, fox was up to the challenge, fox is mainstream, fox is doing great journalist. at media matters, we would ask people to watch fox the other 364 days of the year, including megyn kelly and chris wallace. that was my take, our take on the debate. kind of a low bar. fox asks interesting questions. you are supposed to. that's what you get paid for. >> did they ask the right questions? >> generally, i didn't hear anything about climate change or other issues you would almost guarantee would come up in a debate. that was the first debate jv debate. the first line of questioning, why are you so unp

an extended conversation with james bullard of the st. louis fed.ance," live from new york. i am tom keene. joining the is not a twin. -- joining the is vonnie twin. national bowtie day. i went british today. vonnie: very candy cane. we look at economics. i do not need any more about ties. let's begin a serious friday with our top headlines. vonnie: another day, another rally in china. chinese stocks rose for a second day. areulation authorities propping up markets

that's why i'm listening to the guys like lockhart and bullard. >> you said 60% chance.> no, i'm right in there, becky. i know that's a little wimpy. i'd like to be able to say 80 or 20 is a more bold call, but the data has to come in. it's that close a call i think right now. i think the fed wants to be very careful. the error they want to make is on being more dovish, rather than less dovish. they think -- you know, when you talk about about '94, the feds are looking at 37. they're looking at tokyo. >> but why can't we focus more on the wage inflation number, which is good. >> that's not a wage inflation number. get rid of that word, that phrase. >> but i meant it in a good way. >> but it's used in a bad way. >> i didn't use it in a bad way. >> wages going up are a good thing. thank you, david. real wages. >> there's pricing power in the labor market, which means that that's good. >> 2% real is not that big a deal. >> the data is not in. you get another employment report, the inflation rate is not the cpi. so sorry, got to wait. >> all right, gentlemen, thank you both.

the bullard decline. it happened friday afternoon. you can crush a market. we are going fed to fed. stanley fisher speaks this one. >> i am talking to hear people call qe 4. >> that's coming up. that's ridiculous. look, the inventory build is important and on every one on the retail, talking about stock markets volatility. it hasn't hurt retail sells. >> the underlying, as you and i have said, the underlying u.s. economy seems to be fine. you can make an argument that a stronger dollar, lower oil prices, chinese exporting deflation over here are all positives for the u.s. consumer. >> they all work. >> you talk about 2008 being the last time you saw the moves. >> you know when you saw the moves before that? 87. this week in '87 was a disaster. >> you are really going to bring up '87. i had to stop being on vacation in '87. it caused a real conflict at home, first of many. >> there was plenty of that. those days are over. now, it is all. >> why do you bring up '87? >> i want people to recognize that the stock market can difficult verge from the real economy. in '87, the stock market

. >> steve, you mentioned earlier on air some comments from bullard. you've got to mention jeff gundlach is scratching his head saying what in the world. >> a lot of people are scratching their head. we did our survey yesterday. we surveyed over 17 economists. 11 or 12 of them are onboard with the september rate hike. i don't know if that was 400 points ago or 800 points ago in the dow. i have to think the fed is saying we have to reset our communications that if some of this is because of that fear of quarter point in september, they have a communications problem. >> that leads me to my question. we keep thinking about inflation indicateors. where does the stock market fall in that list of data they keep an eye on? >> i would say it's third in the sense jobs are first, inflation is on the same level there. they try to dig it out that way. after that, it's the markets. they don't want to do this against the market. they would like to have the market with them. what they would do ises in the taper tantrum. they had a messaging problem. they took a break

bullard came out ago, a dogmatic fellow, every time you hear the rates have to go up, unless the 30-years higher, you know the estimates have to be cut. that's why a u.s. bank, a fabulous bank, was just crushed. crushed. and jpmorgan, we know that they're a good bank, but it doesn't matter. they're a bank. >> facebook announced that 1 billion users logged into the social network on monday. 1 billion users. >> when you speak to the ceo at pop eye's or sally smith at buffalo wild wings, last night on mad money, talking about social media is the way to go. by the way, we've all seen a very big action in buffalo wild wings, social media is the way to go. who is social media? google and facebook. they feel like they -- pvh telling me about all the money they make on facebook without doing anything. you link with someone who has a lot of followers, and your business goes up. you put games, there's promoting of new each week they might have a new chicken sandwich or something and they promote it on social media. with little games and stuff. it all works. dominos, such a technology experiment. p

this doesn't jive with what i saw with lockhart or bullard and goes to the exact issue that jonathan brought up. if it was all about data dependent, i'm sorry, i still contend the 6-month stretch of data has a lot of question marks. the issue is, are they going to tighten for some insurance against future flat lines? we're long in the tooth on the business cycle. no matter what they do, i can simplify in that regard. the markets are paying more attention. if i look at november and december, fed fund futures, forget all the percentages, they are at the lowest level if they close here since mid june. in terms of direction, the percentages of investors that are at least buying into -- may tighten in september is moving up. >> hey, rick, what's the fed got to do with taxes. what's the fed got to do with regulation and overregulation? >> nothing! nothing! >> the fed -- >> what does their policy have to do! their policy isn't accomplishing what the lack of congress hasn't done. so the unintended consequences -- >> what do you expect them to do? they have to stay accommodative because -- >>

>> well, i think there the a lot of uncertainty now from what's happened in china and you saw bullarduld wait, but he was hopeful it sounded like conditions would smooth over. i think it's not true i think there are a lot of people at the fed that want to raise rates, i think it doesn't make sense. let's wait and make sure at least the u.s. recovery is going to be sustained and strong enough to keep it going. >> austin, let's leave the debate a second for what they should do. i want to get to jodi and hear what he heard out of jackson and what you think is going to happen next here, joe. >> i think it's actually now post-call. i think the fed was clearly leaning as our view was the fed will move and begin their normalization process in september. i think the china weakness is weaker than expected. you think the federal reserve is starting to see that, more importantly, i think they will be reasonably confident that core will stabilize as quickly as they would like. >> you don't think it will happen in september? >> i don't think so. the labor market will continue to tighten in part be