what jim bullard said, saying the labor market could get that her. -- could get better.e his view? he was talking about that 2% target and that if we overshoot it, that would be fine. shkin: targets should never be ceilings. you should as likely be about it as below it. this has been a huge problem with the ecb, which is always treating their target as a ceiling, and they are always behind the curve, so we have a problem, however, where the real issue of e ed should not be how strong the employment report is what -- the real issue of the fed should not be how strong the employment report is. how confident we are to return to a 2% inflation target -- for some but he who has been a -- fory policy economist somebody who has been a monetary they cannotmist, get inflation up. it is hard to do it. central banks are going to almost desperate measures, putting in negative interest rates on what banks have to pay for deposits they keep at the central bank. that is something that could actually be dangerous. the federal reserve should be cautious about raising rates, unless they a

bullard said that he expects inflation to overshoot next year. we agree with that. betty: let's talk about the rest of this year. aboutlk about, sees -- calmer seas ahead -- about c's, thes ahead, letter, not the ocean seas. commodities, central banks, and china. joachim c.: thank you for clarifying what that stands for. it is easy to see on paper, but not when you speak about it. we have china, commodities, and central banks, which have been waiting on the outlooks because of china's ethics policy, because of the very sharp drop in oil prices, which has had nonlinear effects. below are you went, the more negative it was seen. and we have more doubts about central banks, when they start to push interest rates very negative. these are the main swing factors in the economic outlook for this year. here is the good news, betty. there are some signs that on each of those three c's, we will see calmer c's ahead. we think there is a good chance china keeps the currency stable in the near term. we see only a gradual and orderly depreciation this year, because they want to b

n exclusive interview with jim bullard. tom key is with us.: he's really a centrist but there's also a nuance and always a twist. jonathan: and a hawkish tilt. tom: yeah, or he can tilt the other way too. jonathan: that's coming up. do not miss on bloomberg television. first, here's david. david: main suspect in the terrorist attacks. one report says he's been captured. the other men were brothers who were suicide bombers but another report says the man arrested by police is not the main suspect. a taxi driver led police to their home. authorities say chemical products and an islamic state flag. it was a big night for donald trump and hillary clinton. both took another step closer to winning their party's nomination for president. bernie sanders won democratic caucuses in utah and idaho. trump won all 58 delegates in arizona's republican primary. ted cruz was the big winner in utah. we'll hear from trump today in an interview at 5:00 eastern time. and president obama is now in argentina earlier today after a flight from cuba. it's a first visi

tom: this is off of the james bullard interview yesterday.he five-year and the five-year forward. some people like this, some people don't. we go down. a measurement of disinflation. there is a participant -- rebound. the belief of inflation driving higher. you hear president bullard adamantly stating that an overshoot was appropriate. there is a bit of touch off the bullard interview yesterday. it was really a great interview. bloomberg.com. i wanted to talk about liquid markets. we talked to the credit suisse deal yesterday. this is the fallout of what their president announced yesterday. we have two pieces. what i wanted to show bloomberg. you on the terminal is a leveraged loan index. it hit the lowest in about three weeks. we have so many questions that are unanswered. uisse said it was going to move $90 billion. when you move $90 billion in liquid stocks, it is going to hit a loss. billion by move $90 the end of 2016. this is the key leverage loan index. tom: this is a world coming to an end. back from the precipice of evil. our guest w

louis fed president james bullard speaking about the economy this morning before the opening bell. yesterday bullard was one of the multiple policymakers making hawkish statements, suggesting an april interest rate hike could be possible. that speculation influencing the currency market, where it has been a story of dollar strength. stronger dollar pressuring stocks, pressuring commodities. you're seeing the euro back up a little bit more today. below that 1.12 region. there's the s&p 500. it is on track, along with the dow and the nasdaq, to finish the week lower. as wilfred just mentioned, the first down week in the last six. >> not too big a correction given the five-week bounceback we've had. let's check in on global markets this morning. they're certainly influencing u.s. futures today. european markets there for you down to the tune of about 1% across the board. france leading the way, lower, down 1.2%. germany a little better than that, down just 0.8%. asia seeing red as well. the hong kong market down 1.3%. sha shanghai, 1.6. we are snapping a decent winning streak. >> amon

michael mckeon myself will be with james bullard of the st.myself will be with james bullard of the st. louis fed. this is "bloomberg surveillance." ♪ >> a warm welcome to "bloomberg go." david west on is off this morning. our top story, the attacks in brussels yesterday have so far left three people, 30 people dead and 230 injured. in the last hour, they suspect the mastermind has been caught. we pause for a moment of silence. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org]

jim bullard set to speak in new york at 8:15 eastern time. because in comments yesterday he joined other central bank voices suggesting the fed could raise rates as early as next month. bit of a reversal from his view earlier when he was with us a couple of weeks ago with us. starboard launching a proxy fight to remove yahoo!'s entire board. it nominated slate of nine members. asking yahoo! to separate its asian assets and sell its core business. sar board owns less than 1% of the company. we spoke with an analyst and asked this question of a, what happens to marissa mayer and two is this a pressure tactic to sell the company. i would argue now having read the letter it is, they say they would be happy to reach a resolution. it's a tactic to put pressure on these folks to actually get a deal done. there has been a view that the board has dragged its feet. it's been described as auction theater, there's a pretend auction going on. now maybe we'll have a real auction. yum brands is in talks with private equity firm kkr and hoping to sell a mino

jim bullard was asked about his distaste for the dots.plicitly giving some kind of forward guidance through plot and i'm wondering whether that is counterproductive at this point. alix: we delved deeper into the debate with steve matthews. , not all are dots created equal. the most an outlier, hawkish member of the committee, he has a dot. janet yellen has a dot. we don't know who is who. scarlet: the green line tracks the median dot throughout the years. the median should not be interpreted as the committee endorsed forecast. alix: is this an issue of people just misinterpreting the dots? they could be useful but people are not using them in the right way? >> it might be a case of that. have been horrifically off the mark for a long period of time and they've always been above where the euro curve has implied for policy rates. the dot plot, it is somewhat implied that the fed will move to curve flattening. alix: everyone wants more fed communication. i've heard there is a fan model that could happen? >> some central banks have thated fan

bullard, evans from chicago, lacquered from richard and lockhart. market is beginning to be blindsided. they are necessarily underweight. says, is a pimco currency risk. goldman sachs, good old goldman sachs, will keep the dollar bulls happy. goldman says, stop worrying. value the dollar is already in the price. let's see how the strength of the dollar is pervading across markets. you are seeing a dropout of some of the commodity plays. you have oil coming back off of its recent highs. timesories are three what were projected. volume study percent below the overall average. you are back below $40. the psychology of breaking markets. it into perspective for you, gold is at a one-month low. emerging markets are also lower. the glory is fading in this global equity market rally. before easter, will we be bull or bear. yvonne? yvonne: really good morning to you. we are seeing optimism after the premier's speech. that resurgent dollar really weighing on asian markets. we are seeing energy and financial shares tracking down the market. china's stocks drop

how long can janet yellen keep >> the likes of brent hard and bullard clearly have been heard. they have been worried about the global economic conditions, but the fact they could not really agree on the balance of risk, some clearly wanted to point toward downward risk. i think that shows some very big dissension. you'll probably hear those voices. we had only george voting against the decision, but i think you'll hear more and more dissenting voices. guy: once you get into inflation being a problem, at some point it will happen. how does the rate half change? >> this is something they want to avoid. accelerate if they realize they are behind the curve. it is some thing they want to avoid. the bet they are willing to make for now is that global conditions will cap inflation and clearly miss yellen was not convinced about the sustainability of the recent pickup in core inflation. she wants to see signs that it will stay around and that inflation pressure will stick for longer before she can worry. we will have inflation undershooting for some time and it seems they are willing

onnie: jim bullard does not want.'s anymore.anymore.nt the market has become so fickle and so responsive to anything the fed does or does not intimate. his substantial point was that he did not want there to be a reset of might get pricing -- reset of market pricing. i would take a step back and try to get to the heart of the matter. jimeconomic playbook bullard is using is very narrow. looking at the labor market and saying wages are going up. it has to work at some point, doesn't it? it is a very domestic focused, which isto view -- fine, but wrong. if you take a step back and understand what is going on globally and understand it is hard for labor markets to regenerate the wage inflation, let alone for companies to pass that along to action inflation, you run the risk that you will force some kind of recession. we just saw the housing market data. this recession would not be a household recession. it is a corporate recession. it is not a bad recession. forget the 2001-2002 recessions. they were not a big go. deal.ig it does m

d-lineman jonathan bullard also impressive on this day one scout after called him a beast. .and you can see why. running back kelvin taylor also getting high marks. nfl draft on april 28. city lions in the midst of a 16 day break buth they' ll pay for it this summer when they play 4 games in a two week span. but adrian and the lads will worry about that later.even with no game this week, the lions conitnue spirited workouts. larin, monino and ceren called up to respective national teams. they' host portland a week from sunday. better to enjoy the break >> it' bye week off of a win. history made this afternoon in havana. president obama on hand as the tampa bay rays played an exhiobition agaisnt the cuban national team rays becoming the first big league club to play in cuba since 1999. cuba native and former big league great luis tiant throing out the first pitch, and james loney putting on an ofenseive show for the rays. two-run homer and 3 rbi as the rays defeat cuba, 4-1 just 3 spring training games for the astros before they move their camp next year to south florida. hosting the bra

asked james bullard about the rate hike at the next fed meeting.listen. >> you could argue about global risk. gdp growth outlook may be lower. looks like labor markets are improving. you could probably make the case. let's get more inside from brian jacobson, the chief portfolio strategist at wells fargo management. he did say april is a live meeting. of course they could make a decision and hike if they want to. do you think that will happen? >> i do not think they will. there is an increased discussion that they will. we have to pay attention to who is a voter and who is not. in his viewr matters. i find it interesting he sounded very dovish going into the most recent meeting. he changed his feathers a little bit. i thought it was a little more hawkish info -- as far as he thinks inflation expectations continue to rise and how that could justify a rate hike as early as april. i agree every meeting is a live meeting. otherwise, why have the meeting? he sounds more hawkish as far as watching the collapse of the inflation. vonnie: mark? u.s. markets

trinity high school would win, but bullard is getting lots of not every cake can be handcrafted in store by skilled decorators layered with fresh berries and frosted to perfection like our publix bakery chantilly cake it'll be remembered for all the right reasons. adrian: we are looking at a lot of sunshine and a bit of a warm-up. eric: as we look at tonight, temperatures nice and cool. man oh man, sunday back to 76. back to where we should be. and then we had to the 80' s. and then the middle 80' s. it will be a warm set up, especially by mid-week. adrian: a lot of people heading down here for bike week. peggy for joining us. we will be back at 11:00. [captioning performed by the national captioning institute, >>> on this saturday night, the showdown, five states in play to march further toward the nomination, despite a bruising back backlash. rubio and cruz try to stay relevant. comeback. >>> unlocking evidence. a struggle over releasing iphone data police say could be critical in dozens of unsolved criminal cases. >>> in a world of high tech security, a return to old fashion

that's not a sign where the committee is going, but when guys like williams, lockhart, bullard step forward and start saying april, after the clear impression of market last week was not that april was on the table, much later on than that, and clearly even though yellen said it was a live possibility, but you're right kelly to point out these are the people we like to watch and see where they're leaning, to give a better impression of where the committee is headed. >> this fed-speak is all done, as we know, in the name of transparency, but it lends itself to a great deal of confusion for market participants, because we do get so many different stories, right? >> right. so acas big advocate of the fed's transparency, i worry that too much is ceding enemies of transparency. you have a lot of traders who are exasperated. you had a pretty good sense there was consensus on the committee, a 9-1 vote. but you had a pretty good sense of it. now you come forward and really the talk started not within five days of the committee, so i think there's a time and place for everything. the question is, wh

james bullard suggests the central bank's inflation and employment targets have essentially been met and monetary policy should move toward more normal levels. his comments come two days after the fed revised lower its rate hike outlook. >> former chairman bernanke says monetary policy is reaching its limits. but in a blog post bernanke added the fed has not yet run out of responses to a potential slowdown. he also says the probability of the u.s. using negative interest rates in the foreseeable future is quite low. >>> meantime, consumers are feeling a bit less optimistic. an earlier survey on sentiment said confidence eased in march due to concerns about prointeracts in the economy and slowly rising gas prices. while consumers are no longer concerned about recession they don't expect the rate of economic growth to outperform the past two years. >>> economic concerns are a big part of this election cycle and so are some issues important to business and consumers. take the internet, for example. there's a big debate over which type of company should control cyberspace, including the

among the five fed bank presidents pushing for april, only two, bullard and ester george are voters so yellen would probably still have the votes to keep rates unchanged in april. the question is whether what's being said publicly by some fed presidents is being thought quietly by others. for "nightly business report," i'm steve liesman. >>> on wall street, stocks drifted to the downside. the energy sector led the declines on that drop in oil prices we just told you about. by the close, the dow jones industrial average fell nearly 80 points to 17,502. the nasdaq off more than 1%. good for 52 points. and the s&p 500 lost 13 and now hovers about where it ended last year. >>> and still ahead, google may dominate search but there's one area where it is playing catch-up to its rivals. >>> as of this evens the manhunt for one of the terrorists in yesterday's bombings in brussels is still under way. belgium along with countries across europe remain on high alert. michelle caruso-cabrera reports tonight from the capital city >> reporter: the manhunt still under way for the man identified in th

bullard mademes comments about a potential rate hike in april. >> outlook is may be lower. it looks like labor markets are improving. the market may not agree with james bullard. drew, welcome to the program and -- to the program. policymakers are confident they can contain inflation. what does that mean for financial stability? >> they keep delaying. the natural thing to take away from that is we're going to be behind the curve. this is a challenge the fed is facing. i don't think they are rising to the challenge that well. what is the point of talking about an april rate hike when you could have gone two weeks ago. you could have gotten everyone into that mode. why didn't you just go then? maybe four months from now, you have to go. maybe you should have been going for years ago. the guidance they are giving and how they change it around over short period's of time is troubling. striking is he was trying to keep the april meeting alive and how fragmented the meeting looks like. we have had a series of fed president say i do not like the dots, with a say on the market. wha

ajay: james bullard had changing views, that is also spending. tom: thank you so much.e will continue with us on bloomberg radio. the bankrles evans of of chicago in conversation with kathleen hays. mostut question, the important interview of the day. stay with us on bloomberg "surveillance." ♪ francine: i am francine lacqua in london. tom keene is in new york. vonnie quinn has our bloomberg business flash. eliminateack plans to 400. layoffsest round of ever, representing 3% of the 13,000 employees here that is according to people familiar with the matter. -- larryfrank said the fink said it may put pressure on companies to cut back jobs. the race in the top 11% of the group. growth dominated the bond market, in pimco 2014. isrging market investment down from day to day management. overseeing market groups. the new investment officer will be so berg. they will have a back to emerging markets after years of declining values. that is the bloomberg business far --. ofncine: he is really one the names that you associate with emerging markets. the other one. we have seen pea

james bullard says the central bank could begin getting closer to raising rates again.ively minor downgrades contained in march suggests the next rate increase may not be far off divided the economy revolves as expected. fed officials are discussing how quickly they should raise rates for the second time following their move in december. the federal reserve bank of new dealers toing establish backup locations that could be used in the event of a disaster. the damage done by hurricane sandy in 2012 highlighted the vulnerability of a financial system heavily concentrated in a single geographic area. the primary dealers will be allowed to transition to put new systems in place. jeff is retiring after three decades on wall street. he helped rebuild the markets after the financial crisis. he announced his plan to step down. that's according to a memo from citigroup's chief executive. time now for our global battle of the charts where we take a look at some of the most telling charts of the day. what they mean for investors. you can access the charts on the bloomberg by runni

ofheard from james bullard the federal reserve speaking to bloomberg television and radio. once again raising the prospect of a potential rate increase sooner than some market participants had been anticipating. this adding to the commentary we've been getting recently from other fed officials to that effect. commodities and the increase in the dollar, what does this mean for stocks? we are seeing declines today, led by commodities producers. the dow falling the least of the three major averages. nonetheless, read across the board on another day being characterized by low volume. --terday was the latest lowest trading volume we've seen thus far in 2016. 24% below the 100 day average. in terms of the percentage , atrs down the most today least for the s&p 500, you've got some of the commodities producers present here. chesapeake energy and devon energy and vertex pharmaceuticals falling as well after a ruling out of the u.k., a medical regulator -- not a recommendation for cystic fibrosis treatment. scarlet: thank you so much, julie hyman. alix: let's check in on the first w

it's moved up this morning because jim bullard, he's a voter on the fomc. he gave an interview implying the april hike was also possible. remember, he joined patrick harker. he's a hawk and a nonvoter that. ire nonvoters, too, but as steve pointed out, there's a little bit of a ground swell and hawkishness. there's the last five or six days here on the dollar index. that's affected the stockmarket and the components market. take a look at the copper for example. all of the big base metals moved to the downside. we saw a very quick drop on that -- on that bullard interview on an intraday basis and all of the other sectors in the commodity face moved to the downside as well. put it up and you'll see energy and material and industrials all to the downside. you can see some of the commodity names like allegheny, clf, alcoa. all down here on the stronger dollar. so it's still small, not big moves to the downside. but keep an eye on this. this is something they're talking about right now. >> meanwhile nike is dragging things down. you heard all about it. they're

it is possible that people like bullard are trying to raise a warning. yellen is the key.f he follows suit, you will see that number change dramatically. vonnie: when it comes to currencies and the stronger dollar then, the weaker currency abroad in developing markets played a big role, particularly in china. when janet yellen make mention -- i am sure she will be asked about it -- will she talk about it? too muchgy talking about the outside environment, isn't it? >> some of the questions have come out. given the political dynamic, seeing to be favoring a change of government, which is positive for the economy. china has leveled off the currency depreciation has steadied. their economy now seems to be trying to find its own. globally that favored investors in brazil and china seem to be on the back burner. carl, you just heard vincent say, it will be key to hear yelling. what we expect from yellen? wholet: there is not a lot of information that has reshaped her view of the world since the fed meeting. she is looking at consumer spending, which is simply not strong enough.

federal bank bullard visiting bloomberg headquarters in new york, making an appearance on bloomberg television9:00 a.m. eastern. i'm excited for that one. don't miss to new -- don't miss new home sales tomorrow. we are looking for signs of improvement. alix: stick with bloomberg television throughout the evening into the open of asian and european markets. thank you for watching. have a great evening. ♪ ♪ john: good evening from the mar-a-lago club in palm beach. mark and i will sit down with talk foreign policy, and the terror attacks in belgium. we will show you that program tomorrow night. here are the facts about what happened in brussels this morning. three explosions in the capital killed 31 and injured more than 200. isis has claimed responsibility for the attacks. two bombings were at a busy airport terminal. another went off at a subway station.

trinity would win, but bullard is getting lots of attention for that shot. another video is being shared around the web this morning. this one, of a doctor comforting a crying puppy after surgery the doctor said the dog was crying because of feeling weird the video became so popular, that the shelter shared a follow family. next on sunrise, campaigning on campus. how ucf is preparing for donald trump' s arrival today. then, going full throttle. a look at bike week revving up in daytona beach. dave: today, sunshine s again! r again! again! again! again? again! again! general mills is removing artificial flavors and colors from our cereals. so you can love cereal... >> local, live, late-breaking. this is wesh 2 news sunrise in high definition. cara: the race for the white house arrives in dental florida. donald trump big rally today. good saturday morning, everyone. thank you for joining us on sunrise. i am cara moore. meteorologist dave cocchiarella has the perfect forecast. dave: all day long , weather will be wonderful. we will have lots of sunshine. we hav

we will get bullard later in the week. >> bullard is talking about things better.l play. >> we'll get stop trading with jim in a moment. it's more than the cloud. it's security - and flexibility. it's where great ideas and vital data are stored. with centurylink you get advanced technology solutions from a trusted it partner. including cloud and hosting services - all backed by an industry leading broadband network and people committed to helping you grow your business. you get a company that's more than just the sum of it's parts. centurylink. your link to what's next. >>> it's time for cramer and stop trading. >> sometimes you see these notes, it's apropos of the discussion you had with me this morning. companies which don't want to standstill, don't want to see their price do not. this is somebody saying we need to talk. this may be type to consider breaking up citi. they do unbelievable work on banking. talking about maybe selling the international consumer business in bantemx. you can't have a city account and transfer it to bantem x. i think mike corbett is d

dovish words and behavior of central bankers all over the world, including bill dudley and james bullardck away from the idea that it's urgent that we raise rates. lower rates go, the better gold does. it matters that interest rates in the eurozone and japan have gone negative are when that happens it makes more sense to keep your money in a hard asset like gold than in cash. meanwhile, we're seeing some serious financial stress in major economies like china. and money is fleeing those countries as we said at the top for safe havens. hence the article on the front page of the "journal." if you're a wealthy person living in an emerging market gold probably looks mighty attractive versus anything dominating your home currency. since gold is mostly traded in dallas dollars until reversal in the greenback is good news for the precious metal. it's not all gold prices. a lot of this run has to do with positives at the company itself. rand gold has a terrific track record of growing its production which is expected to increase by an additional 16% by 2017. plus they've got a pristine balance sh

positive about stocks themselves if things really are that weak in the country that dudley agrees with bullard. how can you thread that needle? first, you need some positive data to come out, voila, we have a construction figures that was positive. we got a small business survey in paychex that showed an improvement in hiring. wow, dudley he said i'm nervous here. be -- we got excellent numbers from ford. strong enough to call in the notion that we're reaching peak auto sales and the bulls want to thread the needle which means you need to see some strength but not so much that the new found doves like dudley will feel like they need to back track. we don't want a recession, we want growth to slow a tad, to put the federal hold in more defensive, while we sort through the data. as the bits of news comes out, guess what they have a catch. every income has a catch. what's that? oil. will oil behave, we have to say that every day. meaning will it go slightly leaguer? we know if crude doesn't go higher then they won't be able to sell equity and many will default on the lopes to the banks which is t

staying power as opposed to the rally we had yesterday based on the false carry over from europe. james bullard, smart fell. fed vote ing member. you may have to rethink your newfound dovish analysis. that's the price the stock market will have to pay for the end of worries about a credit crunch in the oil patch. the rock of a fed rate hike is better than the hard place of hundreds of billions in oil credit losses. including perhaps at least $150 billion from the big banks. consider a potential rate hike is a necessary evil for the moment. fed i still think is too hawkish. we have been buyingle schlumberger for my charitable trust. we like schlumberger because it is already doing well despite the design in stock. speculators may want to said they don't need financing. namely anadarko or how about beaten down ones that may spring back if they have to raise cash. here i'm thinking about whiting petroleum or wpx. those are for only real risk taking speculators. suffice it to say when the biggest most correct bear says perhaps the bottom has been put in, that's good enough to spark a rally so the l

janet yellen had low and slow and bullard with a-- >> who is he? >> james bullard.p and commodities down. stuart: it's a circle, isn't it? vicious circle. [laughter] a long way for it. oil this morning is around $38 a barrel. now, this, in part, is a dollar story. it's also a supply story. we told you earlier that there are 532 million barrels of oil in storage, i believe, all of that is in america. so, larry levin, come on in. same old-same old question. do you think we'll get back to $30 a barrel? >> it looks like the market spiked above 40 and coming back down. technically speaking that's a negative find for oil prices. the stock market has been up seven days in a row until it had the potential to be down three days in a row, so i think both could have a little bit after pullback and i think you might see $35 and $34 and see it back towards 40. stuart: okay, larry, we have ashley webster with us. now, he invented the webster oil stock. ashley: several weeks and economists and myself sitting down over charts. stuart: and you were right. ashley: it's working. it ra

new york fed president bill dudley, boston fed president rosengren and bullard. sales are expected to be hit by the strong dollar for tiffany. tourists spend less at the flagship store in new york city. so we'll be watching those tiffany earnings before the bell. >> indeed we will. it's been a big week for central banks around the world. headlined by the u.s. fed decision. today we'll hear from russia. the central bank there expected to remain cautious, keeping rates at 11%. a policy decision due at 6:30 eastern time this morning. >>> some deal news to report. trans canada buying columbia pipeline group for $10.2 billion. trans canada best known as the company behind the keystone xl oil pipeline. this deal would create one of north america's largest regulated natural gas transmissions. the stock reacting favorably. >> more stocks to watch. jpmorgan is raising its stock buyback program to $1.88 billion. johnson & johnson have been ordered by a federal jury in texas to pay $500 million to five plaintiffs who say they were injured by a metal hip implant. the jury fo

for instance, john williams of san francisco, dennis lockhart of atlanta, james bullard of st. louis, and ester george of kansas city all have said in the past week or so that an april rate hike is a possibility despite the headwinds. i will tell you, wilfred, after that speech that janet yellen gave yesterday at the economic club of new york, she took control of the message. almost in a way that she has never done. she gave a detalted and firm view about why caution is warranted. investors should be listening to her, not to the other noise. that was pretty much her message, i think, yesterday. >> well, she took control until we hear from more of the voting members again. the votes are equal in that sense. we'll have to wait and see. >> but they're not. the board backs her. she is the chairman. >> she's the chairman. there's other people, though, that have similar sort of weight in that sense, who are on her page. that's why this matters. i do still think there is division in the ranks. i don't expect it will go the whole way through this morning with this continuous dovish sta

bullard isk that mr. correct in terms of the overall scale of the u.s. economy.n a sense, anything that happens in europe is very diluted. because of the internal focus of the u.s. economy and it's clear scale. if europe did something really silly from a policy point of view, or from a similar banking failure in europe, if you had a big recession in europe, say a minus 3% economy, the impact would only be about half a percent. anna: even if we saw the banking sector in london getting himself into hot water with high borrowing cost of a which some examples could be short-term impact of brexit, that would be so diluted to not be that important. jim: on the u.s. for that is correct. remember, the u.s. is huge domestic economy. also very global in its trade. one of the other reasons i am pretty structurally positive about the u.s. is that what the u.s. does is in great demand worldwide. just think about what it is. aerospace, software, pharmaceuticals, entertainment content. all of those things are not very price-sensitive. the people want them regardless. the chines

we saw bullard express that. >> we're down 100 basis points in terms of five-year break evens since aboutwo years ago. and, you know, when we got from 250 to 180 the fed was dismissive of it but at 150, five-year forward, i think that's, as bullard said, becoming more difficult for them to stomach. i think that's something that will hold them back. >> thank you so much for coming in. >> thank you. >>> you still are an international person. >> the chief international correspondent, yes. >> did you see europe's pension pinch. >> i read a lot about their pensions over time. horrendous. >> they have rich benefits and promises -- >> that they'll never pay. >> it's a pipe dream. >> right now 42 -- or 42 retired people for every 100 workers. in a couple years it will be 65 retired people for every 100 workers by 2060. they have no money set aside. >> you know what's amazing about that? that's on top of having done almost no defense spending for decades. relying on us. still they can't manage to make it. >> how can prospects for europe be positive long-term? >> they're not. >> you think we're bad

bullard two days in a row, rates will be hiked sooner rather than later perhaps even in april. tuesday. is she going to be the spark this market needs to get rally going again? >> when it went from when they low otherred he can economics that from four hikes to two hikes bottom in with market expectation. the. i think the big news out of fed meeting week 1/2 ago was that they basically said they were going to let inflation run a little bit. and don't pay a whole lot of attention to the benchmark we've been talking about for a few years. charles: i guarranty people who haven't seen them raise in years would not like to see the fed panic in first line of rate increases. hey, we have just about 10 seconds left. where do you get worried on the downside. we talked about resistance. what about support? >> i'm watching transportation index very closely. that is by far the best leading barometer for the market last 16 months. it bottomed out in january at 6625. you would certainly like to see it hold 6500 level. charles: always about the transtos. thank you very much. won't miss me ton