robert bullard from houston, stay with us. dr. dr. robert bullard is known as the father of environmental justice. he is the author of justice, and equity, currently a distinguished professor at texas southern university. joining us from texas, professor bullard, thank you for joining us on this show, let me start by asking you how are you and your family? >> i'm fine, the family is fine, we had to evacuate on tuesday, but thank goodness i'm back at my home. we did not get any water. the flood only came up to the street. and nothing in the house. so thank goodness i'm okay. >> i'm glad you are well, our hearts of course go out to all of those who have been damaged in any way, lost lives or loved ones in this storm. as hurricane irma is making its way we're told to florida, we start to pray in advance for the families in florida, let me ask a couple of uncomfortable, perhaps politically inconvenient questions. i want to ask them anyway because this is what you do. give me your sense of what happened in houston and whether or not what h

we are in the home of professor robert bullard who teaches at texas southern university.used to be the dean at the arbor jordin mickey leland school of public affairs at tsu. been considered the father of environmental justice, deals with the issue of environment all racism, and that is what we're going to be talking about today in the aftermath of this hurricane turned storm harvey. most, whoseffected community's will be rebuilt. it is great to be with you, to get to meet you personally in your home, professor bullard. can you describe what happened you here at home yet so you were going to be flooded. >> i had been monitoring the storm. i had been watching tv and getting very little sleep. then we were informed that we had a mandatory evacuation. i heeded that call and tried to move as much of my belongings from downstairs to upstairs. actually, i used muscles that i had not used before in that process. i evacuated on tuesday and was able to call a friend and was able to take my little bag over until this morning. i came back this morning. amy: in fact, your home did no

betty: jim bullard looks at the chart and says no.een: he said there is no need to raise rates with inflation lagging. here is his argument. what you're seeing in the current fed fund rate is consistent with -- with what he is saying and the data. a unemployment is up -- if poor signal of where inflation expectations remain low. i call this up because we are looking at the unemployment rate which is falling quite a bit. here is the level we are down to. down to 4.4% on that access. that is wages, the year-over-year monthly rate, we are at a free month moving average. they have come up and down. maybe that is one more reason why jim bullard it is saying where's the inflation just? he thinks the current forecast, one more great blacks market credibility. let's see what the markets are thinking at least about the december rate hike. what you see on september 8, the chances of a fed rate hike -- rate hike were seen as over 20%. now they are up to about 70%. you can see that whatever jim bullard might think, the market is coming around, ma

you can skip over to jim bullard. these are the doves. very clear he is on board.e cautious the but she is watching that love can. jim bullard probably stays. eric rosenkranz speaking as the money marketer of new york. i interviewed him in march and he said that we need at least three or maybe for rate hikes this year. has this had an impact? i want to show the dots. dot us go really quick. you can see those for dots along the lower left-hand side. that is probably -- maybe charlie evans. who house is there. the vast majority are lined up with janet yellen looking for rate hikes. go over a bit and that is 2018. three more rate hikes. we spoke to chris lovell was a chief economist, they do a lot of bond business. he says the markets have definitely not priced in what the majority have said officials still seem to be seeing. let's listen to chris low right now. >> the market does not have that priced in. not in futures at the moment. that is talking to our money market guys. it is because hedging is expensive. the yields are still really love. to some extent it does

several fed officials are speaking today, including neel kashkari, james bullard, lael brainard and eric rosen grin as for earnings, one notable earning, thor industries >>> shares of nike are low their morning despite better than expected results the company reporting its slowest quarterly sales growth in seven years north american sales are a weak spot joining us is stacey widlitz, a cnbc contributor thank you very much for being with ius results better for nike, but still weak it seems like nike lost its cool. what happened? why did this happen? >> hey, good morning i mean, i think you just characterized it well. the beat was very low quality. it was, you know, spending was supposed to be up, it kuz dowasn the big question is how does nike get its mojo back, and they're spending very much on innovation and beat, but if you look at the numbers, particularly in north america, we have gone from up 4% to down 3% certainly if you look at assumptions for revenues for the second half of the year, the question is how do you get there with current trend that's what investors are focusing on. >

what james bullard made the speech in the past and he you'rem surprised that not more with the fed.underpricing inflation pressure in the u.s.? guest: we would agree with that. is,n where unemployment given where the trends in gdp growth are, we think inflation is underpriced and we would have normal inflation positions in portfolios. it is not that expensive tampa man and it provides you a good risk return opportunity. anna: what is the time horizon? think about where the projections are, the market is pricing in 121.5 hikes between now and this time next year. we think that is the pessimistic view of what the fed could do. manus: the other big set piece is corporate dollars repatriated to the u.s. so we think about it and call it $1 billion. i can still borrow 3.5%. will they bring it home, will it make a material change because -- last few greater asians reiteration's, money was spent on buybacks. it was great for equities but it may not be so great for capital expenditure. guest: the key, this goes back to the devil being in the details and the challenge has been is you have som

jim bullard, brian rose, -- brian rosenberg from the boston fed.en tell you all people speaking. when we will be talking about that chart, i think what people are listening for is more leaning towards g, we are uncertain about inflation's raid -- we are on search and -- we are uncertain about inflation. >> we are just getting news out of japan. shinzo abe is to speak -- seek a ¥2 trillion economic package plan. that news coming out of young yuri just a few seconds ago. a very large stimulus plan being seek. we are keeping a close eye on what the japanese prime minister might say in terms of calling is not election sometime this week. in a moment, the rhetoric heats up. the latest on north korea is next. this is bloomberg. ♪ ♪ >> i'm paul allen in sydney. >> i'm kathleen hays in new york. you are watching "daybreak australia." one of the big highlights in the week ahead, you heard me talking about all of the fed speakers. the focus on fed chair janet yellen. the fed can take credit for the recent bump in the u.s. dollar. will they take a victory lap

louis fed president jim bullard said something different.el of policy rate is appropriate given current data. u.s. inflation has supplied downside and the surprise -- unlikely to reverse during 2017. he did mention at revaluations being high. we'll get a slew of fed speakers continuing. still with us is greg davis, vanguard cio. what kind of movement have you noticed in things like tips in etf's for treasuries? what has been the rotation? greg: we have seen inflation expectations continue to rise. think we have seen recently a short-term rise in terms of interest rates. we have not seen much in terms of investors moving from treasuries into pure corporate bond funds. that is not been the case. no major changes from our flow perspective. alix: interesting when chair yellin spoke on tuesday. is one of the three reasons their consumption's -- their -- nothing theut inpu fed can do can really jolt them to the upside. what do you think? greg: the fed at some point, if they are ultimately over accommodative, you will get inflation expectations to

fed officials jim bullard and others have said, i think we should announce the start date in septemberd start the runoff in october. also in june, they laid out a plan. you stop producing the proceeds of the bonds when they mature, and you do it gradually. and raisen a month, the cap $10 million every three -- $10 billion every three months. you stop when the cap reaches $50 billion. they say it is so simple and well telegraphed, it will not rock votes or move markets. bloomberg news looking at the old long base in treasuries, still robust. in bonds have gotten scared and are backing off from this. the balance sheet is pretty straightforward. do not expect too many surprises there. press conference was huge. you know what i would like to know? janet yellen, can you back raising interest rates in december if if it -- it has not moved? haidi: absolutely. when she be more inclined to do that if she knows she will be sidestepping and potentially replaced by someone far more dovish? let's get into this fed meeting as day two gets underway. --k of america merrill lynch as interesting as watc

robert bullard. these are experts on climate change and they need to be spoken to as well. me personally, i learned a hell of a lot more than i did when i watched "an inconvenient truth." please stop using the polar bear as your motto or logo. just stop. tallahassee thing with polar bears. they may be white, but they don't vote. and finally, i'm going to invite some people to come up here right now to show we have a democrat up here who was serious about addressing climate change and also what we have to do to really address climate change, which is stop taking money from the people who are killing us. stop. so he he has agreed to take this pledge that's going around and really happy to shout out my good friend from climate hawk who is does such amazing work. and counsels me when i call her. we need more black and brown people in the movement. and my good friend emily as well. so this is a good step for us. what does this say? >> it says i pledge to not take contributions from the oil, gas and coal industry and prioritize the health of our families, climate and democracy ov

the central bank should raise rates in a gradual way, but james bullard says to hold off.the bank of england marks 20 years of independence, governor mark carney warns against achieving independence with him that the tents. -- with omnipotence. i'm francine lacqua. tom keene in new york. i'm looking at the bond sliding on the tax side. investors are still waiting for the tax plan details. tom: it is a good day to get some perspective. mohamed el-erian. david haro, as well. francine: first, let's get to taylor riggs. taylor: we are starting with the tax plan. president trump cast the tax plan as an economic jolt. it would reduce the corporate tax rate down to 20% from the current 35% area president trump: we will dramatically cut the business tax rate so that american companies and american workers can be our foreign competitors and start winning again. ,aylor: under the framework businesses would be of to write off capital spending for at least five years. theresa may's brexit concessions have started to ease the deadlock. people familiar with the said it would break the d

louis fed president james bullard, federal reserve governor, and boston fed president.ing up later today. and finally, president trump will outline his tax reform plan at 3:20 this afternoon. we're going to bring you that live right here on bloomberg tv. alix: thank you so much, david. a 70% chance of a rate hike in december. that's after fed chair janet yellen struck a hawkish tone, saying she doesn't want to wait for inflation to hit the 2% target before tightening. >> for these reasons, and given that it affects inflation with a substantial lag, it would be combruent to keep monetary policy on hold until inflation is back to 2%. alix: joining us now is michael mckee, bloomberg international economics and policy correspondent. it was interesting to see. we may be wrong on inflation, ut we're going to hike anyway. michael: it was really we may be wrong. it could be, yes, there may be something we aren't understanding. but this is really a defense of the reason the fed is on a tightening path, even though a lot of people are saying you're not getting the inflation that