louis fed president james bullard.a and market reaction from initial jobless claims. "squawk" will be right back. >>> need a doctor, fast? >> doctor? >> doctor? >> doctor. >> zocdoc may be the website you're looking for. >> doctor. >> doctor. >> doctor. >> we speak to the company's ceo about their per prescription for success. >> we miss anyone? ♪ moon river >> somebody get me a doctor. [ male announcer ] eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, they help save you up to thousands in out-of-pocket costs. call today to request a free decision guide. with these types of plans, you'll be able to visit any doctor or hospital that accepts medicare patients... plus, there are no networks, and you'll never need a referral to see a specialist. join the millions who have alr

james bullard, the president of the fed's st. louis bank, told our sister network cnbc that the minutes from the central bank's july 31st meeting were stale because the economy had picked up since then. >>> investors dumped stocks and oil betting on gold instead. the precious metal was at 1065 an ounce. new data showed first time unemployment claims ticked slightly higher underscoring the uneven job market. >>> global economic woes showed china's manufacturing at a 9% low. >>> meanwhile, big lots weighed down. the s&p tumbling nearly 21% on a sharp drop in quarterly profits. >>> as the u.s. jury debates apple and samsung's big patent, they ruled that both companies infringed on each other's patents. the court ordered a ban on some iphones, ipads, and galaxy smart pads. >>> facebook announced it will release a ovuled iphone app after users complained it wa slow. >>> finally, say good-bye to your average parking spot. one high rise in singapore is taking luxury to a whole new level. a special elevator delivers your car to your apar

louis fed president james bullard earlier today on cnbc, certainly didn't help. >> 2% growth, maybe a bit stronger in the second half of the year, unemployment ticks down through the rest of the year. that's not a great outcome but to me that's a good enough outcome to keep us on hold. i think markets have the idea of some giant action. i am not sure the data really warrants that. >> james bullard throwing some water on the qe3 fire, so is it time to get short and if so, where would you be doing it? john how scott handles things but for me it is always ladies first. take it away. >> thank you very much. i wasn't really very surprised by the comments this morning because if you look at some of the data coming out of the u.s., since the fed minutes, the data has gotten better, so get a better pmi, better housing, a little bit better jobs and we're modeling through, 2% is not great. nor where we need to be. i do think that that is enough so that corporate profits can be okay. margins have held up pretty strong and you're going to get easing, some sort of program in europe, and i suspect

james bullard, that the president saying, going along at a slow pace is not enough to justify gigantic i would like to see some deterioration of the indication that we will slide down further. were they going to do? >> i think that jim made it very clear. speaking for himself, not for the entire fnc. if you look at the minutes, you will see that a number of members.it was pretty close to time to take some action. i think that they didn't take action at the previous meeting, and they are waiting to see how they are evolving. i think the employment report that will come out and about a week and a half or two weeks will be very important. gerri: help me read that. at what level do you think we are guaranteed that action? what would the number have to come in at that the fed would say that we have to step in? >> i don't think there is any particular number. i was there sitting around the table, it wasn't like, if the number is below this orb of this -- that is the trigger point for action. it is a little bit more nuanced. where is the direction going? looking at a few numbers -- let's say

uncertainty about the likelihood of more stimulus spread after james bullard, the president of the fedouis bank, told our sister network cnbc that the minutes from the central bank's july 31st meeting were "stale" because the economy had picked up since then. >>> investors dumped stocks and oil, betting on gold instead. the precious metal price shot up 2% yesterday to just under $1,675 an ounce. new data showed first-time unemployment claims ticked slightly higher, underscoring the job market. global economic woes also took a toll on stocks as china's manufacturing activity fell to a nine-month low. >>> hewlett-packard lost more than 8% thanks to weak quarterly results and a disappointing forecast. meanwhile, big lots weighed down the s&p, tumbling nearly 21% on a sharp drop in quarterly profit. >>> as the u.s. jury debates apple and samsung's big patent suit at home, a south korean court ruled today that both infringed on each other's patents and ordered a ban on some iphones, ipads and galaxy smartphones. >>> facebook released an overall iphone app after users complained it was slow.

james bullard, head of the federal reserve bank of st.louis, a non-voting member of the central bank, said he's seeing signs of an improving economy and doesn't believe another round of help is necessary right now. that, combined with those tech worries we told you about, pulled down stocks. the dow tumbled 115 points, its first-triple digit loss in a month. the nasdaq lost 20 points, while the s&p fell 11. >> tom: those losses come, in spite of two more signs of a housing recovery today. first, sales of new homes jumped 3.6% in july, up to their fastest pace in three years. gains were the biggest in the northeast. a separate report found home prices were up 1.8% in the second quarter. that's the steepest quarterly increase in six and a half years, according to the federal housing finance agency. megan mcgrath covers homebuilding companies for m.k.m. partners. >>> first of all, how are you going to describe the velocity that we are seeing in the housing market. traditionally a slow down. >> that is the reading for the july homes are encou

on the same day, james bullard with the st. louis fed said he would oppose it. >> there's one common agreement i think they all share is that none of these monetary policy options are going to do much. i have not heard someone from the open market committee try to argue that this would make a huge difference. >> reporter: regardless of the impact of any action, economists do think the board will vote to do something in the coming months. >> you know, the minutes have suggested that there is a fairly large grounds for support for doing more, unless the economy accelerates quite significantly. whether the fed ends up going in september or a little bit later, it's extremely likely to happen. so they should be preparing themselves for a new quantitative easing program, and they should be preparing for the fed to extend the forward guidance. >> reporter: economists don't expect many hints tomorrow from chairman bernanke about what the committee might do when it meets next in september. even those inside the bank may be unsure. today

month as a new round of stimulus from the fit group following cautious remarks from president james bullard. bill haas 115 points. hewlett-packard tank following the company's third quarter earnings report yesterday. a brutal battle ahead for markets. 8% died making this the worst dow performer. there was one bright spot in the market today. new home sales soaring 26% from the same period last year solidly beating expectations. no hmmm -- new-home inventories dropping to the lowest level since 1963 giving a robust sign of rising demand. >> the resources we can get from canada and mexico and biofuels, onshore energy and offshore gets north america the eney independence within eight years. something people have been talking about for a long time and something i am committed to doing. sandra: mitt romney made out his plan for energy independence on fox business. he wants to see america energy independence by 2020. i will bring in energy analyst stephen, thanks for joining us tonight. >> great to be here. sandra: is this a realistic goal? >> the fact the we even talk about energy independence i

and james bullard on what we're liking to hear before next week's jackson hole summit.r card. then, the united club. my mother was so wrong about you. next, we get priority boarding on our flight i booked with miles. all because of the card. and me. okay, what's the plan? plan? mm-hmm. we're on vacation. this is no plan. really? [ male announcer ] the united mileageplus explorer card. the mileage card with special perks on united. get it and you're in. [ engine revs, tires squeal ] [ male announcer ] more power. more style. more technology. less doors. the 2012 c-coupe. join mercedes-benz usa on facebook for the best summer sweepstakes. take the privileged investing tools of wall street and make them simple, intuitive, and available to all. distill all that data. make information instinctual, visual. introducing trade architect, td ameritrade's empowering web-based trading platform. take control of your portfolio today. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. >>> welcome back to "squawk box." look at that percentage bas

james bullard, that the president saying, going along at a slow pace is not enough to justify giganticion. i would like to see some deterioration of the indication that we will slide down further. were they going to do? >> i think that jim made it very clear. speaking for himself, not for the entire fnc. if you look at the minutes, you will see that a number of members.it was pretty close to time to take some action. i think that they didn't take action at the previous meeting, and they are waiting to see how they are evolving. i think the employment report that will come out and about a week and a half or two weeks will be very important. gerri: help me read that. at what level do you think we are guaranteed that action? what would the number have to come in at that the fed would say that we have to step in? >> i don't think there is any particular number. i was there sitting around the table, it wasn't like, if the number is below this orb of this -- that is the trigger point for action. it is a little bit more nuanced. where is the direction going? looking at a few numbers -- let's

so let's get back to the comments of james bullard, here is what he told steve leisman. >> if we were to resume, 2% growth in the second half of the year. unemployment ticks down, that's not a great outcome, but to me that's a good enough outcome to keep us on hold. >> is he throwing cold water on the stimulus comes sometime here from the fed? >> he is banking on a drop in unemployment and 2% growth or better by the end of the year. we have ron mullencamp, bether bookvar, and rick santelli. ron, let me get your take, does this market and economy news stimulus from the fed? >> no, the problem we have is not a money problem, it's a fiscal problem. the fed shot nearly all of the bullets it has for them to use another. the markets would like the fed to do it because it gives a brief jump for the market. the last two bullets did nothing for the company. >> peter, you have been blogging about this all day, it's funny how the sentiment can change. >> we're seeing a continued dependency that the market has on the fed. i think it's pretty pathetic that the fed is contemplating doing more to no

james bullard threw cold water on imminent qe3 and i want to get your reaction to what he said. >> if we were to resume which i think we will, you know, 2% growth, maybe a bit stronger than that in the second half of the year, unemployment ticks down through the rest of the year, you know, that's not a great outcome but to me that's a good enough outcome the keep us on hold. >> so, ricky, i don't know if encouraging is the right word or encouraging for those wanting more stimulus yesterday and the fed minister just stale. what are investors to make of all of this? >> i think investors have a hard time because i think they're writing the script on the fly and let's take it a step further. what he is doing is if/then statement. i don't disagree. if growth is around 2%, unemployment eases back a bit, then probably don't see more accommodation. i don't have a problem with that. where i have is problem is whole thing doesn't make sense because i think the mission statement is wrong. the assumption is that growth of employment affected by another round of accommodation and that's where i th

we'll see what james bullard has to say about that. and charles evans, tomorrow at 2:10 a.m. we've seen the reaction on the markets, particularly on the dollar, i suppose the question is we've had a bit of data improvement since they had that fed meeting. has that been enough for them to stake a hand in it? if they do take action, what would it be? >> well, there's certainly going fob more coming. that's the general feel in the market. although the advocacy of further easing will be questioned academically to any real terms, whether it's fillering through to the economy. i think markets in this region are much more focused on developments in the u.s. than in europe, longer term. although they've been somewhat distracted by the debt crisis in europe. i think as we go through the year-end, they'll be more focused on the forthcoming legislation and sustained recovery in the u.s. and certainly on further stimulus. and that's likely to trigger markets one way or the other in this region. and i think easing is definitely on the cards. >> we'll find out what's more likely. stick aro

. >> james bullard on cnbc and chicago fed president, charles evans told cnbc that the slow economy means the central bank should do more to help, including more bond buying. >> or not, as the case may snb. >> well, obviously we're having a little difficulty. >> it's called the nonverbal. that's where it is at. >> the fed should go back in there. we're left to decipher that. >> remember, this is not just about ben bernanke. there is the minutes, the overwhelming desire of the fmoc as a whole is to provide additional stimulus and if you want to take a lenient ruling of the minutes, it's hard to see how they didn't ease at the previous meeting. >> they are waiting because of the politics, precisely the point that i'm making. why when they say overwhelmingly they believe they should move and move soon they do not move. >> there's a lot of people that agree with you. i don't know that they sat around the room and said, well, potential president mitt romney is going to do this. if he thinks additional easing will help, he will go for it. they wanted to see data in hand, and fortunately the dat

louis fed president james bullard will join us for two hours starting at 7:00 a.m. eastern time.he economy, qe, the markets and much more only here on "squawk". if you got comments, questions about anything you see here on "squawk," shoot us an earn mail @squawkcnbc.com. the question of the morning what do you think of facebook's stock performance. would you be a buyer? we're getting a flood of tweets. we'll pick them out and read them in the chairs in just a moment. [ male announcer ] drive a car filled with as much advanced technology as the world around it. with the available lexus enform app suite, you can use opentable to make restaurant reservations. during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of perfection. well another great thing about all this walking i've been doing is that it's given me time to reflect on some of life's biggest questions. like, if you could save hundreds on car insurance by making one simple call, why wouldn't you make that call? see, the only thing i can think of is that you can't get

louis fed president james bullard dampened hopes the fed would institute further easing measures any. as we look ahead to the gop convention next week republicans are said to be eying a return to the gold standard. financial times says the party will call for the creation of a commission that will study that issue. the link between gold and the dollar was dissolved by president richard nixon back in 1971. >>> meanwhile the democratic convention is gaining two business leaders as speakers. the dems have added costco cofounder jim senegal and car max cofounder austin ligen to the speaker list and the party says they'll make the case for president obama's economic policies. becky? >> judge wapner, thank you. >> got it. >> we do have a special morning on "squawk box" diving into the world of health care today from costs and picking the right health care provider to investment themes in the sector calling this the "squawk box health care summit." we have a very special guest in studio joining us for the next two hours, toby cosgrove the president and ceo of the cleveland clinic. toby, it'