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

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

james bullard was among the first to call for jumbo sized hikes including 75 basis point moves against inflation. let's bring in steve matthew. the bullard effect was enormous. what is the effect of his departure? >> bullard was a real intellectual leader at the fed. he has been made of part of his tenure, the longest-serving fed president of the 12 fed presidents during the financial crisis. he was pushing for quantitative easing, and that happened after some influential speeches that he gave, and two years ago he was really the first of the fed presidents to push really publicly you do more against inflation. he is the first to push for these jumbo sized hikes as you put it with three quarter-point moves. he has had a lot of influence at the fed, and it will be a big loss for the fed, but whether it affects policy right now, chair powell has firm control on the committee, there are very few dissents, and there is no reason to believe this will be any kind of big shift in policy, but may be at the margin it could have some effect. kathleen: steve matthews has been covering jim bullard

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

could you be the first speaker in purdue business school for james bullard? jonathan: would you like to explain to the audience who might have missed that news are you bringing him up? tom: he is retiring after 33 years at the fed. he's going to redo. where is that? indiana. jonathan: water making headlines, now governor on the board of governors at the federal reserve looking for two more hikes. that seems to be the consistent message. there is a range of data points pointing towards a soft landing and yet still fed officials looking for more. lisa: market saying we know you're trying to jog on us to -- we did not buy it. market is shrugging and off and saying this is the message going to have until you cut and you will cut at some point. jonathan: jp morgan results this hour. equity market slightly negative. yields a little higher after quite a run on the two year and 10 year. the euro move six days of euro strength against u.s. dollar we are about to snap the streak. euro levels we have not seen since february of last year. tom: solid three standard deviat

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

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

louis fed president james bullard is stepping down effective next month he's leaving to take on a new position at purdue university that starts on august 15th he's been a member of the st. louis fed for the last 33 years. and national executive search firm being hired to assist in finding mr. bullard's replacement, according to the st. louis fed. >>> big banks are in the green today ahead of the unofficial start to earnings season jpmorgan, citi and wells all reporting their numbers tomorrow morning. bank of america, morgan stanley reporting next week along with a slew of regionals. let's bring in top bank analyst mike mayo of wells fargo ahead of all that. and it doesn't seem like there is, you know, much expectation that we're going to hear a lot of greatness out of these numbers is there, mike >> you know, second quarter bank earnings, it is a battle i term it the three rs, rates, recession, and regulation. the battle with higher for longer interest rates is going against banks and that's why estimates have been going lower for almost all the large cap banks, except for jpmorgan, b

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

james bullard was among the first to call for jumbo sized hikes, including 75 basis point moves, in the fed's fight against inflation. we want to bring in steve matthews. he has been covering jim bullard for years. everybody was surprised, and i believe that chris waller, who is speaking at the many marketeers dinner tonight, says he takes it at face value. one of the people there was talking to him. he got a good job offer, but everybody is wondering, he didn't have to retire, he wasn't 65. why did he go? steve: it was a little bit of a shock, and people are still trying to figure out exactly what happened. he did not have to go for another several years. this offer did come up. he is somebody who is really committed to academia. and if you listen to his speeches, half the time they are very topical on current events and current monetary policy. but sometimes, they get super academic. he is somebody who can do calculus, econometric equations. but just like any other phd economist, he is very committed to the academic, scholarly work. in some ways, it is a natural fit to go back to scho