jean-claude trichet. you have a lot more confidence in the outcome.rs after a crisis than many traders i deal with on a daily basis. you're a gentleman and a scholar. back to sara. >> nice try with the yes or no answer. he is a central banker. wti crude prices under pressure. $44.55. they're down. we did just get word that crude inventories rose by 4.7 million barrels last week. that was the biggest rise since april. we'll talk about where the oil prices are headed next. tomorrow, an exclusive with jack lew in the middle of this market turmoil. "squawk on the street" will be right back. [ male announcer ] we know they're out there. you can't always see them. but it's our job to find them. the answers. the solutions. the innovations. all waiting to help us build something better. something more amazing. a safer, cleaner, brighter future. at boeing, that's what building something better is all about. ♪ >>> as stocks sell off, some are doing way worse than others. we're talking two names down 70% in a year. more "squawk on the street" coming up next. you

jean-claude trichet. thank you for your time.se listening on bloomberg radio, "the first word" is up next. for our viewers, a very special hour of "the pulse." i'm going to the airport. mark: where are you off to? manus: i'm going to italy. you've got a lot of notes. mark: tahnks -- thanks for leaving me. you are empowering me. big interviews. thanks. the deputy prime minister of russia will be joining me at 10:10. don't miss that. a lot of news out of russia in the last 24 hours. a report from venezuela that the insident said they've been discussions with russia to do something about oil price stability's. i will be asking dvorkovich about that, is the russian economy heavily linked to oil, the ruble heavily linked to oil. russia is in a recession, the ruble sliding. so much to discuss. and -- informed.'s always aboutwe will talk financial market stability, stability, the fed, the ecb. said: jean-claude trichet he did not want to be one of those self-appointed opinion makers. i think it is fascinating. i am always board talking

the next point is, jean-claude trichet talking about china today.stioned him as to the notion of the importance of china's slowing, who's going to make up the growth. but his answer about china's slowing, i was a bit surprised. let's show it on the screen. he said, well, first of all, i would say that we knew -- we, i was talking about central bankers and central planners. that's the "we." we knew for a long period of time, of course, that the chinese growth would slow down. now, if that's the case and the "we" -- i would think the community of jean-claude trichets and ben bernankes and janet yellen and stan fischers, it's a small community. they understand what's going on in each other's minds. but the impact of that statement brings me to one point, what they know and when they knew it. if they knew china was slowing and they knew we were in the long end of the tooth on the business cycle and you have slippage in many economies, most recently canada, why would the fed have waited so long? you can argue all day long that the recent data doesn't jus

jean-claude trichet used to talk about the compass being inflation, and the inflation at the moment isis there anything that drug you will have to take sorts from? david: jean-claude trichet so --ways around target, now the focus is much more to core inflation. it is stripping out energy through to back out and that has been running in the eurozone quite close to 1%. if you strip away taxes, in germany is flatlining, at picking up another countries. the u.k. had fallen from over 2% to 1%. of the bank of england will be looking at measures like that, stripping away all the volatile things which are currently pushing down the inflation. guy: nevertheless, are we anticipating that today will be one of those milestones that takes us toward the idea that we will see a further extension of qe from the ecb? david: i think that is certainly how the markets will read it. the understanding is that inflation is going into the fourth quarter. some measures will probably speed up on buying, -- speed up bond buying. one thing i would also highlight is the currency. that matters hugely, and it is a e

we have a former ecb lead, jean-claude trichet.n: another thing about policy mistakes -- who cares about mistakes that you've made. i would like for him to answer questions. jonathan: all 15 major central banks have hiked rates, the ecb being one of them, had to reverse course. up to one third who have raised rates have reversed and that is the risk the fed runs. the fed is looking up policy for the united states. i was corrected on the pulse. it sets policy to the united states and exposure to china is limited. correct, ig to the will have a go at correcting you. upathan: manus cranny coming after the break trying to correct me. mario monti and great guests coming up in the pulse. it is job state. north of 200000 and we will talk about markets and payroll. i'm on twitter @ferrotv. best of luck for the rest of your day. ♪ manus: american jobs. the last report of the fed. jobs to be added to u.s. payrolls. european stocks traded lower ahead. finance ministers and central bankers see disruption from the fed liftoff and a slowdown in