jim bullard.t one to do one of these which is to sit with us for a couple hours and comment on everything. jim, let's start with the news from yesterday and to a lot of people it was the charges of political bias that were levied against the fed chair. is fed chair janet yellen in your opinion too politically biased towards the democrats? >> no. i think she's a very balanced and careful thinker on monetary policy. she does a great job in trying to forge consensus around the committee which is the key role of the chairman. she also represents us internationally. does a great job there. so i really don't see these charges being well founded. >> one of the charges was the meetings with the treasury secretary jack lew. >> wait a minute. now, on that every chairman has met with the treasury secretary all the time. greenspan did it. bernanke did it. i'm sure when janet came into office they said you have to meet with the treasury secretary. >> it'd be weird not to. >> meeting with the president, i'm sur

tyler, you remember that i came on your air after having a presentation with jim bullard, president of the st. louis fed who said they have to raise interest rates, that they will raise interest rates this year and his reasoning is that a near zero rate policy is an emergency condition kind of a rate. that they've got to raise and then they'll wait and see but they really seem determined to plant some sort of rate hike flag in the ground. and so now i think as an indicator, we look at the word patience. as long as it's in the statement, i think we can say they're not going to do it certainly, at the next meeting. i think maybe september. >> you're thinking september, and that they will indeed raise rates later this year. that's your view. >> yeah. i think it's 50/50, really. the hooks keep telling me. i've talked with jeff lacquer, i've talked with rich fischer recently and jim buler. i'm talking to hawks and they say we have to do this. >> fischer no longer on the committee, is he? >> correct. he's retiring. >> one of the guests in the segment that hampton did there said the overall e

let me play a sound bite from jim bullard -- surely you have heard it but i want to get your reactionterest rates is not the right interest rate for this economy. we are much closer than we have been a long time to inflation is a little bit low but not low enough to rationalize the zero interest rate policy. matt: do you agree? where do you think -- where should we be now and where should we be by the end of the year? mohamed: what jim bullard said is what other federal officials have been stressing lately including in december but they worry that the market is getting used to the concept that 0% is normal. zero is not normal. zero encourages excessive risk-taking. they want to start normalizing interest rates. very slowly, but that is what they want to do. i think that he will see that they will get more comfortable with the notion of starting to change the forward guidance language in march. and i think the market is going to respond. you see this happening today in the yield curve. the market is starting to realize that we may get earlier hikes that is expected before the report wa

jim bullard defending yellen against charges of political bias and representative scott garrett, doubling yesterday against yellen and the fed. >> what the little clips that you have here talking about is this myth that's been out there that they've been promulgating for decades the fed's independent of partisan politics entirely and for that reason they should not be held accountable on either front on the monetary side or the regulatory side. >> meanwhile, bullard on "squawk box" saying the fed's very much in play politically but took particular issue with criticism of yellen for meeting with treasury secretary jack lew. >> i think she's a very balanced and careful thinker on monetary policy. i really don't see the charges being well founded. >> one of the charges was the meetings with treasury secretary, jack lew. >> wait a minute, now on that every chairman has met with the treasury secretary all the time. greenspan did it bernanke did it. >> mean while, the spokesman for representative bill high zynga criticized yellen withholding twice as many meetings. a spokesman told us he never

we have jim bullard talking from 7:00 to 9:00 a.m. tomorrow morning.ave the hearing coming up. i'm looking for more fireworks when it comes to the house. more issues in the house when it comes to the fed and issue of audit the fed, and general an tip think not a bad word when it comes to fed's zero interest rate policy. >> we're keeping our eye for maxine waters and do our best to take that live for sure. steve liesman at hq. meantime the downess down 17 points. let's bring in adam parker at morgan stanley, chief u.s. equity strategist there. good morning. >> good morning. >> what a month we've had, yet you say as of the 18th, we continue to think that hubris and debt define the top of every cycle and that these are unlikely to become problems this year not worried at all? >> well you know whenever you throw at the all it makes somebody like me nervous. i'm confident. here's why the expectations for earnings have come down so sharply that we actually think they're too low. a lot of the negativity of low oil and a lot of the negativity from the analysts

i understand his comments but i would be more inclined to be in line with jim bullard's comments with last week that we need to get the ball rolling on rate hikes. >> rick, was that you laughingsing laughingsinglaughing? >> of course it was. do you think anybody out there in tv land really thinks if things stay spongy which is most likely the new normal they won't do the abnormal thing of doing something they have done four times that really hasn't had the desired results? they will. as for oil, i want to weigh in quickly. all you technicians out there, look at the spike high from the 15th of january in crude oil front month at 5127. the fact we traded above and closed above it it's the first major technical sign i can give you we're working on a bottom formation and that 5127 will be a pivot. as far as interest rates, we've had some major reversals here. the flattening of the curve has given us three areas of the curve to watch. 5s, 10s, and 30s. and the 5s never traded below their intraday yield from the famous october 15th. they didn't get below their yield from the 15th of this mo

jim bullard made a good point earlier this week. you may want some optionality. take it out in march, it gives them the option but not the compulsion to actually move in june. so that i think is going to be the big debate facing those guys at least in the next few months. >> all right. thanks guys. we'll leave it there for the time being. jeff lindsey, and greg. really appreciate it. >>> some people thought drones would take jobs away from humans. who thought that? but the exact opposite is happening at least for now as a matter of fact. mary thompson joins us from daytona beach. mary? >> i am on the campus of embree riddle aeronautical university. they started a four year bachelor degree in unmanned airlinal systems or drones. drones are big business selling to the military and now the faa is looking at other industries and how drones could be used in those industries forestry agricultural, security. both colleges and companies are now betting that the drone industry is about to take you a. >> some people think that the commercial market for unmanned aircraft sy

jim bullard. >> you there see him, james bullard.ngs out around 7:00 to chtan 9:00 he'll be here. >> he's a fly on the window. he knows everything. >> people actually say that the man actually changed the lyrics of the -- >> blinds by a light. revved up like a deuce -- >> it's a '42 deuce coupe. >> and revved up means excited. like a revved up engine. >> excited. >> excited. >> not as dirty as wrapped up like a -- >> i know that's not what it was. it took me to like i was 25. >> was he changing the lyrics or using the rock as a poetic license to say it differently, the lyrics? >> yeah i think so. >> wrapped up like a -- instead of revved up like a deuce. >> guys thank you for being here. >>> when we come back this morning, it is time to play name that stock. the ceo of this $13 billion flooring company will joins next. his stock is going up 26% since back in 1992. that what is silence of the lamb lambs dominated oscars and mcdonald's beijing and john gotti sentenced to prison. >> coming up jack gerard on the oil shock. up at 7:40 rea