you overlap over a long time with jim bullard, because jim took his seat as head of the st. louis fed in 2008. when jim first joined, he was this quiet kind of sitting back, understated guy. how did he evolve over the years? what are some of your best memories of jim bullard? >> first of all, i met jim bullard in 1990 my first year in the federal reserve system and his first year in the federal reserve system as well. i admire him greatly. he is an excellent, outstanding economist and has been an outstanding policymaker. the watchwords for bullard were rigor and candor. as he got the hang of going to fomc meetings and seeing the discussion around the table, he became more confident in his own analysis, and he began bringing just a very rigorous thought to the committee deliberations, and i think he deserves a lot of credit for that. i think describing him as an intellectual leader is apt. he took the data very seriously, and he took very seriously the models of monetary policymaking. he deserves a lot of credit. kathleen: he is recently known as one of the hawks, a leader, s

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 scholarship. and this is in indiana. as has been noted, he was a phd graduate at indiana. this is not far from wher

one of the people getting out front aggressive on the need for more rate hikes with the likes of jim bullard from the st. louis fed. today on cbs face the nation, one of the leading sunday morning programs in the u.s. when it comes to news, because obviously, everyone in the u.s. and around the world is concerned about inflation. is it coming down? it is interesting he is more upbeat on the outlook, he said. he does see progress made on inflation. after seeing all that in more ways than one, saying it is not realistic to think you can continue to bring down inflation without some kind of cost to the labor market, bring down inflation closer to its 2% target on friday. we got the personal consumption expenditure report. that includes what spending is doing and what consumers are doing. this terminal chart also shows you that inflation, these are what the markets are watching so closely now. what you can see happening here is that the core pce cut down to 4.1% year-over-year. that is great progress. the headline got down to about 3%. on a monthly average, this is important because year-over-ye

this includes jim bullard. the president of the st. louis fed.is meeting along with his former director of research, chris waller who is now at the board of governors. basically they are saying they could be in favor of two or rate hikes depending on information that core inflation has not come down anywhere near as much as the headline number. right in the middle is a camp led by jay powell. studies disinterest. the centrists agree there could be more rate hikes needed. beyond this one but they think the pace has to start out. even if they leave the door open to a rate hike, they will probably emphasize that. if you provide phil bostic come the president of the atlanta fed as one of the leaders of that cap. along with the new chicago fed president. both of them pretty dovish. they think there has been a lot done. inflation is coming down and it is not worth risking damage to the labor market. basically, markets are with the doves -- darkside. that is a, no more. investors are voting dovish. ultimately, i think a lot of people are betting that we

jim bullard was the lowest paid of all the regional banks fed print business apply for a job at the new are they pulling down? they are over half a million per year. i had no idea the disparity between presidents and cabinets. the banks or quads i/o for show. they are run like independent institutions and have to have what they call competitive salaries. that explains it all. michael mckee and personal-finance coming up on television, rick of black rock will explain yields, jonathon: let's get your week started. live from new york city, good. equity market positive by 0.02%. cap done to the open starts right now. announcer: everything you need to get set for the start of u.s. trading. this is bloomberg "the open" with jonathan ferro. jonathon: live from new york. coming up, looking forward to a central bank triple header. europe starts the quarter on a weak note. china pledging to support consumption. we begin with the big issue, a central banking trilogy. >> it is certainly a big week. >>

louis fed president jim bullard will step down and leave the bank on august 14th. he will become dean of purdue's business school and no longer play a role in the interest rate decisions for the fed inc, incln this month there is a business school in st. croix or malta university. >> you looked into it? >> i put my name in the hat for ambassador of malta. i don't think there is a lot to do of th do it is cushy and great weather. manageable small island beautiful architecture old, ancient, nice people. maltese falcons. >>> ftc making another attempt to prevent the microsoft activision-blizzard deal they are temporaryingily blockig the deal before the july 18th deadline overseas, microsoft and activision weighing the sale in the u.s. to appease regulators there and move forward with the merger >> they said in my ear, take it from letter. no, they said this is me if it it says anchor >> this is your show. >> that's true i don't -- >> i'm just a visitor. >> a journalist. >>> the ftx is investigating if open a.i. is harming people with false information. the agency sayi

tom: i don't want wonderful things with jim bullard and had the honor of lunch and when the we visitdue, what is important here is the idea of what he thinks of the dots. he was the outlier. jonathan: a number of years ago. tom: is that a typo on the screen or not? jonathan: as the governor of indiana going to join us? i hurt -- heard her might. i'm not sure any of these people are committed. a lot of data through the week and the data so far fielding hopes and dreams of a soft landing. steven englander calling the game changer for the u.s. dollar. writing we doubt the fed will hike again at the july 26 meeting. we think the recent u.s. dollar underperformance reflect connotative shift in market comfort with being short u.s. dollar as the terminal fed policy rate looks increasingly capped. tom: stephen, i'm going to gopro question. if you take a blended index, you rented on a long y axis showing percentage change, we've had on dxy a weaker dollar, what is the run rate out one year or two year? can beget scope and scale of dxy at five or 10 figure big move? >> i think there is a risk.

we've had a lot of turnover among the regional banks district bank presidents and announcement of jim bullardie evans. they have accumulated 50 plus years of institutional experience that is no longer in that room. think that is relevant. jonathan: richard, thank you for weighing in. let's check in soon. if you're just joining the program, welcome to the program. s&p 500 positive by 0.55%. coming up, we catch up with james athey looking ahead to the ecb rate decision. most people anticipating a hike from the ecb even with germany recession and the data this week looking awful. lisa: you pointed out how the earnings have been disappointed in europe and how different it is from what we are seeing in the u.s. crocs just upgraded their forecasts and evidently they are cool again and i wonder how you feel about that. jonathan: i have no idea what is school anymore based on the things i am into. and the kind of things people are wearing these days. lisa: i'm just looking at that and it will be a field day event. jonathan: tk is more fashion forward that i am. lisa: is he wearing crocs? tom: -- jona