mr. bullard making his comments when he did.as he speaking to the markets or his colleagues on the fed? >> you know -- >> he is a nonvoting member. >> that is right, and he is an independent thinker. he has great intellect and is very creative. he has been outspoken about ideas that are away from the consensus. >> sure. >> that makes him unpredictable. it is hard to say how much is talking to the markets or fellow committee members. >> a big piece is how they community, and if he can provide a staff to the markets, even without this non-consensus view, he is doing what he set out to do. >> which is "i am talking to you, but really not talking to you. >> right. the bottom line is we will remain accommodative despite what tea leaves you are reading. >> we have about one minute left , but a question for chair yellen, she was talking about income inequality, she said she was deeply concerned and americans impacted by this are deeply concerned as well. could the fed drive this discussion so policymakers act? tothe fed has the ability

mr. bullard's comments i think are the main things that moved things. shale plays and all the energy stocks that had been all throughout the last couple of weeks are largely to the upside. some of them up like u.s. sil a silica, that's a sand play also on the upside. as for ebola concerns, we saw hospitals down 4% or 5% yesterday. they are all reversing that move to the downside today. so a lot more stable. but brian, i do want to note that we are going to do maybe another 5 billion shares down here today. we did almost 6 billion yesterday. so the important thing, volume still quite heavy. >> i know everybody's all focused on bullard. here's my problem. he's not a voting member and will not be until the year 2016. >> right. and -- >> i just find it hard to pin it on, with all due respect to bullard, his comments. >> yeah. john williams of the san francisco fed was talking about this on tuesday as well. he said that he would be open to a new round of quantitative easing if the outlook changed significantly. now, maybe that's not surprising, but the point

mr. bullard -- melissa: bullard. yeah.peaking of fed folks, janet yellen sounding the alarm on income inequality. the fed chair saying it could seriously harm the u.s. economy and extent of inequality in the country which she pretty much created greatly concerns me. @rony here, because it is the fed's fault. they are the ones who juiced markets higher. >> irony? hypocrisy. one thing caused the wealth gap to expand rapidly, obama-nomics failing middle class and fed juiccng stock market so rich people take stocks they bought at 6,000 back in march of 2009 -- melissa: she is worth -- go ahead. >> melissa, inequality is an issue, just a metaphysical fact of reality. people are not born equal. @eople are not equal. some achieve more than others. think to charlie's point where equality, where the shame, treats people. how government giving advantages to certain groups and taking from others. >> don't forget, yellen appointed by president. melissa: right. what insight does it give you what she may be thinking about? if she says s

mr. bullard, of course. z: and he's -- bullard isn't even a voting member, we should definitely point that out. so mike holland, when you see the moves and the vicissitudes including bullard weighing in, in the wake of david asman's news-making interview yesterday with fisher who, of course, from dallas fed saying, no, we're not going to do large scale asset purccases again, are you in this market, mike, right now? are you putting money in? >> of course. and it's just a question of how much as prices decline, i always have a cash reserve. there are some stocks that hit a level where i say, okay, i'll do something. but for the listeners and the viewers, i think t this point what they want to do is try to tune out the paniccand fear that some people are espousing and, rather, take a look at what you own. probably, as i said to you and david asman the other day, in cases like this sometimes the best advice is don't just do something, stand there. in other words, don't panic, don't sell things because people are

mr. bullard comes out and say don't worry what happens the fed, we will fix this. >> so you think this is all job owning from the fed frameworks the ecb. >> the market turned that minute. and here we are on rocket ride. optimism again. i hate to say it, my concerns are still there. volatility coming back things can change fast. >> sarcastic. >> no it ice amazing how much better you feel. it is scary. >> but it's easy to feel better when the earnings come out as strong as we've seen. especially from the old line industrials. e we got into a rut of saying well yes all these companies beat examinations expectations are low and now companies giving investors credit -- there is follow on there in apple too. people i'm talking to are just realizing hey didn't tim cook say apple's revenue for what is its fiscal first quarter but the holiday quarter is going to be on the high end of expectations. that is great. caterpillar upping its forecast. you are getting credit here on the big moves for forecasts going forward and some of those increases even though we have been seeing relative good earnings

mr. bullard or the feds thinking about the turmoil. no better time than now to have the boston economic summit. where steve leaseman is there the fed chair is there as well. steve, you spoke with boston fed prez there this morning. and. >> they are following the market turmoil and interested in the causes. but i thought fed president eric rose grand leaned against. and he's one of the doves on the committee. and he said look we'd make a change if the outlook changed. but i don't expect the outlook to change in the next two weeks before the next meeting so it founds like full steam ahead. and i just want to play one thought here what he said about the possibility of additional qe. here he is. >> i don't expect that we'll need to. if the economy got weak enough we should do it. i certainly hope and i don't expect that will be the case but i can't rule anything out at this time. fed policy, they monitor the markets but more geared to the real economy. and as much as our friend think the stock market is the real economy, it is really not.

mr. bullard, all the respect in the world, but it's a little non-seine sickal to say you are going to have -- want interest rates to go higher, you want to raise interest rates but extend -- >> for the right reasons. market rates, market rates to go higher for the right reason. you know, how many times today i hear people say, low interest rates are really good. not if they're caused by bad reasons reasons. what do you make of the data out today, nothing about jobless claims, falling, don't care? >> you know, jobless claims is a one-way street. the lower they go, you learn nothing. go the other way, learn something. is it a bad thing, no. i thought industrial production, capacity utilization, stellar numbers. national association of home builder, 59 read last month, an outlier, really coming back in the line. nothing today, what was very negative, also wasn't top tier enough to negate the truly important aspects of yesterday's retail sales. rick's absolutely right. even one of the pieces of data cited this week for accelerating you the down side was retail sales. everybody said it was weak

mr. bullard made those statements. we are down 64 points. that level of anxiety is in the market.ne, are we still susceptible to another ebola had line to take the market down and/or a federal reserve had line to take up or sideways? charles: i disagree the fed did not come to the rescue. i want to make a few things street. bullard does not even have a vote. cannot even vote. stuart: howdy in the janet yellen didn't? >> she told bloomberg she thought the economy was strong. if she changes the years right now couple weeks after saying these things she has very little credibility to begin with. the meeting is october 20th. how dumb is it to say we sold off on the 28 but we will raise rates in the first quarter of next year, that is a five month window. give me a break. so we are talking $15 billion in one month that the fed is buying not stocks, bonds. apple today will trade $5.5 billion worth of stocks. the new york stock exchange will trade $49 billion worth of stocks. tell us $15 billion over 30 days going to manipulate a market that hundreds of billions of dollars a month? i thi

mr. bullard and people are focussing on what the central banks are doing again. >> the markets perhaps could be vulnerable. on that note, let's get some expert opinion, the cio at deltic international group joins us. great to have you with us this morning. let's continue that discussion. do you think global growth fierce and ebola as well as the drop in the price of oil still exists? and will that rock markets going forward? >> there are two things negatively impacting markets right now. the first is global growth momentum is weak right now and it is expected to remain so until the next couple of months. it sets up for a volatile and weak mountain condition. >> next week, janet yellen is expected toned quantitative easing three and remove the line that says it will keep interest rates low for a considerable period. if we get that, could stocks move lower? >> we're concerned about what's happening. we're more concerned about what's happening with short-term market rates. now, interestingly, in the three months that we saw through september 30th, we saw that two-year rate increase dramatically

mr. bullard is changing his mind every three months. >> last word, john, to you.rrection over and run its course? >> yeah. i agree. it's really deflationary scare that's a macro factor impacting the markets here. the fell wants inflation. not a lot but 2% inflation. and they're kind of pushing up a rope and we forget that we have a terrible fiscal policy here, as well. can't be just the economic policy. they're pushing up a rope. so i think the macro factor here is global deflation and we have to watch that very carefully. >> okay. understood. thank you both. john, ron. 67% think markets go up next week. so you can take that however you will. >> almost certainly means they go down. >> i know. it did on monday. over to dominic chu for a quick market flash. dom? >> here's a new development in the dollar store's battle here. family dollar shares up 1% right now after activist hedge fund issued an open letter to the board of family dollar saying that they have a combined beneficial interest of about 4.9% of the shares. they are writing to inform the board that they've

fed speak included includes james bullard, mr. fisher. as for earnings, pepsico, family dollar will report. parents waited a bit longer to finish back to school shopping this year. >>> and later today, they will host the panel on the future of the eurozone live from washington. watch that live on closing bell as he speaks to the german finance minutester, italian finance minutester, david lipton and ian bremer. >>> the on other top stories today, alcoa reporting better-than-expected earnings as higher prices and lower costs drive the recovery in its business. the company is raising its 2014 outlook for the north american commercial transport market for the second time this year. >> we are firing, really, on all cylinders. we have the top -- the best performance ever really on all downstream business. on an absolute basis. and the best quarter since the start of the crisis. in the sikd half. >> right now, trading higher by around 6% in frankfurt. >> when was that? >> i think a couple of months ago.. >> moving on, gap's ceo will step down.

to bullard in the u.s. mr. broadbent has found headwinds around the bank of england.ake of all of this, this shift in gear? >> if you look hard enough and the global economy, you will find headwinds. the data has been mixed in some areas in europe but there have been positive send negatives. some worries about china. influence on the global economy. but i think, i feel that central bankers should be taking a more strategic view and not be buffetted around by short-term market movements. we know that markets can be volatile. one of the things that it is making financial nervous is the fact that central bankers are nervous. a firmer hand on the till from central banks. they've got a strategy for moving in the u.k. and the u.s. in particular away from the very low levels of interest rates we one got and not keep shifting grounds. that adds to market nervousness. > inwith inflation coming down many countries, and in many places, many are saying is this a harbinger of deflation? what is your take on deflation area pressures? what it means for central-bank policy going forw