the president and ceo of the philadelphia federal reserve, patrick harker. thank you for joining us. you heard cheryl mention the historic move, the vote. you were one of the members that actually made the vote on there, put your vote to this. one of the big parts of that is inflation. you are looking to achieve the average of 2%. why is it important to let the economy run a little bit hot to achieve that 2%? >> so -- well, first, thanks for having me on. so before we issued this statement, we said that we were symmetric around the 2% target. however, many people took that as a ceiling. what we did with this statement is codify the fact we are willing to let inflation run above 2% for awhile and average 2% over a period of time, but of course, not let it run out of control. this is where i actually don't like the word hot, because we are looking at inflation going above 2% target, but not in an out-of-control fashion. reporter: you're not talking about 4%, 9%, just to get us back to -- >> no. no, no, no, no. we are talking about slightly overshooting as we h

philadelphia fed president patrick harker will join us.he new interim head of tiokkt, vanessa pappas stay tuned we'll be right back. pampers the #1 pediatrician recommended brand, helps keep baby skin dry & healthy so every touch is as comforting as the first pampers. the #1 pediatrician recommended brand it's totally not the same without you. we're finally back and can't wait until you are too. universal orlando resort. buy now and get two days free at the parks. restrictions apply. economic data. new personal income and spending numbers are out in minutes we'll have them for you when squawketnsig aerhi rur rhtft ts. introducing stocks by the slice from fidelity. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. >>> welcome back to "squawk box" on cnbc. we're seconds away from new personal income and spending data in the meantime, futures are l solidly higher dow jones industrial average up about 180 at this point. t

philly fed president patrick harker sits down with edward lawrence, 3:00 p.m. eastern. please do not miss that. >>> now we have to talk about the lurk. aft after the category 4 hurricane smacked into texas and louisiana, with more than nine feet of storm surge, laura has been downgraded to a tropical storm but is still wreaking havoc as more than 700,000 people are still without power. u.s. energy firms now able to get on the ground and assess the damage to more than 300 offshore platforms and drilling rigs in the gulf of mexico, on the water, so to speak. national weather service officials say the remnants of laura could cause tornadoes and flash flooding in parts of arkansas and tennessee. to jeff flock, who is in the area, lake charles, louisiana, where the eye of the storm rolled right over. jeff, what can you show our viewers and tell us about last night? reporter: we took a dead-on hit in lake charles. you talked about the power down. that's everywhere. what you see there, that's everywhere. power poles down, lines pulled down by trees. something i want to show yo

summit real with interviews of phillip lane, the bank of ireland, now the ecb governing council, patrick harkerphiladelphia and leslie i can't really see that screen you're looking at right now. >> i'm impressed you recited that since it's a busy week for you. we appreciate you bringing us the rare comments frommest ester george >>> before we go to break, take a look at the top performers on the s&p. salesforce and hpe leading the way. stay witush pnc bank believes that if you can check on henry when you're miles from home... ...your bank should help you check on your account to see what's free to spend. henry... virtual wallet® is so much more than a checking account. easily see what's free to spend. and put money aside for your next big purchase... like a trainer for henry. stop it. carl, do you have those figures? yeah. henry sit! ...it's carl. virtual wallet® for digital banking from pnc. it's time to get more from your bank. >>> the dow is changing the stripes. our traders share which stocks should be included and the names to cut loose find out an trading nation more squawk on the street