patrick harker, thank you so much for joining us.these days pretty soon >> great to see. >> all right joe? back to you. >> i love the philly fed i love the philly cheesesteak. i love the philly cream cheese just a lot of -- patrick said a lot of stuff, steve. i'm seeing it. might not be so transitory might not be so transitory >> joe, that's the whole thing that's the whole thing in a nutshell what happened is the fed folks started off saying it was transitory then they said it was transitory really long. they really pushed ahead their view on when they thought inflation was going to ease off and that brought forward -- all these people -- the people we're talking these last several days they are not guiding the hawks, not all of them pap lot of these guys were the biggest supporters we had of the qe we had and the move to zero interest rates. now they are saying my forecast moves my inflation concerns out and so i got bring in the idea of bringing back policy. >> i don't expect to hear such honesty from powell. maybe we will. that w

members speaking first on cnbc throughout the day including current fed president raphael bostic patrick harker . >>> tropical storm ida threatening the coast and it could be a major hurricane before it makes landfall as to the market implications, oil has been on the move it's up another percent this morning and let's get to nbc meteorologist bill karins with the latest bill >> good morning, seema this is as about as serious as it gets for the northern gulf coast and unbelievable we're targeting louisiana, again last year they were hit by four, kind of five storms in one season this time we're not targeting lake charles, this could be a close one for new orleans. pretty weak storm and it has to travel over the very warm waters over the gulf of mexico and it looks ideal for strengthening conditions we may get rapid intensification over the next 60 hours and this storm will be intensifying right up until landfall the hurricane center has a category 2 with 1 100-mile-per-hour winds come sunday at 1:00 a.m. and then landfall sunday late afternoon or during the evening as a category 3 with 1 115-mi

lisa: coming up at 8:30, atlanta fed president raphael bostic, later patrick harker, and dallas fed presidentplan. you said you were interested to hear what raphael bostic had to say. he was interviewed by reuters and actually said he did think it would be appropriate to start tapering in october, should the labor market continued to hold in. so a little bit of a hawkish tilt there. i guess the question is how much does it matter. is it really the big three driving the boat? tom: keep this up. this is really important. on radio, we are showing images of raphael bostic. you've been down to the jp morgan house on madison avenue authority fourth, and in that room, he saved america. out of the outcome of the panic of 2007 is we need to have a central bank, except the other cities don't trust new york. we need fed members spread around the country. that is really what this is about. taylor: to go back on lisa's comments, the note i have in my inbox is now a voting number says let's get started. we are for for for. rafael bostic saying it's do this as quick as possible. you had kaplan, bullard, geo

he will be speaking with patrick harker, robert kaplan, and jim bullard. i wonder this dovetail.ve a strong economy at the same time these asset purchases are still supporting some of the progress seems to be at increasing dissidents. i wonder how that is reconciled in these conversations? tom: a really interesting group. the geography of the nation as we consider chairman powell. dow futures up 80. it is in august feel to the market. awaiting the chairman's comments. i was thrilled when the staff told me dambisa moyo can darken the door. she is a first-rate academic and a wonderful cross-section of thinking globally and thinking culturally about our institutions. dambisa moyo with so much experience with corporate boards nationwide and worldwide. more than anything, her books thinking about the larger picture. thank you so much for joining. his chairman powell the central banker to the world? dambisa: i am happy to be back. that is a wonderful question. in 2013i tended jackson hole and that was the debate. we understand the explicit mandate for the fed leads into the united stat