mark: you mentioned richard fisher, what is his legacy of the dallas fed? fed is knowndallas as the most independent fed of them all and they are out there in terms of the focus on inflation and the focus on free markets. richard fisher was proud of the fact that texas led the nation in job creation because of the oil business. mark: the king of segues. opponent has implications for the economy, inflation, and commodities. commodity prices are taking it on the chin again today reflecting investor fears about weakness in emerging markets specifically china, saying they are hitting the lowest levels of the year does not do the drop justice. the last time the commodity index all the levels was 2002. what have we learned about global economics this year that is causing this crisis of commodities confidence? betty: you should ask michael. he is the economist. michale: i like your enthusiasm. olivia: if you look at the u.n. evaluation and what it does to china, perhaps it will help jumpstart exports and maybe they can export their currencies. that doesn't not do

we'll hear from richard fisher. (vo) me? i don't just wait for a moment.or the perfect moment. the one nobody else sees. and when i find it- i go for it. (announcer) at scottrade, we share your passion for trading. that's why we give you the edge, with innovative charting and trading features, plus, powerful mobile apps so you're always connected, wherever you are. because at scottrade, our passion is to power yours. everyone is looking for ways while to cut expenses.s unique, and that's where pg&e's online business energy checkup tool can really help. you can use it to track your actual energy use. find rebates that make equipment upgrades more affordable. even develop a customized energy plan for your company. think of it as a way to take more control over your operating costs. and yet another energy saving opportunity from pg&e. find new ways to save energy and money with pg&e's business energy check-up. >>> all eyes on the big economic data this week. leading up to friday's jobs report. is there a look what we can expect through friday. the service sec

richard fisher. everything going on in the global markets now.on in the actual room now. plus his advice to janet yellen. first, check out the futures now, looking to open 22 points lower. s&p 500 off about 3.5 points. you're watching "squawk box," first in business worldwide. ♪ thankshow may i help you?s list. i heard i could call angie's list if i needed work done around my house at a fair price. you heard right, just tell us what you need done and we'll find a top rated provider to take care of it. so i could get a faulty light switch fixed? yup! or have a guy refinish my floors? absolutely! or send someone out to groom my pookie? pookie's what you call your? my dog. yes, we can do that. real help from real people. come see what the new angie's list can do for you. ♪ breaking overnight, greek lawmakers approving a bailout expected to face a confidence vote. details straight ahead. >> china markets stabilizing after three straight days of currency devaluation. has the damage already been done? we will ask former dallas fed president richard fis

he will replace richard fisher 2005 2 president from 2015. universalsst universities straight out of compton smashed records. it took him one and 62 million dollars in america. behinded in third place with mission impossible. those are your top headlines. joe: one of the biggest agricultural companies in the world just went long finish. paid 1.5 billion for a company that makes fish food. feed toally food to salmon, because farming salmon is incredibly hot. alix: this knob accounts for half of fish consumption, just up from 1990. see what salmon production was all about and how --portage that feed in important that feed is. salmon. it is pink, high in protein, and americans need more than one billion pounds a year. and most of the, is farmed. company the only operating on the east coast, and providesnd growing, it a huge opportunity for firms to grow to scale. in nature, salmon lay eggs of freshwater lakes. in a farm, the start in a hatchery. they are so small. >> they will double about every two weeks. alix: figure four times more likely to

few better to comment than the former head of the dallas fed richard fisher next. what if there were only one kind of dog? then it would be easy to know everything about that one breed. but in fact, there are over three hundred breeds of dogs. because no one can be an expert in every one... an app powered by ibm watson will help vets tap specialized knowledge in the cloud for every breed... and whatever else walks, flies or slithers through the door. ibm watson is working to make medicine smarter every day. it took joel silverman years to become a master dog trainer. but only a few commands to master depositing checks at chase atms. technology designed for you. so you can easily master the way you bank. >>> welcome back. just a week ago conventional wisdom had it the market was going to expect a federa hike n month. >> atlanta fed president dennis lockhart is a centrist whose comments solidified market expectations for a rate hike. he looks to be backing off that call. in a speak in berkeley, california, moments ago he said he expects a rate hike, quote, some time

he will assume his new post on he will replace richard fisher september 8. .aplan will not be voting on policy until 2016. alix: comcast universals ' "straight out of compton" smashed opening records for in r-rated movie. it took home in america. $162 million it debuted in third place behind mission impossible. i have a 10-month-old. i don't go see movies. joe: i don't either. alix: those are your top headlines. joe: one of the biggest agricultural companies in the world just want lungfish. they just paid 1.5 billion for a company that makes fish food. specifically food to feed to salmon. why? because farming salmon is incredibly hot. alix: fish raised in fish farms accounts for half of fish insumption, up from 15% 1990. i got to see what salmon production was all about and how important that feed is. salmon. it is pink, high in protein, and americans need more than one billion pounds a year. and most of that is formed. they are the only company operating on the u.s. east coast and with demand growing, it provides a huge opportunity for a farm able to scale. i

the case is more compelling, less compelling, et cetera. >> joining us now to discuss more is richard fisherformer president and ceo of the federal reserve bank of dallas. fisher on fischer. mr. fisher, read the tea leaves. what was he saying? is he going in september or not? >> look, first of all i hope ancestry.com finds out that we're related. i actually had a cousin who was a rhodesian back then, one of the last members of the cabinet was stan was there. i admire him immensely. i thought he handled that interview like a classic central banker. he didn't commit to anything. i think he's right and i think -- >> right about what? tell me what he said. >> one thing he did say at the end was that it's the agreement of the committee and it was when i was there until march that they would move very gradually once they started to move and not necessarily automatically. i think that's the key take-away. he did the right thing by being perfectly neutral. you know, he's out there in jackson hole. jacob frankel, one of his predecessors, governor of the bank of israel, another incredibly accomplished

by the way, richard fisher was also one of the few fed members with investment banking experience.o the dallas fed continuing that trend there. >> a gentleman well know to cnbc viewers as well, right? i mean, mr. kaplan has been on the network many, many times, yes. >> a person we now from that, scott. >> steve, thanks so much. interesting news there. >>> let's do a trade update. pete is seeing some unusual activity in strategic hotels last week, the stock is up 1.5%. >> it doesn't sound like a lot. a little more than 5,000, the december 15 strike calls here, paying about 15 cents for those. then it was disclosed that somebody had taken a little over a 7 or 8 or 9% stake in the company. now they're talking about a sale of the company. you look at thoughts options, they traded all the way up to 90 cents on friday, if that stock go higher, i already trimmed some of it, i'm going to hold on to the rest just in case they get the sale off. i think it's a great opportunity. >>> let's look at what we want to be thinking about not only between now and the next three hours before we come to

he will replace richard fisher. he will not be voting on policy until 2017.x: the federal reserve will release its minutes from it eating and it could shed some light on the first increase in benchmark interest rate since 2006. we talked to the chairman of cumberland advisors. >> i don't know about the fed and i don't think the fed knows what to do about the fed. with oil and capital spending contracting -- alix: he says he sees a huge boost in consumer spending. i think that means structural, not cyclical. trade commissioner, joshua wright, is stepping down. he's been a commissioner since 2013 and will return to the george mason university school of law. his last day will be august 24. homebuilder's haven't been this confident in almost a decade. sentiment rose this month to the ofhest level since november 2005. americans are waiting longer than ever to buy their first homes. a typical first timer rent for six years before white house, more than twice as long as in the early 1970's. recent reports indicate renters have a tougher time saving for that down pay

he will replace richard fisher, president from april 2005 to 21.h , 2015 he will not be voting on policys is an important part at the fed as it weighs not just win to raise interest rates but the pace at which it will be raising them. robert kaplan, harvard business school professor, will be the new head of the dallas fed. betty: thank you so much. buyching gears, how do you your cell phone these days? how you by your cell phone may change. verizon is getting rid of phone subsidies for new customers. decades longwn a pricing structure that tied customers to providers and determined the cost of the phone. here to talk about the end of the celfin subsidy era -- the cell phone subsidy era is walter. verizon was the last holdout. t-mobile was the pioneer and verizon said we don't know if our customers want this. they are basically requiring everyone to now. it actually helps of them generate a higher printed ebitda . betty: how? walter: they are recognizing all this revenue the day they sell the phone. betty: is this going to be good or bad for consumers? walter: it is great for consumers, t

. >> now richard fishers are saying markets are hooked on the heroin of quantitative easing. we talk all things fed after the break. you're watching worldwide exchange on this tuesday morning. we'll see you in a second. ♪ no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. >> it's likely the central bank will start hiking rates sometime this year. in prepared remarks yesterday he didn't go into a lot of detail on what may be a change from his previous view but he says that market turmoil, the stronger dollar and the drop in oil are complicated factors in predicting the pace of growth. >> barclay's capital is pushing out it's call from the fed's first rate hike from september to march. on monday the b

robert stephen kaplan succeeds richard fisher, who retired from the dallas fed in march. at harvard professor business school before joining harvard in 2006. he is vice chairman of the goldman sachs group. kaplan will not be voting on policy until 2017. scarlet: joshua right is stepping down. he commissioner since january that she has been a commission -- he has been a commissioner since january 2015. his last it will be august 24. the national survey of homebuilder sentiment index rose to the highest level since november 2005. the data indicates a single-family home sales in perspective buyer traffic increase. scarlet: americans are waiting longer than ever to buy their first homes could the typical for summer rents for six years before buying their first house. recent reports indicate that renters are having a tougher time saving for a down payment. the pentagon is eyeing prisons in kansas to house guantanamo bait to denny's. it is -- guantanamo bay detainees. officials and survey the barracks at fort leavenworth last week and will also review the naval consolidated bri

i knew that richard fisher was going to make the key speech, which he did do. endorsed it and said, i do not care what happens in china. exposure to china is pretty limited. exports of about 15%. ,he thing that surprises me maybe we will cut them now, inflation is nowhere. it? but that is now, isn't they are all saying that inflation will be up in two years. thed on a perception that economies are recovering. therefore, we will see wage growth and that will feed through into domestic inflation. david: i trust that you are right. china is clearly a problem. they have been extremely economical with the truth. 3%,rowth is any more than they would be amazed. that has an effect on the rest of asia. not being disrespectful, but abenomics is nonsense. it does not work. we have had it for two years. nothing has changed. nothing will change. you have 125 million people living on the east and south coast of japan. they live in dwellings much the size of this desk. how much consumer goods can you buy? unless you have a really buoyant export market. are you a believer? i a

robert kaplan replaces richard fisher. tom: often with us on "bloomberg surveillance."rts compare him to the former president fisher. they are both very different. i love that robert kaplan is out of kansas, and then went on to hbs. brendan: they are similar in the sense that they are not traditional. the dallas fed has a tradition of doing that. vonnie: interesting how most federal reserve banks stay with tradition. tom: each bank is different, and dallas always has taken its own path. being at the border of mexico. vonnie: it is a very different economy than the rest of the country. you would have to imagine that he will continue on with a hawkish trend. tom: i will not say what mr. kaplan's policy will be, but he, like mr. fisher, will be vocal about representing capitalism in business. he is not going to apologize about wall street. we are not going to apologize about talking about the markets in a moment. and this goes over to the fed. this morning it does continue. there is a weight -- there is a wait to emerging markets. all of this of course is a countdown to se

you just reported it within the last half hour or so succeeding richard fisher, certainly one of the most prominent members. >> did you want to say outspoken? >> now a cnbc contributor. correct. >> is the new guy cut from the same cloth as the old guy? >> in one sense for sure, a former investment banker. this guy was robert steven kaplan replacing richard finder will take place in september, was a former goldman sachs banker, also a management professor at harvard, written a bunch of books will leadership and management, been on cnbc discussion it. >> there he is, yeah. >> been on a bunch of boards. the dallas fed at least the last two times, says somebody has come more from a private sector. >> he runs a nonprofit -- >> do you have to live in the region to be the president of the bank? >> my guess is he does not. he's an associate dean at harvard. i don't believe that's a criteria. the way it works is that the local board or the distribute board nominates, it's then approved by washington, so i don't think it requires a residency. >> interesting. steve, thank you very much. terrifi