. >> and here to talk more about the fed and the economy more broadly is richard fisher.e's a former president and ceo of the federal reserve bank of dallas. mr. fisher, it's always great to have you here. >> thank you. >> take us inside the meeting room over the past couple of days, and then parse that statement that the fed put out. do you put as much importance on those words "at our next meeting," as the popular press seems to? is that a clear signal that a rate hike is coming in december? >> i actually don't think there's a whole lot that's new in this statement. there was some change of emphasis. they took out this emphasis, for example, on international developments. but the chair herself and other members have been saying that they would consider raising or starting the beginning of raising rates before year end, in fact, right after the last meeting, the chair gave a speech in massachusetts, chairman yellen. so, i don't think there's a whole lot of new there, but clearly, december's on the table. it makes sense. they give a press conference right afterwards, she

richard fisher is the former dallas fed president. he joins us now. mr. er, welcome back to the program. a lot of people will be surprised that mario draghi has made such a clear signal that when they get fresh data in december, they will look again at qe in europe and what does that mean to investors here and to those in the feds? >> this isn't new for mario draghi. he did it at his last press conference and the one before that. he is very market savvy. he is talking up the market, talking down rates. it doesn't necessarily mean they will do more q.e. he has a tremendous effect on the marketplace. if you look at the ten-year german bond, though, it is two basis points higher than the last time he made similar comments. the market is basically roughly the same in terms of the equity markets. i don't think it means a lot as far as the united states is concerned. the real issue is, what does the fed do if it does anything between now and year-end. we have received so many mixed signals on that front. >> they meet and conclude next wednesday. what is your jud

he's in richard fisher's seat. >> yeah.e this credit where credit is due. >> when you see the innovation in the united states, and the energy of the new companies, and it totally fires you up about the country and about our future, and everything else is noise. this is building global world class businesses because the system works and capital flows to these entrepreneur, and then people take risk capital. that's the heart of the american economy. it's good. >> it's really good. >> 25 points, stop talking about it, but don't raise -- you got to raise rates now. >> i think northermalizing the process. equities go to the mid-single digits, in line with nominal gdp earnings. that makes sense, not by the end of the year, necessarily, but looking forward, equities come into, you know, the rate of gdp, a dividend kicker, so there's the recovery. i think the fed has done a pretty good job of stabilizing, and now it's the tough yards ahead. >> if we stay the course, let's just stha hillary clinton is elected, something like that, a

. >> but richard fisher said the economy is slowing. there is no way they are going to raise rates. >> and that is why the market is rallying so substantially the way it is now. so if you have the ecb and china and the fed all on the same page, the only thing that could end this rally is if the fed decided to do one of those sneak attacks and do something in december, but that would kill the rally in my opinion. >> or even if there is a perception. so again, let's talk about where markets are priced and positioned and that is what this week is all about. you have two days on the back of ecb and china. you have s&p which is oversold and when you look at -- or over bought. we haven't about this overbought since november of 2014. this market has to fade next week. anything out of the fed that appears like we could still be in play, this market has written off the fed and you cannot do that. >> in broad terms, three quarters of companies have beat their earnings expectations. >> eps. >> those expectations have been brought down. >> but that

not richard fisher or carrie fisher.s senior fellow at the dartmouth college tuck school of business. we know you. we're kidding. those other fishers got nothing on you, peter. but we're trying to figure what we've seen in the past month or the reaction of the equity markets to the jobs number and now coming back again. what do you think is happening and are we at risk sometime peter of the market taking away the control that the fed has and doing things on its own eventually? >> well, i think the fed does now have the credibility problem. almost every member of the committee said they expect to raise rates by year he said aen market doesn't see that. committee thinks inflation will get back to 2% over the medium term and inflation premiums don't reflect that at all. i think the committee has painted itself in a corner. they have been conveying to us will idea that it's all just about the next piece of data, bru i think they're having a much more fundamental argument. you can see this. yellen in a press conference and a

. >> richard fisher thank you very much. to see you this morning. >> when we come back this morning, the trucking indicator, what the big riggs are telling us about the health of the u.s. economy right now. stick around. squawk box will be right back. bob dylan. to improve my language skills, i've read all of your lyrics. you've read all of my lyrics? i can read 800 million pages per second. that's fast. my analysis shows your major themes are that time passes. and love fades. that sounds about right. i have never known love. maybe we should write a song together. i can sing. you can sing? do be bop. be bop do. do be do be do. do do do be do. because at&t and directv are now one! which means you can access your dvr at the dmv. change channels while he changes pants. you don't have to be a couch potato, you can be a train potato! and let them watch all the shows they love, inside the ride that you really kind of hate. introducing the all in one plan. only from directv and at&t. try phillips' fiber good gummies plus energy sup

winona ryder is 44 sarah- actress joely fisher is 48 al- actor dan castellaneta (tv: "the simpsons") is 58 sarah- actressssate jackson is 6767 al- actor richard dreyfuss is 68 << >> << wx timer @ :45 we'll pick up right where we left off this morning with strong winds, some lingering clouds and 30-degree temperatures. conditions will steadily improve this afternoon in that more sun and calmer winds will prevail, but temperatures will still have a hard time getting much higher than the lower 50s. the cold hangs on for one more day and night as clouds move back into the area tomorrow bringing with them a few showers late in the day tomorrow and tomorrow night. those should be out by hallowwen leaang things dry for trick-or-treaterr as highs return to the 60s to near 70 rly next week! seeegraphics. >> when we ome back we'll have a recap of some of our top siouxland h hadlines this morning. and a calf from nortrt dakota doesn't need a this year. he was born read if you think we can grow our economy while ignoring climate change, think again. america's most innovative companies are already moving to clean energy using existing technology to improv