is standing by at the cme group in chicago, steve liesman is right in studio with us, jason and rick mishkinaugust number so it's a fresh look. it improved rather markedly. it improved from minus 0.55 all the way up to 12.08. so a very, very large jump. expectations were anywhere from 3 to 4 so we're at many multiples of that. it isn't going to make a huge change into what's going on this morning. now, we do see, as this number's released, rates are ticking up a bit but they're already markedly lower. we see a little shaving on the dow jones futures prices. but in the end, equity prices have become the new barometer of what is good and maybe it was a bit carried away. what's really changed since a week ago? the equity prices have changed our psyche a bit this morning. and it also is underscored safety. you can see whether it's the spread -- >> hey -- >> treasuries rally. everything else is falling short, whether it's corporate, junks or stocks. >> rick, does this go right in line what what we've seen? we've seen the supply and manufacturing side of the economy do better and the thing that re

>> very good friend of "squawk box," rick mishkin added after that, he said, you know what, it wouldow. particularly he believes, mishkin, in bernanke, reappointed. one thing out there are the fiscal deficits. that's a big part of what we're talking about here, going to be talked about here. there's a paper going to be delivered tomorrow and the issue is what does the fed do if the fiscal authority, the treasury, runs trillion dollar deficits. that's the stuff i'm concentrating on here. >> steve, stay right there. we're going to bring in a larger panel to talk more about this. bob mctear, former president of the dallas fed, cnbc contributor. kevin ferry the chief market strategist at kronus futures management and our guest host is mike holland, and steve is still here with us as well. kempction i want to start out with you what the immediate reaction might be from the market today? what are you going to be listening for? what are you hoping to hear from ben bernanke when he speaks later today? >> well, that reaction started last night. and i would say it was a very enjoyable show. st