roger ferguson, thank you u very much.hts. >> coming up ahead on the show, the one word every investor needs to know today. >>> plus a fresh proxy is taking flight. southwest airlines becomes the lawsuit latearst tget of an activist shakeup. those stories when we come back after this. >>> welcome back. activist manager elliot says it plans to nominate members to its 15-member board. shares are down 11% so far this year. >>> secondly, starbucks had its biggest gain on record going all the way back to 1992 after the company disclosed it was going to replace its ceo with current chipotle ceo in a surprise move as it tries to turn around its business and ease pressure from activist investors including elliot management. let's take a look at how this is taking place. we're joined by a cnbc contributor who joins us on the cnbc c newsline right now. ken, this is an activist renaissance that's going on right now. what do you make of it?% >> certainly with elliot, they've been very active late letter and other activists have beenti

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powell let's bring in live from jackson hole former federal reserve vice chair and past tiaa ceo roger ferguson great to have you here. you were in the room. what's your reaction to what we heard from the fed chair? the time has come to adjust snols. >> my reaction, i think similar what i've heard from others he was definitive not hejds. a bit more definitive than i imagined frankly. at the same token he was not in any sense declaring to be completely -- he -- it wasn't a victory lap. i like the speech, and it reinforced messages that september is very much the time to look for the next move. >> and what is that next move going to look like? 25, 50? >> i think at this stage the odds are much more towards 25. the market might be leaning towards 50. but this situation is not getting out of hand. he observed while unemployment has gone up, it is still at normal levels. so while he doesn't want to see it worsen, i don't think he feels the necessary -- necessity to move dramatically. so i would suggest and expect a series of 25s as the most likely outcome at this stage. >> he said that his confidenc

but yesterday we were speaking with roger ferguson, former vice chair of the fed, he thinks the marketwhat the fed might do. he's looking more at 25 basis point cuts. and kind of taking a look around to see how those work, before the fed does anything. if that's the policy, then what? >> then i think the economy has greater probability of going into a recession. i think what they should do would be to go 50 and use the summary of economic projections, the forecast to say we're probably only going to 4. that way they can temper what roger's concerned about is the market getting ahead of them and thinking they're going to have to cut all the way to 2.5 or something. but they really do need to start aggressively to head off the problems in the small business sector. >> barry, thanks a lot. >> all right. >>> up next, we're going to talk china and geopolitical concerns with richard haass, council of foreign relations, president emeritus. later nvidia set to report after the bell. we're going to discuss the a.i. boom and some of the key numbers to watch and the metrics. as we head to break,