Earlier, Williams said in a speech that "it's better to take preventative measures than to wait for disaster to unfold."The Fedread more
Companies aren't waiting for the U.S.-China trade war to be resolved, says the head of the world's biggest money manager.Investingread more
The country's Revolutionary Guards say they will soon releasePoliticsread more
The U.S. stock market should move higher from near-record current levels, says the co-founder of the world's largest money manager.Marketsread more
Market researcher James Bianco believes it's crucial to get a half point cut at the next Federal Reserve meeting.Trading Nationread more
One of Tesla's Wall Street skeptics now sees it headed to a nearly profitable second quarter earnings report.Investingread more
Here are the biggest calls on Wall Street on FridayInvestingread more
Regional stability, oil prices and potential for war will all depend on what Iran does with its nuclear program in the event of the deal's termination.World Politicsread more
Boeing will take a nearly $5 billion charge in the second quarter to compensate 737 Max customers as the planes remain grounded.Airlinesread more
The world's largest asset manager missed profit estimates, as investment advisory and securities lending revenue fell and costs rose.Financeread more
If you are contemplating a semiconductor stock, think Micron, say Piper Jaffray's Craig Johnson and Joule Financial's Quint Tatro.Trading Nationread more
WHEN: Today, Tuesday, August 2nd
WHERE: CNBC's "Closing Bell"
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Dennis Lockhart, Federal Reserve Bank of Atlanta President and CEO, on CNBC's "Closing Bell" (M-F, 3PM-5PM ET) today, Tuesday, August 2nd. Following is a link to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000539912.
All references must be sourced to CNBC.
LOCKHART ON CONSUMER ACTIVITY
Consumer activity remains very strong. What we call real final sales is strong and actually accelerating. And the inventory's aspect is what really made the report look dismal to use your word, or to look not so good, but there's underlying information that is more encouraging.
LOCKHART ON BREXIT RISKS
Overall, near term not a big effect. But there are risks associated with the medium term. And we'll just have to see how those things play out. And they could influence the U.S. economy.
LOCKHART ON RATE HIKE
At this point, I don't rule out a rate increase at the next meeting or later in the year. We just have to wait and see how the data come in. The situation is maybe a little bit ambiguous, but I can imagine conditions in which we could have a rate hike.
LOCKHART ON FISCAL MEASURES
Major fiscal initiatives are no doubt going to have wait for the election to pass and for the new administration. It would be best if monetary policy had a fiscal partner. It would be best if everyone were rowing in the same direction. And so, yes, I would like to see some fiscal measures taken in the next administration that will help the economy overall get it's best possible positioning for growth.
LOCKHART ON POLICY RATE
No, I don't think the Fed has reached its limits. But when we're close to zero, at the policy rate level, close to zero, our options are more limited than if the policy rate is set higher.
LOCKHART ON SELLING BONDS
Selling bonds would be part of a tightening cycle of some kind and I think we'd have to make the judgment that the time was right to begin to tighten a little bit. And so far, we have not made that decision…Taken in isolation, I have to think that selling bonds from the portfolio would put upward pressure on rates.
LOCKHART ON ASSET VALUATIONS
Asset valuations are something we have to continue to monitor and watch. And at the moment, I would say they particularly deserve watching because they are relatively buoyant or relatively high. The second point is it's an important channel through which monetary policy actually is expressed in the economy and encourages people to consume. This morning we got very good consumer numbers. Keeps that domestic demand going. One of the big problems in the world is weak demand. So they are important to having monetary policy work, but at the same time we got to watch valuations.
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 386 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms including: CNBC.com; CNBC PRO, the premium, integrated desktop/mobile service that provides live access to CNBC programming, exclusive video content and global market data and analysis; a suite of CNBC mobile products including the CNBC Apps for iOS, Android and Windows devices; and additional products such as the CNBC App for the Apple Watch and Apple TV.
Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc.
For more information about NBCUniversal, please visit http://www.NBCUniversal.com.