The present invention provides a process for making an olefin product from an oxygenate feedstock which comprises:a) contacting the feedstock in a reaction zone with a catalyst comprising i) a molecular sieve having defined pore openings and ii) a CO oxidation metal, under conditions effective to convert the feedstock into an olefin product stream comprising C.sub.2 C.sub.3 olefins and to form carbonaceous deposits on the catalyst so as to provide a carbon-containing catalyst;b) contacting at least a portion of the carbon-containing catalyst with a regeneration medium comprising oxygen in a regeneration zone comprising a fluid bed regenerator having a dense fluid phase and a dilute fluid phase under conditions effective to obtain a regenerated catalyst portion, wherein the difference between the temperature of the dilute phase and the temperature of the dense phase is no greater than 100.degree. C.;c) introducing said regenerated catalyst portion into said reaction zone; andd) repeating steps a) c).