that's all for this edition of dateline. i'm craig melvin. thank you for watching. the european stockmarkets are open for trade and we're setting up for an interesting session of the french market on the back of some warnings we're seeing in the late session after the session yesterday, but we've got a lot of central banking news as well. we watch for any close on monetary policy. we had inflation numbers out of the uk, 3.4%, setting us up for the bank of england tomorrow. a lot of focus on the three central banks today.

let me show you what we've got for the stoxx 6 un. we're weaker, giving back some territory after yesterday where we bounced about a quarter of a percent. let's take a look at where selling is taking place. no doubt, home goods is front and center this morning. we're waiting for word on how that trade is this morning. by sectors we did see a little bit of a softness. in europe, technology's at the top, but our version of techs which is household goods and luxuries is right at the bottom. we're waiting. the market is treating its kering warning as an isolated event. oil and gas is down. naturals down 0.4%.

banking stocks down by a third. modest declines taking place here. insurance stocks slightly below the line. from there we start to push green base resources up just over a tenth. health care names, media, i.t., utilities down. let's take a look at the indices and what we've got for the ftse. 77.34. the weakness coming through from the big luxury players. 81.37. giving up the highwater level at this stage. the dax dropped slightly across the smi. a little bit of green just materializing. let's get into the kering warning. it has issued a warning, 20% plunge in gucci sales with a particular weakness in the asian

markets. it's dropped 10% on the year in its first quarter. we're still waiting for the signal from kering. let's photo charlotte for more. i mentioned earlier, if you do a comparable number on the first quarter last year, it was a very low bar that had been set. this morning it's coming back, and what does it say about gucci? >> they have warned about the numbers, that the first half of the year would be a little bit weaker. margins would be impacted because they invested heavily in their brands. fwu chi has been very successful in the past decade, but there's been a slowdown over the last couple of years. the management was putting all the right pieces in place, a new ceo at gucci, a new creator, kind of a new style onltd the brand, investing in beauty,

particularly high-end beauty. putting everything in place for a turnaround with the company. when you to a turnaround, that's when we see it's quite tricky. a new warning from kering coming in last night. gucci sales down 20% in q1 because of lower asian pacific demand, which is of extra concern. we know a new collection has just hit the stores all in february, so you can't quite judge just yet the impact of the turnaround. it's down 10% in q1. some of the other brands have been holding okay. they've been working very hard to get a beefup on the portfolio. it's cut down on the reliance of gucci. a lot of the fortune is down to

the success or the one brand. for a moment, the turnaround is being tough. it was very flamboyant. it's a much more acquired luxury kind of style, and at the moment we're waiting to see if it's still open yet. >> i want to pick up on the point. i'm talking about whether quiet luxury doesn't work for gucci, and i wonder why the gu industry doesn't work. it was so exciting, it caused the consumer to spend with savings. it was such a fashion cycle. does quiet luxury have the same appeal? >> when you see q4 compared to now, it's double digits. some of their brands, all their sales went down, so certainly

there's an issue of how are the issues specific and maybe with some of the aspirational consumer buying less products, they go to the must-have and go-to brand. for a lot of the brands, it's not gucci. >> thanks so much, charlotte. we appreciate it. let's head over to the cio for prance. i wonder if i could start and get a sense of your thoughts on luxury overall, particularly having seen the divergence between the major players in the space. >> yeah, we are positive on luxury goods, to be honest, on the european label. i'm thinking probably there are some stocks that are at risk, of course. on the road for us, i look for

good in europe like in the u.s. we are a big part of our portfolio and recommendation. >> are you in this sector looking for more fwrouctd or is this because you're finding consumers will get back to some sense of normality because, of course, we do have anticipated rate cuts later on this year, but the consumer is still under a lot of pressure, especially out of china. >> this is true. this is true. i think there's pressure coming out of china, but at the same time, income should grow. if you think about the interest rate fully, i'm thinking about the saving rate. it's very high. i believe there's improvement in

europe as well as the u u.s. china, we need to see more time for the consumer spending picking up. that said, there's also the recovery of people traveling around the world. there are some feel-good stories. if you remember back in november we had some stocks being under pressure because rates were heightened again. so i think we need to be probably more selective clearly just because valuation is not cheap, but the overall story is still there. >> claudia, just to dig into some of the regional aspects around the store, there was a report that the high-end spender in the united states will have a more rational behavior. they'll start to change some of their patterns, which means much more selective in terms of how they're spending that money. to me that says the company

executing best on the luxury space will win on that stage, and the other luxury market is the asia-pacific, the warning coming in the last 20 hours or so. what do you make up of it? >> once again, it depends on the kinds of companies you're looking at. there are some companies that are still growing quite a lot. we saw the results. the results, though, and risk, which is mirrored the currency, we have to be careful. overall we have few elements on the consumer side, which is strong. one is inflation. if you're experiencing inflation and your wage is the same -- not on the u.s. because we speak a lot about the -- we speak a lot about europe, i think more people would be must more selective when spending.

confidence is low and the unemployment rate is high. i'm more concerns about the recovery and the steps we take. i think luxuries are attractive, and we need to think long term. when you're looking for companies with high-end roll and positive cash, with profitability and margin being high, in europe you only find where it's good and some ordain.

>> claudia, there's been an industry narrative that they can keep pushing up prices until they can't and we look at spending patterns. when you looked a individual names, some have pushed through lately. late to the party in terms of the increases. but as we look across the very high prices with gucci, is it just peak margin now and we have to think there could with slippage for investors? >> the margins are pretty high. i think what's important to say is volume need to grow. we are an economy which is not in recession, and so we should see any improvement not on the private side, but more on the volume side, revenue side. it's a trend we see not only across the luxury names but also across other consumer names. so if you have volume growth

picking up and price stabilizing, we should be good. this is at least what we're thinking about. >> claudia, when i ask you about your call on some quality stocks from here, we've had an interesting week already where we're seeing the inflation numbers coming down more than expected here in the uk. we've had some movement from the bank of japan but not much more, and we're waiting for a close from the fed and the ecb. if we have a window where growth is proven more resilient than not, do we need to look at structure names or is risk more so here? >> that's a very good point. we are looking at quality names, but we start with those ready to invest in more cyclical names and investments like in the u.s. and europe. i think the turning point will

be the policy in the u.s., in europe, in uk, across the world. people are still concerned about stagflation. the latest about cpi are bringing people to think that the economy's slowing down but inflation is still sticking, so i think as long as you are both thinking recession is possible or stagflation is an eternity, we have to think about how they perform. but we have more balance. we have already taken it to something which is more cyclical, more like the u.s. and europe. >> claudia, is europe finally getting a little bit of notice. you see the dax and cacs getting high. is there a little momentum

trading outside of the luxury stocks, of course? >> there is am momentum trend since last year. with momentum trend, we continue. despite that, people are not taking a risk. but i think what they usually do is check the valuation across different segments. if you take out at tech in europe and you take out the indices, you look at the market overall. revenue is something important we need to watch. if earnings are lower, then we have to look at savings overall. >> claudia, thank you very much for joining us today. fraud ya pan claudia panseri, c.

you look at the broader luxury stocks falling in line with kering, that's been more muted in terms of the luxury retreats. you see elsewhere in the basket, the bellwether, lvmh down 2.6%. to me it feels as if the market is playing on some of the weaker plays. burberry was down 5.8%. also richemont down by 3.3% in comparison. don't forget chico boss, the market was looking at that one. it's carrying stock that's being

punished for the warnings. i've got to say the numbers at gucci, it's chalk and cheese. you look at the gucci effect across the luxury numbers, it was higher. but that has well and truly faded. quiet luxury is a question mark and whether the consumer is interested in buying that much of a product when it's this type of category now being pushed by the industry. >> i'm looking at the mckenzie report from three weeks ago. it's highlighted it's about emotions and not transactions. it's not hitting the kinds of emotions that consumers are wanting at this time. again, we point to that kind of physical spending we've seen out of global economies of late. is that looking to come down?

we've been asking whether the u.s. can still remain resilient in terms of its spending. well, yes, for the overall economy it looks that way, but things like luxury looks like that might be hitting a bit of a snag. around 5% for the growth picture for china. that's not shooting the lights out, and that might necessarily search toward a search and growth area. of course, the asia-pacific region being onethey're not sure will continue to offer the kind of growth that they'd like. yes, all of them have to remain bullish in those areas because it is still big players for them, but can it offer the kind of growth in future that they need? >> to me it's been a mixed measure for some indices. a couple were saying it's been a better performance out of the asia-pacific market which says, look, the market wasn't as bad as we expect it to be. this tells the opposite story. the other point, the increases we saw out of the likes of the

shares, 8% to 12% roughly on average. some are going up more than others, telling us there's power in the industry. but we see a buoyant decline in sales like this. it tells you there's a price mismatch. we point to the aspirational buy here. i mean, if you look at what the competition is doing, they're still pushing out a lot of flashy logo pieces even though they're talking quiet luxury. i think that's the problem. it's not working for you. formy, there's a lot of nuances in the industry at this stage, which means you cannot buy the entire basket. >> you say you have to be nit picky and pick and choose at this stage. certainly the stoxx 600 continues to fall. coming up on the show,

consumer prices are less tin th month of february. we'll speak with gareth davies on cnbc. that's coming nt. upex hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders reduce shipping costs and print out shipping labels it's my secret ingredient shipstation the number 1 choice of online sellers and wolfgang puck go to shipstation.com/tv and get 2 months free switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more.

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uk consumer price inflation fell in february, coming in at 3.4%. the biggest downward contributions came from food, restaurants, and cafes. thank you very much for joining us today. let me bring up some of the reactions so far, this from the chancellor, that the inflation data sets the scene for better economic conditions, app also as the inflation comes down, it will bring down inflation rates. are the comments too optimistic given that we're still only at 3%. we've not got a handle on stagflation. >> good morning from the house of commons this morning. we can start to look at the conditions, which is ultimately

what we all want to say. however, to your point, we are absolute not complacent. we never have been. we have said we have to work with the bank of england. we have the principal lever to bring inflation down. we have to keep the monetary policy going down to a target of 2%. now, the good things is that a lot of the forecasts from the opi and the bank of england suggest that we will go back down to 2% by the end of the spring, but we are absolutely not come place end whatsoever. >> what do you make of the precious stock coming through from the labor market, and if you look at wages, they've roughly been averaging 2%. >> i think real wages have been rising. we want to support work. we want to make sure work always

pays. that's why we cut national insurance contributions at the budget, you know, just a short time ago, i think, for 29 million workers, but clearly that has an impact on the resilience of demand in the economy, which in turn could have an impact on inflation. so as i say, we're mindful of this. we are constantly reviewing what we are doing in terms of policy development. also not exacerbating inflation. if you look at the budget, the chancellor announced just a short time ago th, they were cl. we want to at all times make sure we're not exacerbating inflation. >> gareth, good morning to you. if one looks at the fiscal perspective and you trying to help the bank of england in many ways, do you think it's a case of having to stay disciplined?

do you think you have to do that in this time, staying disciplined, in terms of spending? >> so, just look at what the irf has said, right? they have said fairly consistently the government has taken decisive action to bear down on england, the bank of england. that has meant difficult decisions when it comes to the government when it comes to pay and particularly borrowing. this is a key factor as we know. so, yes, we've had to make some difficult decisions. as i said, inflation, we are turning a corner on it, which allows us then to focus on creating the environment for greater growth, which is what we all want to see. again, imac has been clear. but we have to make sure that wh

the policies we're implementing is to grow the work force and that we can go forward. it's a balancing act, but we think we've got the balance right. >> fwumgt the budget has come a, though, and it might be the last before the election. how do you u align fiscal policy with management policy at this stage? >> as i say, it's about the balancing act, particularly to ensure we are very disciplined when it comes to borrowing. very disciplined when it comes to not exacerbating inflation through things lysacek tore pay deals, which is really difficult politically, but it's right for the economy. today's data, again, shows that that plan has worked. what we are really focused on, if you look at the last three fiscal events, we have a budget. all of these were focused on growing the economy in two specific ways. one is to boost work force

participation and secondly to boost business investment. and if we take those three fiscal events together, the obr has been clear. this will boost gdp by 0.7% as a direct result of our actions. like i said, it is a balancing act, but we're moving forward to a much brighter future with higher growth. >> let me weigh in on the opposition because the chancellor, rachel reeves, was also talking yesterday about borrowing only to invest and also matching the prime minister's fiscal rule when it comes to public debt. the message we're getting throughout the city of london is there's nothing scary around the opposition when it comes to business-friendly policies here. would you agree with that? is this good news for investors and for business people? >> i think investors and businesspeople should be assured that in this country, we have a very competitive and resilient economy, that it's a place

people can come to to invest. i would point out to a lot of your viewers, that the opposition has very specific policies. it's hard to make an assessment what they would do in government. all we can can do is look at what they did efore, which is higher employment, higher debt, more borrowing. we don't think that's right. we have taken aneffort to reward work that is focused not just on taxes but things like climate reform and make sure we've got a country that's welcoming and opening to investors, wherever they're coming from. we think that's a distinguishing factor between us and the opposition because we are actually delivering on that right now. >> let me bring up the red wall in terms of what the challenge is for the conservatives at the next election. i started out reading an article this morning saying, look, the red wall was secured by the conservatives last time and brexit was promising to get

done. this time around all those factors have really faded, so how do you push forward the economic agenda. how do you communicate to the red wall voters this time around? >> i think, again, it's about delivery. if you look at what we have put in place in terms of policies and leveling up the policy, this is what we were elected on in 2019, that opportunities spread around the country from an economic standpoint, that's about boosting growth outside of london in the southeast. if you look at what we've actually done, we've not only provided funding for these areas, but we've created jobs. we've seen a median pay growth grow at every region, every region outside of london and the southeast since 2020. so i think those people at the red wall will see they have more money in their path because they're cutting insurance

contributions, they have more investments in their local towns, villages, and cities, and they can be assured if we're reelected, we will continue that investment because ultimately that's the right thing to do not just for those areas, but the entire economy if we can get productivity growing in every aspect of the country. >> gareth, thank you for weighing in on inflation and the political backdrop as we count down toward the next election. coming up on the show, poland's foreign minister urges the u.s. to issue additional aid to ukraine. we'll bring u atxcsi yoth eluve interview next. smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout

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the best day in almost a month. uk inflation falling to its lowest rate in two years at 2.4%. the secretary to the treasury gareth davies tells cnbc the job isn't done. >> we have to cordon off inflation. that means we can start to look at the conditions for boosting growth, which is ultimately what we all want to see. however, to your point, we are absolutely not complacent. we never have been. nvidia's ceo tells cnbc they're just at the beginning and the ai ramp is expected to last for years. >> we made it possible for the computer to write software by itself. it's so insanely fast, the computer can write software, and we call that artificial

intelligence. european stocks have been trading for over a half hour and we're starting to see a slippage thanks to the gucci effect. when we used to talk about the gucci effect, it was about the momentum in earnings. this time we see a loss of gucci sales and the impact of kering, the warning coming out after the bell, the broader market in france, the contact down an eighth of a percent. also a retreat from other core markets from the uk to germany. we're seeing a drop in markets. it's impacting not just that stock but over big names in the luxury space. let's take a look at what we've got as a result on the individual indices.

81.32 on the french markets. down 18%. we've given up the 8,200 handle giving the kering selling off. we've got the likes of kering down 14-plus percent and some of the weaker players also being impacted. richemont down by 3% and playing catch-up. is it just a kering problem or is it going to crop up more broadly in this space? you see the bellwether lvmh. let's get to charlotte. >> it seems to be the feeling maybe it is a kering problem. look, while we've seen a slowdown in the sales of the star brand, gucci, that were down 2% last year, the market was happy to give the benefit of the doubt to kering because all

the right things were in place for a turnaround at the company. the new ceo, the director, the ten years they had under the previous creative director, and the change in style, an elevation of the brand, which renews our ability of gucci. they had said margins would be impacted in 2024. there areother brands like've you look at the impact on the asia-pacific region. it's giving off alarm bells on gucci. saying the sales will be down 10% in q1 overall means that the other brands are probably holding up fairly okay compared to gucci. we're certainly aware of what's

happening at gucci. a new collection has come in. it's only mid-february, so it's a bit short time to really evaluate the impact there. but certainly this extra warning from kering coming after the previous warning they had given, saying there would be a slowdown short term and margins would be impacted balls of investment. there's a specific issue at kering. not only at gucci but some of the other brands that were all down last year. when we look at sales of companies like lvmh and other says, they had growth in q4. there's a concern what's happening there. when you look at kering, they doerr down 14%. lvmh, down 30%. there are different views in the market on the underperformance of what's happening at the different luxury stops. at kering, doing the turnaround, gucci in the space where certainly the aspirational buyer

is buying less, it's difficult for them. that's why they've been repositioning their brands, particularly gucci, to the higher end of the market. we have to wait and see whether that works. looking at the numbers, it looks like they're buying into it. >> analysts are saying for the luxury goods sector, they're picking up on the broader impact of the market and the likes of jpmorgan saying burberry, that's the most applicable to that stock. we had the burberry warning in january, that there's a tougher challenge ahead. they saw a worsening level appetite for goods at this stage. that is the question. do they deserve these sort of laudables? you look at the market expansion story. we're not on the end of the road on that. and investment, they talk about if kering is warranted, if acquisition costs should be taken down if the conditions are

worsening. >> some are saying the slowdown is after the big boost we had post-pandemic, that's going to divide the winners and losers in the luxury sector and why people were happy to buy three, four, five items of luxury after the pandemic. they go to their must-have brands. that's where you see the winners and losers. for a lot of them, it might be at the high end. >> i was visiting one of these big stories the other day to pick something up for someone, and it was -- there was no cue, which is quite different to the old days where you would have to cue for 20 minutes or something to be served. >> you look at the return of chinese tourists coming back to europe. we hope they come back. is it going to bring back extra sales? there's olympics in paris. that may not seem like a lot, but a lot of people leave with a

luxury bag. >> charlotte, thank you very much. for more on kering's profit warping, you can head up to cnbc.com. coming up on the show, we'll cross to frankford as ecb's lagarde speaks. ted our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even

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well, in the midst of the central bank bonanza that we're getting, the tech is still occupying the market movement right now. it's crossing the wires, news from tencent as they bring out their quarterly numbers of the revenue coming in. that's up 7% or so as you see there. 155.2 rmb. they've also said they're recommending a payment of a final dividend of 3.4 hong kong dollars per share. they also intend to at least double the size of the repurchases, sharing purchases from 49 billion hong kong

dollars in 2023. that's set to climb to 100 billion hong kong dollars in 2024. they propose to increase the annual differ accident by 42%. arjun joining us very quickly here. a slight miss on that revenue? >> a slight miss on the revenue. profit looks like it's ahead of consensus as well. looks like they're seeing some benefit and revival slightly in their gaming business as well. this is a business that's been incredibly under pressure, particularly in china because of the regulators. so you're seeing an uptick there. also the international gaming revenue up 14% in the quarter as well, again, the scenario is they've been putting a lot of o effort as the china market slows down as well. there's been an uptick on advertising, up 23% as well. again, it's huge in china, a massive platform in terms of

wechat and being able to advertise across its game. there are positives, but certainly the gaming business still not growing at the rate that i think many investors overall want to see, and so they're waiting here for big-hit games to come out. >> you look at what bytedance is doing in the video market. >> absolutely. tencent is looking at the foundational level as well. it's trying to play a part of that game as well. it's a very difficult market, i think, for a lot of these chinese tech companies, in early the stages of these companies. you look at alibaba, tencent, et cetera, a lot of companies are struggling to revive growth because the macro situation in china continues to remain tough,

but also that sort of high growth, you know, no-rules scenario which they've been used to for so many years, the regulation has been tightened up so much, there are question marks how they're going to grow. a lot of these companies, tencent and alibaba include ready talking about ai. but i think they need to show there is still legs to a lot of these products that they're pushing out, like gaming and wechat. >> what were they saying last year. war has begun is what tin cent had said. we have to push on nvidia. we look premarket at nvidia's stock. this is the early stages. we've got a slight slippage over the past couple of days. the pricing structure of blackwell, what the runway looks like, just where it's going to

double down. you look at other areas to try to ensure there's resilience in earnings. >> there's been a pause for breath as they try to digest what all of this means. in terms of blackwell, it's very much about nvidia coming up with a more powerful victory. you look at the pricing, still unknown at this point. but clearly i think the message from nvidia also was very much, yes, we are going to provide the foundational chips for a lot of these ai players, but also we are a software player, and that seems to be the big message. >> arjun, you've just been usurped by other news. it was big news, but now we've got christine lagarde delivering a speech live today. christine lagarde is saying we need to be further along the disinflationary path, the compression of profit margins

has allowed wamgs to catch up without further accelerating inflation. the average wage growth for the existing year fell from 4.4% at the time of the january governing council meeting and says we expect that to pick up by fully utilizing productivity growth. we cannot wait until we have all the relevant information. i think that is key. christine lagarde just hitting the podium now and about to speak to those on the ground. let's listen in. >> in front of this respectable audience, a very large number of men in this room, if i may say so. sorry, couldn't help it. but i'm delighted to be back here in front of you for this 24th conference of the ecb and its watches in an environment that i will not bother to describe because you've done that beautifully professor villand. all i will say is we're not less

of a threat from a geopolitical view, far from it. if we have settled a score of inflation, we're looking at the world, and nothing going beyond the places you mentioned if you look at other places notably in the republic of congo and other places where war is just ramping around, which as we all know is probably the most adverse event to derail growth, to unsettle societies, and to cause great, great damage as we will be learning fast in relation to ukraine, and i agree with many of the comments you've made from that respect, not at that it would matter for inflation, of course, but it does actually. but anyway, what i would like to do this morning with you is reflect on the journey that we have traveled in the last year and a half or so and describe for you with regard to together with my colleagues and friends and members of the executive board in the room and my

colleagues from the governing council will also hear today and will pass on debate and panels the three phases we have navigated or are navigating or will with navigating. bear with me. some of it will sound terribly familiar because we have already, all of us, and you certainly have, dissected the first phase in particular and are now dissecting the second, but i think to see things in perspective actually helps understand where we are and what we are planning for the near and more medium term future. so since the pandemic, we monetary policy makers have been facing an exceptionally complex environment. as inflation rose, we were confronted with profound uncertainty about how far it would go, how widely it would spread, and how deep it would dig.

and even as inflation has eased, uncertainty about its persistence has remained. the potential costs of miscalibrating policy have been high, which is why we have to employ a policy framework that minimizes the risks of mistakes, and we have done so by building up a framework and a reaction function around three criterias that you are familiar with. one is the inflation outlook. the second is the dynamics of underlying inflation, and the third is the strength of monetary policy transmission. though we conceived this criteria when we had low visibility of future inflation, they have also helped guide our decisions as inflation has fallen and forecasts have become

more accurate. as marie curry once said, to thrive through the ups and downs of life, we must have prosieve reince and above all confidence, and our framework has indeed encouraged us to persevere when necessary and build confidence when needed. it has served as a reliable compass for recalibrating policy through three phases of our current policy cycle. first, it helps create robustness during our tightening phase when we were devising how far we needed to go to reign in inflation. second, it has helped us practice patience during the holding phase until the signals from our inflation projections and underlying consistence are

more consistent. third, it will support us in building up sufficient confidence to begin the dialing back phase in which we make policy less ee strictive. so let's have a look at the tightening phase, which is the first one that some of you have observing very, very closely. in the early phase of our tightening cycle, our main priority amid surging inflation rates was to exit our monetary policy stance as quickly as possible. while the policy challenge was immense, the policy path was relatively simple to calibrate. but as rates rose and approached restrictive territory, calibrating became more complex. we first had to assess how much rates needed to right until they

were sufficiently restrictive, and then for how long they needed to stay at that level. but our assessment was blurred by much lower visibility of the future. our forecasts repeatedly underpredicted inflation by large margins even at shorter horizons. from '21 to '22, for example, the absolute inflation forecast eras in the stockmarket economy projections, despite their best efforts, one quarter was more than doubled, largely owing to monetary energy prices. at the same time, the mix of shocks that emerged from the pandemic and its aftermath, i can list them. i'm sure you can add a few, but

i will try. rotations in spending, energy spikes, particularly in gas. ecb's christine lagarde. a short take on her message, it's difficult to assess whether the preece pressures simply lag in prices. that's all for "squawk box." y xtldwide exchange" coming your what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

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it is 5:00 a.m. at cnbc headquarters. i'm frank holland. here's your "five@5." the s&p hitting a new high. futures pointing to some pressure at the opening. atop the agenda, the fed and the latest rate decision. we're watching for signal from jay powell and company. still in the early stages, what nvidia is telling jim cramer on the back of the compy's new chips. and the faa setting off a rece