s l for this edition of "dateline." i'm craig melvin. thank you for watching. [theme music playing] ♪ welcome to a big "street signs." i'm mandy drury along with frank holland. these are your headlines. hotter than expected inflation and now eyeing a first move in september. but inflation indicators diverge across the pacific with china notching the 15th month of

deflation along with cooler prices. the ecb gets set with the rate decision with the signs of divergence from the u.s. fed. too big to fail. switzerland is looking to the banking sector as it looks to prevent another collapse. >> translator: what happened with credit suisse must not happen again. i'm sure you figured it out that inflation remains sticky at the top across the united states with price pressures hotter than expected in march and the rate cutting cycle not expected in june. the cpi rose 0.4% for the month. the annual rate was 3.5%. the core readings came in cooler than expected. we saw a massive change in terms

of odds for a rate cut come june with traders slashing odds. the futures showing an 81% probability of the fed keeping the rates on hold. in comparison around this time yesterday, futures indicated a 50% chance of the cut come june. goldman sachs now expects the fed to cut two times this year off the back of the report, down from the three that it recently forecast. the bank pushed back the forecast that the first move lower from june to july. we have the economist from goldman sachs saying he is convinced the u.s. economy is deflating. >> that could happen, but likewise, it is possible it moves back further. it is also very dependent on how the data comes in.

it tells you a lot more about the fed than it tells you necessarily about the underlining adjustment in the economy. the disinflation, i still think a lot of trends are improving, and you see that in the labor market as well. for the timing of fed cuts, the numbers matter. >> the question is how do the markets react? a sharp move to the down side for equities and upside for yields and the rate sensitive sectors with housing and real estate and all those to the down side. europe, however, after a knee jerk reaction, europe yesterday managed to close in the green. now what we have here in trade today is the european stoxx 600 holding steady as well. taking all this news in stride. what we are focused on this afternoon is the ecb's decision. i don't think anyone is expecting the ecb to make any move today. they will hold the borrowing

costs at record record highs. there is an indication we could get a rate cut in june. the markets would be shocked if they didn't give a further indication that is what they are aiming towards. we have the ftse 100 sitting flat and not doing much along with the dax in germany. the cac 40 is moving to the upside by .50%. one of the big gainers in the french market today is soc gen which is moving higher after agreeing to selling the equipment finance movement. telco is down by 1.4%. certainly no thanks to the big drop we're seeing in deutsch telecom. on the opposite side, you have basic resources moving higher, commodities are continuing to power ahead and then oil and gas

up 1%. we saw in overnight trade oil prices move by over 1% to the upside. you know, continued focus on what is going on over in the middle east with the tension there is. you have three sons of the hamas leader killed by the israeli air strike which complicated things ongoing with the cease-fire talks. you can see the price is moving up. the sector moving up today by 1% or more. as for u.s. futures, let's look at the crystal ball. the implied open is looking flat right now. no clear direction after that steep fall yesterday. the dow fell by 1% and it is now 3.6% off its record high. frank, over to you. man p dimandy, we are joine

christian mueller at goldman sachs. he believes you know the direction the markets are going, but inflation. you put out a booklet. "reinflation flirtation." give us a sense how you see the markets going forward. is a rate cut, how important is that to the u.s. markets in your mind? >> i think you are right. we shifted from a goldilocks optimism to reinflation. so far, so good. the markets have dealt with the shift from inflation coming down and a lot of rate cuts coming to inflation staying sticky and rate cuts pushed out. the reason that has been the case has been growth. i think this reinflation flirtation is not just about inflation, but the corporate

sector in the u.s. with the earnings season being good, but manufacturing sector which has started to rehe cocover and con. to understand this will become a desperation, it really matters if we get the growth to continue to be good and continue to be delivered. >> that's not good. we will talk about growth in a minute. your inflation forecast is bold. headline is 2.4%. to keep in mind, the read was 3.5% yesterday. you have to explain a bit. how do we get to 2.4% from 3.5% after you admitted sticky inflation? >> the problem is you have certain, parts of the inflation bucket moving things up. we obviously have oil prices going up. that is something that has been a bit stronger than what we initially anticipated. we also think that this will be

limited on that impact. opec should have spare capacity. you put a lift on the energy part and gas part of the inflation. one of the cone reasons why we the core inflation coming down is the stabilization. that is true in europe. we expect it more to happen in europe. in europe, the progress has been good. the wage inflation has been weaker. >> we have a chart that shows your forecast. we will put it up right now. how do we get there? in the u.s. and in europe, how do we get there? globally right now, people are still spending. consumption is still up. >> it depends on the sectors and a lot on how wages are set. if you look in europe, we have the collective bargaining which is kicking off again.

to give you a sense on monday, the chemicals industry in germany started the cba process. you have companies which cut the dividend. they are saying going into the negotiations is we might not be able to raise wages at all. we'll have to see more of that especially in europe with the wage negotiations linked to headline inflation. as headline inflation comes downs, it feeds into the negotiations. there are more questions in the u.s. the wage setting is different. we would argue a lot of the high frequency indicators in the u.s., they care coming down. the labor market is still cooling. one hopes it let's wage inflation ease a bit. >> considering that is making the 2% target in the united states for inflation, the question is do they need to hit 2% before they decide to putll the trigger on cuts?

maybe not. and maybe inflation has shifted up since the pandemic. this is something that is academic and debated about with the fed, but changing the target from 2% to 2.5%? >> that is a good point you make there. the outlook for inflation is uncertain than it has been in a long time. you have the elections this year. there may be more fiscal easing or trade tariffs. a trend of deglobalization and decarbonization to increase the cost of energy. a lot of uncertainties for inflation. it could make sense for central banks to acknowledge that and give them more leeway. what has been remarkable since the covid crisis is how the fed and global central banks have never lost inflation credibility. if you look at inflation

expectations from the university of michigan or break even inflation, they have been remarkably fast and fading inflation much ahead of the realization. it shows you inflation credibility from central banks there. the rate is high for central banks to step away from the inflation target because so far they had a lot of benefits from that. >> when you talk about the portfolio and one what should be doing on the back of this, it comes down to europe and asia and the u.s. let's take the u.s. with the 60/40 portfolio hasn't worked well because the relationship has been tight with the two asset classes. now we could have a higher for longer situation with rates in the united states, potentially a little more volatility in the equity market and as a result, what would be the ideal portfolio to be able to buffer against the risks if not 60/40? >> 60/40 was not a great

portfolio because equities go up with bonds. it was a good portfolio because when equities don't work, the bond market works. that will still be the case. the reason why equities have held up so nicely in the face of rising rates is growth. you actually have seen since the beginning of the year the s&p 500 making the all-time highs with the rates rising. i assume if the equity market now has a sharp correction, the bond market could buffer you. geopolitical shocks and all kinds of shocks. there is a better place for 60/40 and return you can expect. to answer your question, how do you make your portfolio robust right now? you want to think about inflation protection. we said it in the past that you think about allocations to real

assets. think about tips. the tips market yields are 2.2%. depending on where you look. that is a pretty attractive curve and breakeven inflation is below where we are realizing. you can argue inflation protection and assets like infrastructure and what i have said in the past is the dollar becomes a core neglhedge in of portfolio. the fed is the one that is potentially the most hawkish this year which supports the dollar. on top of that, if you have a rate shock causing a risk off, the dollar performs well. >> the best performance on wall street for the dollar since march of 2023 cracking the 105 mark. thank you so much for joining us today. christian is the head of asset research with goldman sachs. from one central bank to another, we are counting down to

the ecb's latest rate decision this afternoon. markets are pricing in a 95% chance of a hold and a more than 70% chance of the first cut at the central bank meeting in june according to lseg data. attention turning to the path for the restv views diverge on the pace of easing. annette joins us with more. i wonder what it is like behind closed doors now that the fed looks like it is delaying its rate-cutting cycle. >> reporter: i guess it must be a topic when they are discussing the future path of rates here for the euro area. of course, they look at the exchange rate. we have seen a direct reaction to the euro/dollar exchange rate yesterday. the lower the euro falls, the higher the imp mported inflatio for the euro area. that could push inflation higher

her here. it is a tricky equation when it comes to forecasting inflation here for the euro area. one thing is clear and what the ecb is concentrating on is the concept called domestic inflation which is driven by wage development. we have seen wage rounds coming down. wage growth is actually abating. that is a very good sign for the ecb. it gives them most likely room to cut rates as soon as june this year. how often they are going to cut remains to be seen. one person close to the governing county spoke to was saying they probably stick to the june rate cut and might pause a little bit because they guided the market toward that rate cut in june. then they could pause a couple of months until there's clarity about the path of inflation. that could be one option. of course, if you look at the euro area, we are in a different

world than the united states. the economy is less dynamic. we have seen in the recent ecb lending survey that loan demand from the real economy is falling like a stone. that also indicates that future economic developments is on the stagnating side and not dynamic. we have the economy and the wage round and the recent march inflation print at 2.4% which is close to the target. i guess the ecb, for the first time in its existence, might move ahead of the fed when it comes to changing the interest rate direction. >> annette, thank you for setting that up for us. this is leading up to the big moment. do not miss our coverage of the ecb decision and christine lagarde's press conference at

2:00 p.m. cet with our own silvia. she is excited. i'm excited. it's a big day. >> we were all talking about what to expect from the meeting. cuts are not expected until june, but big announcement later today. chinese factory gate prices are extending into the 18th straight month. there was slugger consumer growth which was weaker than expected and down from the previous month. coming up on the show, $1.7 trillion question. how should regulators make sure s doesn't go the way of credit sus suisse? we'll discuss coming up next. 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. ah, these bills are crazy. she has no idea she's sitting on a

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can katie sleep over tonight? sure, honey! this generation is so dramatic! move with xfinity. welcome back to "street signs." soc gen has agreed to sell equipment and financing activities to group bpce. soc gen said the deal will close in the first quarter of next year. the french lender will keep activities in the czech republic

and slovakia. ubs and three other relevant lenders will have to raise their capital levels in a new report on how to police banks. the swiss federal council suggested the country's market regulator finma should be given more powers. the new measures were aimed at protecting the wider economy. >> translator: all of this is the highest goal which is to protect the taxpayers in the economy. what happened with credit suisse must not repeat itself. the banking crisis becomes a threat to the economy. to achieve the goal, the federal council looks to effective measures. we need higher capital requirements and liquidity and protections against failures. >> at the forum last week,

sergio ermotti told steve they need to serve as a case study for the future. >> the recognition that they want to protect their banks and financial institutions as national champions which is an implicit value for their economies. the bad news is they don't realize in order to really be meaningful and go to the next level of the contribution of the economies, they need to be more competitive globally. without a banking union and without a capital market union, it will be very, very difficult for europe to compete with the u.s. large banks and fund fundamentally, you know the economies are still relying in europe to the banking sector for financing for 70% of the cases.

in the u.s., it is the other way around. we have a completely different playing field and lack of critical mass. i hope i'm not so convinced it will happen soon. i hope eventually one day those mergers with larger banks will be allowed. >> with more on the banking sector, silvia is here. >> a development from switzerland, frank, we heard the swiss government outline me measures over stronger capital requirements from ubs. ubs shares are trading lower. they ended wednesday's session down by 3% on the back of the report. the key question here is we don't know how much of the capital requirements will be tightened in the future.

the mere suggestion this will be is putting pressure on the stock and on the overall question about the future of the mega european bank. ubs has not commented on this report. in recent weeks, we did hear from the management team in the letter to shareholders. they said clearly that what happened to credit suisse was not a regulation problem. it was a broken business model. therefore, they do not believe they need stronger capital requirements. just to remind viewers when you look at the latest numbers from ubs, they have a strong capital ratio above 14%. they have a target of 18% of ct capital ratio by 2028. doing a lot of work when it comes to that. i spoke to an analyst yesterday and he told me the open question

is actually what happens to the integration of credit suisse. they were expecting some sort of message from the regulators and the policymakers that would include tighter capital requirements. he said what we heard yesterday could have been worse for the bank. ultimately, what they are focused on and what they want to hear from ubs when they report the next results is an update on the acquisition and how that integration is going. we know the second quarter is very important for the merger of the legal entity. we will see what ubs says next. no doubt, this is a very important moment to look at the stock. >> thank you, silvia. we will catch you later on. shares in payment groups slip amid fears of the forecast of inflation. simon keller joins us now.

thank you for being here with us on "street signs." you operate in europe and in the united states and given in the united states, it doesn't look like we will get relief from the lowering of borrowing costs soon. do you expect any negative knock-on effect to your customers? >> we don't think so. it looks like inflation will be stubborn for a while. the goal the fed has been set is not going to be met any time soon. i say on the contrary that our customers have helped a lot because consumers are faced with suff tough choices. they will choose zero interest because of our technology. that is an intelligence test that i doubt anyone would fail. it would increase the chances of our customers to come in and help the consumers. >> one of the things you do offer customers is a personalization of their payments. i think you were saying 2024 is

going to be a focus on the hyper personalization of the services. how does that help your share price? your share price is down 14% since being listed in june. the share price is down over 80%. what do you have up your sleeve to improve shareholder value? >> the company went public in 2021 and the market was hot. like any hyper growth company, we were not focused on profitable scale. right now, we are. the second thing is the market has changed and embedded finance has taken off. companies not in financial services are offering financial services products. the payment vehicle is no longer a piece of plastic, but it is a digital product. you can integrate it into another digital product.

we have plenty of tailwinds and would be able to capitalize on this emerging market. >> one of the tailwinds and correct me if i'm wrong, it may be inflation. it is driving more use of buy now and pay later. you mentioned the rates on the credit cards and in the u.s. at record highs. talk about the ability to pbuy digitally? how is that impacting your business? you think it is positive. you are not here frowning. >> absolutely not. if you look at it, all of the bankers and u.s. economy and former speaker from goldman sachs said everything is fine. 67% of the population cannot afford a $400 discretionary expense. 67% of the population is not doing well. when you look at it, they hare faced with 7% inflation. that is 29 cents on every pound they make is disappearing.

buy now pay later is the mechanism for merchants to fund the economy. it creates that symbiotic relationship. we are part of that. accelerated wages. so many of us live paycheck to paycheck. the bankers don't. everyone else does. to get your paycheck instantly helps you escape the 22% apr. i think all of this is helping us versus hurting us. >> you know, a lot of different applications for fin tech since the pandemic. simon, thank you. great to see you. >> thank you. still ahead on the show, south korea's opposition party delivering ap humbling defeat.

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signs." i'm frank holland with mandy drury. here are the headlines. futures dip as traders scale back expectations for the june rate cut on the hotter than expected inflation and now eyeing the first move in september. and china notches its 18th straight month of factory gate deflation alongside cooler consumer prices. the ecb gets set for the latest rate decisions with the divergence from the fed. too big to fail. the swiss government tightens rules for the banking sector as it looks to prevent another collapse. >> translator: what happened with credit suisse must not happen again. the better liquidity and measures against management failures and excessive bonuses. trade volumes are expected

to grow 2% this year and 3% in 2025 according to the report from the world trade organ organization. the wto estimates real gdp growth will remain stable over the next two years. silvia spoke with the chief economists about the trade expectations for the year. >> it is also a situation where the future is really unclear because a lot of will depend on policy choices made now and all over the world. it is a resilient situation, but not one that does not have any risk. we have to be careful that international trade can continue to be the solution to many of the challenges that we are facing as a world today.

>> i have to clarify when you choose the word resilience, what makes you use that word? >> i'm thinking about the numbers. we have a global pandemic and we had record high inflation and very restrictive monetary policy. now we have limited fiscal space. trade, if you look at the time series, more or less plateaued and we anticipate it will pick up again this year and next year which is not obvious. you could have imagined in the aftermath of covid that it really gets very difficult for international trade and it didn't which goes to show not just how resilient trade is, but how much we need international trade. it is also for communities around the world. on the other side of the globe, the south korea opposition party recorded a

landslide victory in the elections on wednesday. the democratic party is taking 175 of the 300 seats in the national assembly. that is enough to deliver a blow to yoon. not enough for a supermajority. we have chery with us. this is a crashing defeat for the president, at least it looks like, but he has been combative during the campaign. is this expected? >> reporter: that's right. of course, he had to react to the election outcome saying he humbly accepts the people's will and would try to rectify the situation by stabilizing the economy and also propping up the people's livelihoods. it was a lot of issues at hand in voters' minds, inflation and income gap and soaring housing

prices. it was a lot of dissatisfaction expressed in this election. we are talking about 300 members working in the national assembly for the next four years. this outcome could render him as a lame duck president. however, looking at the market reaction and a lot of comments coming through as the south korea market is getting to react to the election outcome this morning, we are the actually looking at some sanguine attitude. sure, dp winning here and progressives winning in the legislative body. that is normally see as a negative because they go for more bigger spending to satisfy the general. however, goldman sachs, for example, is expecting more of a continuation of the status quo. one, because the president did

not have a majority in the national at assembly to begin w. when it comes to the government coming from foreign investors and looking at the stock market in south korea, potentially waiting for some kind of renaissance moment just like in japan this year, they not giving up the optimism saying the value-up program might survive, but things could slow down a little bit in the momentum because of this expected intensifying political gridlock because of the outcome. of course, we saw a wave of resignations coming from conservative leadership this morning. basically accepting this defeat. we will see how this goes when the election is widely seen as a proxy for 2027 presidential election. guys. >> chery, thank you for the live

report from seoul. coming up on the show, delta's ceo ed bastian clears for takeoff as they go through a bummer second quarter. we will go through the numbers right after this.

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welcome back. amazon is looking to hold the future of event in milan over technology across the as you will fulfillment center networks. we have joined by stefano at amazon. >> good morning. first of all, thank you for having me here today and a beautiful welcome to the amazon operations. >> let's talk about the amazon operations in europe. looking at the data, they are saying 61% of houses in the uk have amazon prime and 51% in germany. you are announcing a multieuro investment in robotics and hiring. >> we are announcingfor the

first time to the public that over the last five years in europe, we have invested over 700 million euro for the development and implementation of over 1,000 new technologies in the field of row he botics a artificial intelligence and technologies that help our employees and our customers and our planet. all of this development is rooted right here in this lab. >> stefano, you are giving us numbers. there are a lot of impressive robotics right there. what does that mean to consumers who want to get their things faster? >> our technologies help employees by increasing safety at the workplace, but help the customers by receiving products with fast and reliable delivery and more sustainable ways of delivering products. for example, today, we are announcing for the first time to

the public our latest technology called url or universal robotic leveller, which is a high-speed leveling technologies that uses computer vision and artificial intelligence to apply to different types of labels on different packages with the regular shape. the benefit for the customer is an increased selection of products we can offer and benefit for the planet is we reduce unnecessary packaging and we make custom made shipments. >> elon musk made waves when he he said we would have human-level intelligence with robots next year. are you already testing some of those robots out?

when will we see robots helping with efficiencies? >> first of all, artificial intelligence is a very popular topic in the media. we don't need to forget we have been developing it for the last 25 years at amazon. we use it in our operations and in our fulfillment networks and for our customers. dg robots are one of several technologies we are using to enhance the workplace for the future. we continue doubling down on technology investment and innovation in order to make the workplace safer. >> the natural follow-up question is at what cost for humans? the introduction of new technologies has enhanced 50,000 new jobs, but do you envision a situation where your robotics and automation will take the jobs of the people who worek fo

you? >> it is a myth that technology robots take out jobs. the number you mentioned is the stretched number. the robot employees help our employees. by increases walking distance. by taking away repetitive motion or helping with heavyweight. our employees can learn new skills and capabilities to allow them to progress. the 50,000 jobs enhanced by technologies and i want to give you another number. over the last years, more than 700 new categories of jobs have been created by the use of technology. my own team didn't exist until seven years ago and now we are here to develop qualified employee and support with new technologies globally to help employees.

>> you are mentioning job growth with amazon here in europe. i want to ask when you talk about the jobs, what is the pay like? are these jobs in logistics or high-tech jobs? >> we are talking about all types of jobs from our operating to engineers. in the operation level, our operating teams can come here to this lab to learn and test new technologies that can learn how to operate and maintain them before they show up in the facility. this applies to engineers and experts. the current team counts hundreds of engineers which collaborate in seattle, boston and italy to sh to share ideas. as we say at amazon, complex is easy. simple is hard. that means all of the

technologies we help here are custom made for employees. >> the investment in the european network. we appreciate your time. good to see you. director of global robotics at amazon. we have the programming note for you. don't miss the conversation with ceo andy jassy at 14:30 cet. moving on, the director general of the iata is confident that boeing is able to turn around the business. telling cnbc the planemaker is on the right path to change the culture. the sector as a whole needs a strong boeing. >> the industry needs a strong boeing. we need to have competition with boeing and airbus. i'm confident that these issues will be addressed and we will

see boeing to return to the numbers we expect from them. it is important that they face up to the problems that they are encountering and deal with them in an open way and move forward. in related news, delta airlines is expecting bumper spring and summer demand to drive it to a record-breaking second quarter after posting its best ever first quarter as revenue jumped 6% on the year to $12.6 billion. we have arabile jouining us wit more. you wooshed in. >> i didn't. they wooshed in great numbers. first quarter saw record numbers. surprising actually. the first quarter is usually the least profitable quarter for the airlines in the united states. if you run through the numbers. adjusted earnings at $380 million. that is up 75% compared to $217 million you had a year ago.

that's 45 cents a share when it comes to adjusted earnings per share. the market anticipated 36. blowing out what the market and m the anticipation. despite average revenue paid to fly every mile per passenger dropped 2%. that is a significant figure for the airline. passenger revenue adjusted for capacity was flat. actually expected the second quarter to even be better than that first quarter. in fact, this is really what the ceo ed bastian had to say when he sees the second quarter and beyond. >> we had a great quarter. the team delivered a solid set of results. demand is strong. set another record. if you look at the forward view, which i know you will ask me about, we had the calendar year, the 11 highest sales day this year alone. the operational results have

been excellent. not just back to pre-pandemic levels, but ahead of pre-pandemic levels. >> the company, of course, was less effected by the boeing issues with the production cuts as well as being grounded by the faa because delta airlines has no 737 max jets in its fleet. it placed an order of 100 737 max 10 jets. in 2022, they made fresh orders. only about half of the main line jets are made from boeing when you compare it to united and southwest, united has 80% of boeing fleet and southwest with 100% of the planes from boeing. it's a really big question of safety on the back of boeing particularly this year. really for the last number of years especially.

this is what the ceo of delta airlines had to say with regards to safety. >> safety supersedes every operational move we make. we're all over it and we're very transparent with the regulators and faa. we don't compete on safety. >> to reiterate things. the 11 busiest days of booking ticket nos in the first quarter reported by delta airlines. expecting losses in the first quarter numbers which is flat to lower air fare is a reason. >> i think it is really interesting that the business travel side exaccelerated. do you remember in the deep days of lockdown and we got used to be on the remote technology of choice. zoom or teams or describe. everybody said corporate travel will be dead. we will never get on the plane to do a face-to-face meeting. we want to do it. >> we do. i think what is really happening

a lot is consumers as well as businesses have found a way to find a way to move forward. this is why air fares are lower. as the demand picks up and as boeing stutters in delivering the airlines yesterday with the deliveries for march at 29 against 45 year on year, it gives you a sense that demand may supersede supply which means price cost go higher. >> you did a great job breaking down the numbers. the other thing people want to hear about and he did not address it. the change to the loyalty program to make it harder to get status. i talked to him a couple of months ago. i said what's go on? i like the status. i like to get bumped up. they are working on it. >> we are all waiting for that. >> i want to be in the sky club. >> you're in our club. isn't that good enough? >> it is. >> not in the airport.

>> i can't help you with that. let's look at the european markets. we will show you the board. we have negativity creeping in across the board except for the cac 40 in france which is moving higher. helped a little bit with the gains we're seeing with soc gen today as frank was saying it agreed to sell the equipment finance unit for 1.1 billion euro. all of the others moving to the down side after the resilient close yesterday in the european markets. considering they had the knee-jerk reaction to the hotter than expected cpi in the u.s. it managed to recover footing somewhat. they are focused on the ecb this afternoon. as for forex, it was a big day for king dollar with the gain of over 1%. the best performance since march 2023.

dollar/yen is 153.23. it was below 152 yesterday. guess what? we have had no intervention from the japanese authorities. maybe they are waiting to see how it shakes out as opposed to just ramming with a physical intervention. we were thinking 152 may be the line in the sand. maybe it is more about the speed and sustained move in the yen as opposed to an actual level. there you go. weaker since 1990. e euro/dollar at is 107.43. the australian/dollar took it on the chin. ab above 66. cracked below 65. commodities is helping the australian market. let's flip over the board and look at yields and treasuries. treasuries with a lot of movement on the back of the cpi. yield hitting close to 5%.

4.97%. the ten-year yield is 4.54%. right now, the ten-year yield at 4.56%. yield in europe is sitting to the upside on the board. u.s. futures. what kind of day will it be on wall street? that did not rhyme. implied opening. that was a bad attempt. i'll do better next time. don't miss silvia with the ecb decision and christine lagarde press conference at 2:00 p.m. cet. frank, a pleasure. >> i'm frank holland. "worldwide exchange" with me is coming up next. stay with us. i mber setp 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.

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it is 5:00 a.m. here at cnbc global headquarters. it's 10:00 a.m. here in london. i'm frank hollnad and here is your "five@5." wednesday whiplash after the wednesday cpi report. why the headline is the least of investors' concerns. flipping the script for the federal reserve for jay powell's first interest rate cut since the historic hiking cycle begam in