>> welcome to bloomberg markets. i am matt miller. showing signs of death the inflation report showing signs the fed room to pause. of evercore isi a joint us, put -- plus the ceo of airbnb. as well as a top executive from ford hostess brands. reaction to the data we saw this

morning. the s&p 500 down just under 0.1%. you do see tech stocks rising as a bigger benchmark falls. the dow is down as well. the 10-year yield is down seven basis points. going to 3.44, 3.45. you do see the bloomberg dollar index falling. both to provide a tail and -- a tailwind system best to stocks. you have a safety for the dollar. crude also down. we were down at $63 at west texas intermediate last week, and now we have bounce back a little bit. katie: you would not know by looking at the stock market but this was good news for the fed. the numbers pretty much came in on the screws in april.

month over month headline, and core inflation around 0.4% down. that was the estimate. core isn't -- core inflation year over year is around 5%. 4.9% in april, and the estimate had been five percent. headline cpi on an annual basis is now below the core figure. the 4.9% is the first time that measure has been below course in two years. our lowest reading in two years. as the gap grows, even though inflation is moving the direction the fed wants it to, it poses an interesting question. matt: i i am excited to ask matt hyman what he thinks. we caught up earlier with bill dudley who told us how the fed will react to the report.

>> we will keep rates at this level or a little higher until they are confident inflation will get back to back -- back to 2%. they need to see more softness in the market and reduction in weight inflation. and more confidence in the services sector. matt: joining us now is ed heineman, the chair of evercore isi. thank you for joining us. we first get your reaction to the inflation numbers we saw and the inversion katie pointed out. ed: sticky. this is coming down slower than i thought. it went from 9% to 5%. i don't think that makes much of a difference. the key we need is for wage numbers to slow down. there has been a long sequence of events that will take longer for this to happen because

markets are so so tight. but the fed flooded the system, we have inflation, and supply chains are easing up and inflation is slowing down. next would be wages. katie: slowing down but very sticky. seems like that is the year -- the word when i take comes to inflation. if we go back to last week, everyone seems to think that was the last rate hike of the cycle. but the persistence of inflation, can we enter a stop and go period? ed: as the fed knows and everyone knows, there are long lags between what the fed does it inflation does. i am ok with what inflation has done. it went from nine percent to five set -- percent. i think wages are starting to slow a little bit.

it takes a bit more time, a year for what the fed does couple does, to impact the economy. they may continue to tighten. at this point, i think they should pause and see what happens. i see no point with tightening again if they decide they should not have pause. there may be a hurdle to doing that but i think they should pause. matt: it could go either way. your research highlighted the m2 growth that is still way above the trend line it is coming down but that should maybe increase the lag. maybe the lag will be shorter. how do we know? ed: we don't. matt: you quoted john maynard kane. in 19 63, he thought it was 14 months. -- things may be 18 to 24

months. ed: we don't know. all i know is the fed has tightened a lot. we have a financial crisis that is like a marker in the road. once that happens, it starts to impact. there are some signs inflation is showing an some signs the economy is slowing. i would pause. frankly, that is what the market is expecting. they are actually expecting rate cuts, which seems aggressive to me. but the s&p 500 is where it is because it expects the fed to pause and hopefully make it rate cuts. katie: at this point in these very unique cycle, it feels like there is three factors of tightening. the interest rate channel, quantitative tightening, and be known-unknown of how much this post will come from what we are seeing in the banking sector. how much is actually credible and will become less available. how are you factoring into your

recession call? ed: every cycle -- this is my 13th cycle. it began when i was in high school, when i met matt. [laughter] every cycle has had a financial crisis. it is the way you know you are having fed tightening impact the system. once it happens, you start to get credit markets tightening up. as sure as i am sitting here, i know that is going on. we have the bank willing this loan survey coming out this week with you guys reported on. matt: the sluice. ed: that has gotten pretty tight. i am sure that banks are starting to pull back on lending but that takes a little bit to show up. but it is coming. matt: the interesting thing is sure call for a recession is this summer, may be the end of the summer, maybe 23 -- q3 but we still have unemployment at

3.3 percent. that is as low as it was when you were in high school. michael mckee says we need to lose 200,000 jobs a month to get unemployment up to two percent as the fed's forecast. that will not happen by august. ed: it will not. right after i got out of high school, and that milton friedman. he had a story about the money supply. the money supply is still elevated compared to normal but it is contracting. the last time it did that was the 1930's. i worry that we are may be overdoing it and the wants to make sure they are more like volker than arthur burns. it will listen to bill dudley -- on your program this morning, they say the fed will tighten until they see the whites of your eyes. i that time, it is too late. that is ok. we will deal with it.

we will probably get a recession but inflation will go away. katie: i am curious to dig into m2 a little. how we should think about m2 is up for hot debate, especially on twitter, which i do not recommend you do. house to be think about it? it is -- how should we think about it? you think about the lack of monetary tightening, how much does that extend the lag? ed: this question is unknowable. it has never happened before. we had a pandemic and we flooded a system with checks and then with money. the closest analogue you have is world war ii. matt: we are going to talk about that. it is not only the bank failures and the incredibly quick hikes we have seen from the fed and the quantitative tightening. you also have the debt ceiling approaching. that is what we want to talk about with you after the break.

ed heineman is going to stick with us. we are going to talk about the standoff. we saw a meeting yesterday and nothing got done between biden and mccarthy. we will see what ed hyman thinks about it. this is bloomberg. ♪ municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-286-4286. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized

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( ♪♪ ) ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. matt: this is bloomberg markets. i am matt miller. a meeting between president biden and congressional leaders did not provide clues to an end game for debt negotiation. another meeting is set for friday. let's get back to katie greifeld and see how this is impacting treasuries. katie: this chart shows the wall of worries that is emerging in

this chart. you are looking at one month t-bill yields encompasses the so-called x date that janet yellen warned. t-bill one mother yields have skyrocketed the past couple weeks. right now, they are about 5.5%. if you go back, this tops the hives we saw in 2007-2008, the great financial crisis. this tells you the markets, at least the people market is taking this seriously. the debt ceilings debate that the debt ceilings debate -- the debt ceiling debates tend to be resolve it will see. matt: i want to ask ed hyman from evercore isi about this. still with us here. a number of people have recommended getting into the front and of the curve. you can see in the flows katie and eric showing the etf flows every week, which is a popular

trade but isn't it dangerous? if they do come to an agreement on the debt ceiling, you will see the value of treasuries drop. ed: i saw your interview with bill which i thought was terrific. i don't really have a dog in this fight. all i know is it is a risk in the last time you came close to the faulting was in 2011 and the s&p went down 20%. the economy did not really get hit. when i think about what the fed is doing, as another reason for them to pause and type of the breaking crisis -- of the banking crisis that will come is a credit crunch and they have a debt ceiling issue. it is a time to be careful. matt: what do you think about the debt ceiling issue? i think we need to do something about the spending. i guess it does not matter what i think. the right was to do something about spending, the republicans

do too. i am sure the democrats want too as well but it is not politically expedient to talk about this now. and janet yellen says we only have until june 1. is this a concern for you? ed: it is a concern. but i work for a living. i do not think it really impacts what i do for a living. as bill said, i think it will get resolved. for the stock market, this feeds into the economy and what the fed is doing, but i do not have a strong opinion about whether or not it gets done. on the spending, -- matt: where are you? cooked? ed: i don't know how much more we are going to get cooked. katie: the horses out in the barn. ed: way out in the field. katie: talk about why the stock markets in particular, versus the treasury market or the t-bills? ed: both of them. but the main witness i have was

in 2011, which was similar in terms of this crisis, the market went down 20%. the economy was not impacted. it eventually got resolved quickly. but it didn't have an impact on the stock market. the stock market already has problems with the fed tightening and credit expansion and recession coming. we don't know when but we do know it is not here now. right now, the economy is maybe booming but certainly very strong. katie: if you look at the vix which has not done anything for a while, you are seeing call option volume really spiked. someone is worried about it. we talk about the debt ceiling and technical default, people always stress the word technical. even if we enter into a technical default, you think there will be any lasting ramifications or would that be set off? ed: i am not there. i do not think we are going to

get that close to it. you do not have to get there. you just have to be close enough to worry about it. matt: what about they failures? we have seen four notable bank failures the past couple months. everyone said it was just an idiosyncratic problem with the managers, not across the financial system. how do you see it? ed: i do not see it that way. every time the fed tightens, you get a crisis. could be lcm, argentina, or russia, but you get a crisis. the idea it is just a runoff is misleading. the fed is still tightening. i think you could get four problems or another financial crisis -- more brake problems -- bank problems or another financial crisis. it could be something that we are not even thinking about but links get broken when the fed tightens.

that is where you find out where the weaklings are. matt: great having you. i appreciate you coming in. ed hyman of evercore isi. ahead, i spoke to ford's vice president of product development and quality about its new electric vehicles -- no, we did not talk about electric vehicles . we talked about the ranger. it is the midsize pickup truck and they are bringing out the raptor version which i'm excited about. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates, exemption certificates or filing returns.

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matt: this is bloomberg markets. i am matt miller. time for wall street beat. ford is bringing the newest generation of its pickup truck, the ranger, back to the u.s. including the off-road racing version. this generation of the truck was originally launched in 2021 in australia. this is the first time ever a raptor version of the ranger will be sold in the united states of america. i spoke to jim baumbick. jim: we are expecting a strong response from our customers. since the original response of

-- launch of raptor ranger, there has been a push to get it to the u.s. out the gates, we expect strong demand, and expect this to continue based on our experience with the other ranger products and also the other raptor products across the portfolio. it is something like a raptor that speaks to what customers love. these are the types of products and derivatives that customers love and cannot live without. we are excited. we are looking forward to getting this into customers hands. matt: what kind of waiting list are you expecting? if i wants an f 150 raptor r or a bronco? i know i am on the hook to wait for around a year or i will pay around $10,000 in additional dealer markups. what do you think in terms of the supply that we are going to see for the ranger raptor? matt: i do not have specific numbers to share but the demand will be very high out the gate.

we are planning for that. we want to make sure we get this out into the wild and into customers's hands. matt: do you have all the chips you need? how does the supply chain look like for that production? jim: it is starting to improve. we are working it every day and making sure be stabilize the entire supply chain and our portfolio. we are optimistic that working on it every day. matt: why weren't there be a hype -- why won't there be a hybrid version? i wonder this every day. why won't there be a ev or battery electric vehicle. considering how popular they are, almost 1/5 of all new car sales will be electric this year. jim: this is a great question. we are really confident and excited about the powerpack offering, the 2.3 liter, t .7 liter and in the raptor, the three leader offering. it is for our customers who live

their lives the way they need to be the requirements. the ranger was recently recognized for his cost of ownership by kelley blue book. it is footing the bill for what customers need. we have very active future plans around the ranger. this is also where we look at the spaces we are competing with ford blue. we are competing in spaces that really amplify what customers want to do with the vehicle. you think about something like a ranger raptor. it will go out in the wild. they will be way off the grid, driving off-road. we think this is the right product to serve their needs here. we are targeting a number of our ev products to meet other customer needs. what you will see over time as a portfolio of products that customers choose to ensure they can continue to do what they love most. matt: in terms of the market, it

is getting pretty saturated. you are bringing the new ranger and have the toyota tacoma. chevy has the colorado and the canyon. i can ever member which one is chevy or gmc. but they are very popular right now. what kind of market share do you expect to take with the ranger overall from the base bottle to the raptor? jim: we are expecting to certainly complete this. our commitment in any of the products we develop is we are in it to win it. over time, we committed to develop the t6 platform in the original raptor that launched in 2011. we have grown to global number two. make no mistake. we have our sights set on number one. we are working on that and leveraging the global nature of ranger. back to what makes ranger unique for ford is the are competing in over 180 markets with the same

basic offering. this allows us to really learn in each of these markets and apply the best of what we learned across the globe. and bring it to the u.s. customer. matt: jim baumbick that was, ford's vice president of product development. what i am in detroit, which i will go there in two weeks, i will interview the ceo of ford as well. forward to that. coming up, we are going to hear from the ceos of airbnb, next door, and hostess brands all after reporting results. coming up next. this is bloomberg. ♪

matt: welcome to the audiences. john: i am jon erlichman, let's get a check of the mark gets. we are looking at session lows. matt: begot inflation numbers out that showed the fed may be able to pause here. nonetheless, investors are sharing stocks as yields come down. they are buying the 10-year yield at 3.42.

this should offer less competition to equities. bloomberg dollar index is also coming down and should provide a tailwind to stocks. we are not seeing it come through right now. we had seen the nasdaq gaining, although the s&p had little change. now we are seeing both move into negative territory. i am ex crude is notable for its drop of $1.64 but we are heading back to where we were last week. he fell to $100 -- to $63 a barrel before we jump back to $73 and change. jon: on the energy side, this has been another earnings bonanza of a day. that's start on that with occidental petroleum. investment got a lot of attention over the weekend. warren buffett was asked about his future ownership stake in the company.

shares are off around 4%. you have to factor in some oil selloff. later today, we are watching for numbers from disney. the parks business will get a lot of attention but also bottom line discipline. disney has been focused on cutting costs including with the streamer service is eplus so we will watch what happened with subscriber numbers. vegan shares still holding a gain on the day. not the highest level but up 4% as they narrowed their loss. let's take a look with technology on airbnb's shares at this hour. we have been talking about it a lot today. at one point, airbnb shares were off around 14%. so the loss is not substantial at this point. still down 10% as the outlook on the travel site from airbnb is something the market is still digesting. matt: let's discuss those results with the ceo brian chesky. and bloomberg's emily chang is

with us out of san francisco. take it away. emily: hello matt. thank you and brian for joining us. you set profitable efforts off the back of incredible growth after the last year, but then this very careful outlook which investors are reacting to. how could so much change? brian: we have a tough cop against q2 of last year. a lot of bookings last year were pushed to q2 because of omicron. are additionally seeing some price pressure on affordability. ultimately, we are feeling bullish about the road ahead of us on airbnb. the key is going to be affordability. with travelers, and the new program last week, the number one thing they care about is affordability. that is why we lost things like airbnb rooms, an all-new take. the average price per night for that is $67. as long as we keep adding host

-- our host growth has been accelerating. it has now grown 18% year-over-year. if you make sure we have a net great supply, there is not a limit of people that could stake out accommodations by staying at home. emily: travel has been a priority coming out of the pandemic. i wonder if more and more people are saying we should not take the trip right now. star getting laid off, rates are going up, travel is expensive. how would you describe your rate of caution? brian: i always want to be cautious. we want to exceed people's expectations. that is part of what the outlook is trying to do. at the same time, i think people still want to travel. we have seen airbnb as a super resilient model in nearly every type of space, community at nearly every price point. no matter what the economy does, people want to travel. it's a flights cost of war,

people do not have more money, and have to offset that by seeking cheaper accommodations. that is why affordability is going to be so important. matt: that is what happened with me a couple weeks ago. i went to austin and our plane tickets were so expensive. my wife said let's do an airbnb instead of a hotel because we can save half the price. we have seen analysts saying they are worried about your ex houston -- or execution. how do you feel about your market share? ryan: we are not seeing any loss of booking. we are double the size as we were before the pandemic. it is no other travel company close to that level. i am feeling great about our level of execution. we have done more than any other company has done the last several years with upgrades and our service, including 53 last week. there are going to continue to make sure we have great homes with great support. emily: long-term stays are also

moderating. if people go back to the office on top of the general potential more travel pullback, does the category face a risk? ryan: i think we are now in a post-pandemic equilibrium -- brian: i think we are now in a post-pandemic equilibrium. we are still larger than the pandemic. it was 14% year over stays and now we are 18%. >> ability is here to stay. even with people going back to the office, they still want to be flexible. with the new things they to speak, we allowed monthly stays to be more affordable. you can now pay by bank account and are more monthly discounts. emily: you have teased a lot about how ai and chatgpt will be integrated into this. can you paint the picture brighter for us? what does airbnb and the experience look like five years from now? how do you use this technology

to deal with the fluctuating issues around pricing and demand and companies like airline prices and hotel prices that you cannot control? brian: the are a few things we are going to do. the greatest vision is we build large language models into an application, and model like the chatgpt four, and then we will tune the models based on our data and customer information. i would like airbnb to know more about their customers than any other company. we would ask you a super question like who are you and what do you want? then we would build the most robust profiles and be in the business of matching you. imagine ai like the ultimate airbnb concierge. we can matching to exactly what you want, a be even beyond travel. they also think we can level the playing field with cartels from a customer standpoint. at airbnb, we do not have a

front desk. imagine with the power of ai, we can provide solutions and anticipate issues for you with seconds. i think this will provide better service and level the playing field. the biggest strength of airbnb is it is one-of-a-kind. the biggest weakness is it is one-of-a-kind and can sometimes be less consistent than a hotel. i thing ai can match you and providing personalized experience and even better service. emily: how would you describe the appetite for travel in the u.s. versus latin america, versus u.s., versus -- europe versus china? brian: north america is weaker than every other market. europe is strong, asia-pacific is strong. north america is not weak but is not growing as fast as the other markets. maybe some of this is just the rising cost of travel in north america and the fact it recovered faster than other

markets like asia pacific. so you are seeing a lot of pent-up demand in asia and borders finally reopening. matt: brian chesky, ceo of airbnb. thank you very much to emily chang for joining us. john, you have breaking news from apple. jon: exactly. we have a stat about the apple tv+ business and who will be departing the company according to bloomberg sources. the services business has been growing. we have seen a number of changes and reshuffling with the management team on the services side which is growing tremendously. he just saw in the latest quarter, stronger growth versus the iphone business. this is a notable departure because pete was a part of the team got negotiated with hollywood but also big sports deals. more changes happening for that business as services becomes a key part of the apple story. we are going to stay on

technology. when we come back, shares of next door on the move higher today. are going to speak with the ceo, sarah friar, about the results and push into artificial intelligence. that is next. this is bloomberg. ♪ [office sounds] ♪upbeat music♪ ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo.

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matt: this is -- jon: i am jon erlichman along with matt miller. time for our stock of the hour. next door reporting better than expected. it helps neighbors to connect so there is a big emphasis on neighbor advice. the company also working on

using ai, working on a new assistant that will help foster more kindness and help users use work from language. she has -- sarah frier joins us. she also is on the board of walmart. great to have you back with us. user growth as one of the standouts of the quarter. what can you tell us about what is happening with your user base? sarah: thank you for having me today. it was a great quarter from a user growth perspective. weekly active users grew 10% year-over-year and 6% sequentially. users are coming and finding value in the platform. over 80 million neighbors across 11 countries are coming to next door and inviting other people. we are quite excited to see the overall growth of the platform. matt: there is also the question around the advertising environment and how healthy it is. what can you tell us about what

is happening in the conversations right now? sarah: it is about how do we position nextdoor as a place for them to come. it is row people and we know where you live. that is incredibly important to a lot of advertisers, particularly those who want to bring you their stores. we are high intent of an audience. people want to come here to get things done. if you can put the right added in front of the right person in the moment when they try to get something done. they can have a very local voice done at a national scale. esther was tough in the ad market. we pivot into places we could see strength. health care was one, government was one and pets were another area. we both had a marketing to go into slightly smaller businesses and finally build a love relationship with the all-important ad agent the.

this is helps get our business back on track, controlling what we can control. matt: and lot of social networks seem to fan the flames of hatred and fear. the negative is amplified on other social networks pretty clearly. have you found a solution to that through ai? can you fix that problem? sarah: let's talk a little on the ai front. i don't want to make the selling it is just a new thing in the corner. it underpins things like great notifications that cope people back to nextdoor. but we lost two things last week. one is our ai assistant that helps to create a more engaging posts. we would like people to give it a try. you will see a you can pass -- you can press that will help you reword it. then from a vitality perspective where you are saying, can we

help make people kinder, we think we can help them be more constructive. one thing we have added into our kindness reminder, which already stops you if you know what you are about to post will get moderated. he put up what slows you down and we ask you often to edit. about one third of people are willing to edit the post. now we are actually giving you a way of how you could reword it to be more constructive. neighborhoods are the places where we will create change in the world but we want to help people do it in a much more can active way. jon: bring it back to the financial story, during this period of uncertainty, he wanted to continue spending and growing the business. just having ai as a tool allow you to control some costs inc. growing? sarah: it certainly does. all of us are looking at what is the productivity that can be gotten from using ai.

that is a place we are looking. from a nextdoor perspective, the last three quarters, we have held expenses flat every quarter and hope the company about flat. we have not downsized but we have continued to generate the team. it is a good hiring environment right now. from here, we see a way to keep going. one way ai will help keep going -- growing is up it continues to keep engagements going and where impressions for advertisers to work on which to continue to drive the revenue and allow us to grow the business while still showing leverage. matt: why is it good hiring environment? what are you finding? sarah: we are finding that people who maybe were tucked into other companies previously when stocks were at their high have become looser in the socket. there is clearly other social medias that have downsized and given us access to some great talent on the product

development side. we want to make use of that. the more we can build amazing products for businesses, neighbors and public agencies, the better the platform becomes for everyone. jon: sarah frier is the ceo of next-door. coming up, hostess and ceo andy callahan on the earnings outlook. i will ask about the supply chain. this is where. ♪ ♪ good night!

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-awww. -nope. ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. matt: i am matt miller with jon erlichman. people are still buying twinkies, dingdong, and the honey bun. hostess brand is trading higher today, actually just now moving lower. it had been higher this morning. it beat earnings estimates.

net revenue was higher than anticipated and so was the gross margin. joining us to talk about this is the ceo of hostess, andy callahan. looks like the stock is now trading off. maybe some investors taking profit. give us the overview on your earnings report. andy: we had a very strong earnings coming off a year ago, up 25%. on a two year basis, we have grown nearly 29%. in the last 12 years, we have a 12% category growth rate. our profitability continues to be strong. we have some leading margins in food and are growing faster than most. we are a premier staffing company. we have a good track record of sustainable profitable growth. q1 was another one of those. we are off to a great start of the year and anticipate another strong year, especially off the backhand and lot pricing we have

implemented last year and really see our new innovation and advertising contraction. i am really pleased with the results of the team. on the top line and on the bottom line is we continue to grow. matt: i want to ask about the twinkie. it is in the ticker by the way, twnk. if i taste it again, is it the same as i had as a kid? andy: it is going to be better. there is a perception around twinkies. i encourage everybody listening to go out and try it. it's our experience is, when we have reintroduced our consumers to all of our products, including twinkies and cupcakes, we reintroduced new items, we always taste better than what they expect. they typically come back for more and by the more than the category when they repeat.

we have invested a lot in our product quality. it is important to us. consumers universally loved baked goods. to bring them a stack of this scale on contemporary forms and the quality they expect is the secret sauce to our sustainable growth model. jon: even though you have been around for a long time, there is the misconception twinkies stay on the so for a long time. i think i heard you say i heard you say it caps out at a month. but you had bouncers last year and just rolled out has bars. there is a look. what is it about these products that will win more consumers over there twinkie lovers? andy: when you combine what hostess fundamentally does is great. it is moist high-quality cake to do at scale so we have access abilities to all consumers. in the case of kazbars, it is

multilayered and has cake, candy crunch, and is in a form consumers are used to having. when you combine the high-quality cake, multilayered indulgence in a two bite smaller stackable form for a retail channel or a larger version for c-store, consumers want to try. when they try and realize how good it is, they come back for more. we also compete in a broader 65 billion dollar indulging snacking market. you put it into a smaller form, you make it more available, more accessible, and more interesting to a broader consumer market. that drives growth. matt: we have talked today about the cpi numbers and inflation reality for a lot of consumers, pricing on higher priced product to anybody is a complicated thing. how are you navigating

inflation? andy: inflation hit us like everyone else. last year, our q4 inflation was up 27%. this last quarter was up 13.7 percent. we try to protect our gross margins so we can continue to invest and pay our team and invest in our markets and bring products to consumers we love. bringing joy we aspire to become. in our last pricing, in july of last year. we will be lapping up all that pricing as we move through q2. we do not plan another pricing action now. we expect our inflation for the full year to be high single digits. this year and last year, if you recall, we were in the high teens. we are still in the inflationary market. do not plan on passing over the

prices but that could change. matt: the ceo of hostess brass, andy callahan. i will mention president biden is speaking on the debt ceiling which you can see on life go. this is bloomberg. ♪

♪ >> the inflation slowdown may finally be insight. the cpi report has investors betting that the fed may finally have the data they need to justify a pause. i am romaine bostick and this is the kickoff to the close. a higher day for the s&p 500 this morning. take a look at the board and we talk about six of the 11 s&p sectors in