>> thank you we continue to follow the threats, we appreciate it. with the dow down 316, about 100 points off the session lows. that does it for "the exchange" and "power lunch" picks it up right now. yes, we do thank you very much. welcome to "power lunch. the markets rattled this afternoon orn comments from the fed chief. but crude on the move bag above $110 a barrel is russia's reign as an energy superpower want to end and the prower player, historic climate disclosure rules. an aggressive agenda why the chair will answer the tough questions.

>> we have a lot of questions. thank you. major averages were hitting session lows an hour ago but only down 301 right now. now the s&p's down 19. and the nasdaq's down 144. i point this out why because fed chair powell issued another very hawkish speech in his talk he vowed to take tough action on inflation and not ruling out the potential for half-point hikes >> if we conclude it is appropriate to move more aggressively we'll do so and if we determine that we need to tighten beyond common measures of neutral we'll do that. >> and in the wake of those comments big moves across the bond market. digesting what it means for the

future pace. how many more hikes or half-points to face in the future. >> very interesting. the fed chair basically saying to the markets, if you didn't hear me on wednesday, let me sharpen the point. a reason why the fed is taking the aggressive stance is rising inflation and a reason why optimism among america's ceos declining. we have the ceo survey the war in ukraine, supply chain changes, inflation, energy challenges and disruptions are the other key things that ceos are watching right now ceos also say the plans for hiring, capital investment and sales declined in the first quart. our next guest calls for a global earnings slowdown with a

portfolio strategy to manage it. let's bring in michael canterwitch with piper sandler welcome. you say the best way to fight a decline in earnings growth is with growth stocks explain. >> yeah. as earnings growth is scarce or anything in the financial markets is scarce investors gravitate to it and pay with a premium and just coming off a strongest earnings recoveries in his history over the last year and will change dramatically going forward. i can see why they believe value is the right way to go but back ward looking i think the-of concerns nowhere did i see for concerns is growth slowdown and that will be the concern when the global economy

is weaker than today. >> you are not quarrelling with the idea far from it. that growth will slow and earnings growth will slow and the economy globally may indeed slow but the best way you think to combat or blunt those effects is to invest in high quality, growth stocks, names like microsoft, united health, exxonmobil and proctor and gamble. >> it is we are not necessarily recking the growthier stocks sometim sometimes they think of the fastest growers. that worked in 2019. that is not what we're looking to it is an earnings growth

slowing. it is not as good as it can be and want to stay with the quality current growers already profitable and not going to be profitable in the future. >> is there anything entering the sell zone? >> anything deep value i think we see a 180 over the next 6 to 9 months in terms of leadership small cap value is best performing year to date which makes sense. as we go forward i think the narrative shifts from the concerns and inflation which is controversial and it's a very much a lagging indicator global economy is going to look a lot different in nine and 15 months and as that plays out investors will react and shift into higher quality companies. i would avoid deeply cyclical

high beta low quality names. >> let me ask you about any reaction to a fed chair powell's comments down to the national -- the economists in washington basically what he said is what i guess we all should have intuited and if we have to be more aggressive to get inflation to the curb we will be if we have to go to 50 basis points at a meeting we will. if we have to go above a neutral interest rate we will. should that be a big surprise that translates to a -- not a major sell-off but 330-point dec decline on the dow >> no. every cycle is different but you tend to see peak central bank hawkishness about six months past the peak in earnings

indicators they're there right now. as that changes and we get slower data and earnings and negative earnings revisions in this year i don't think chairman powell's going to be able to say that with such confidence as the backdrop shifts and downside risk to growth starts to grow. >> right thank you very much. we'll have you back. thank you for your time. >> thank you. let's get to oil as europe considers a -- there it is over $111 a barrel right now. germany announced it's in talks with a long term energy partnership. is it the beginning of the end of russian oil dominance that's the focus of an article by dan yergin. dan joins us now great to see you

this was written before germany is looking to cut and look for energy elsewhere you said this is long-term implications for russia. >> yes one thing about the energy challenges and the ceos. a thing that's been forgotten off the table is energy security taken for granted. it is back on the agenda now and seeing policy to deal with it and in a sense that's what the europeans are doing. they said russia is a reliable supplier the europeans say russia is an unwanted supplier and unreliable and the pressure is growing to have an embargo or ban of some kind and i think that the ukrainians have been effective to say you support war crimes and going do see a -- getting quite close to that now and i think putin a many miscalculation was assuming that

the europeans depending on russian oil and gas to protest and then crimea, too a cake walk and all be done and what a miscalculation. he will have a problem selling energy to europe in the future. >> not merely perceived. not just unreliable but also unwanted and correct that energy policy is now national security policy in a way that we had gotten. >> that's right. europeans are scouring the world. germany will build receiving terminals for lng. we had a conference and had people coming from the european union saying can you get us some more gas the big problem i think is going

to be oil in the immediate term because gas is a problem for next winter why the problem is logistics and need government to work with industry and business to manage the complicated system because they back away i think pretty quickly from russian oil and has to come from somewhere else. >> to that point we were talking with john kildof saying that he was frustrated wondering why they were so recalcitrant. >> it is a political problem the gulf between the biden administration and saudi arabia, remember in an article in "the atlantic" the crown prince said i don't care what joe biden thinks of me they're preoccupied with the war and with the houthis and saudi

arabia and russia put together the opec plus deal and loathe to walk away from that. they're in a difficult spot. who's the big growth customer? china. this is not like earlier decades where saudi arabia was willing to be the central bank of world oil. not right now. >> how much are sanctions like trade finance sanctions going to affect the russians and they should exporting of oil or the fact that insure irs won't insure >> you are going to what's happening right now. there's self sanctioning insurers not wanting to take the risk and shippers not putting the ships at risk and see out of about 4 million barrels a day

that russian oil to europe half is disrupted. >> all right dan, great to haear from you thank you. we'll discuss the agency's proposed rules on climate change and whether the rules could let investors better gauge the risk in the portfolios. when an economy grows too fast take a look now at the s&p 500 leaders today. sartilizer and energy names. moic, occi petroleum among the leaders. i like to keep my enemies close. guys, excuse me. i didn't quite get that. i'm hard of hearing. ♪♪

oh hey, don't forget about the tense music too. would you say tense? i'd say suspenseful. aren't they the same thing? can we move on guys, please? alexa, turn on the subtitles. and dim the lights. ok, dimming the lights.

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90 years where investors get to decide on the risk companies make full and fair disclosure and companies are disclosing climate risk so we are stepping in to bring consistency and standardization with regard to the disclosures qualitative around strategy and governance and as tyler said metrics with the greenhouse gas emissions and the current financials. >> you mentioned emissions who is vetting the numbers if i'm a corporation and xyz greenhouse gas emissions is there an independent audit agency held accountable or the company if the numbers are not accurate? >> again, we just put a proposal

out for xhoent today i invite the listening public to weigh in and give us feedback. on the question there companies already vast number disclose things around the greenhouse gas emissions but we have put a proposal out to include over some phased in period over a number of years that outside independent experts would attest to the numbers basically as you call it audit the numbers. >> yeah. you said before that climate change is material information to make informed decisions this is an important word. why is climate disclosure material for investors >> what we have is hundreds if not thousands of companies make disclosures and yet fragmented, different, following different

standards. we want consistent sy. the materiality is an important concept. the supreme court defined and inve investors deciding to buy or sell a stake and climate risk today a being taken into consideration by literally over $100 trillion of investor assets under management taking in climate risk today about the future what is the price of a stock a price today about the future performance of a company. >> it is kelly here. we appreciate your time. your predecessor has a stark warning about the path wor are i -- worrying it will draw

criticism. setting policy that requires so much more input than an agency what is your response to the criticisms and those that feels it puts at risk safeguarding allocation. >> kelly, i don't accept the premise. we at the s.e.c. are narrowly focused on disclosure and investor protection and capital formation on the other side, firns sy of the market in the middle this is bringing consistency to what's happening already we had a first environmental disclosures in 1970s we have a climate risk guidance for 2010 this is bringing upon that and bring consistency in this one area this is so investors can better informed, more consistently informed and companies get the

bene ben benefit of consistently having that conversation. this is not about with all respect with what people said a broader bit about climate policy it's about disclosure and time tested rules around disclosure. >> to that point including scope 3 emissions is somewhat controversial because they can be difficult to determine. anything involved in the process of getting the products and delivering to consumers and sounds like confusion over who is required to disclose and legal follow up on the disclosure and to give the best effort guess at what they might be can you provide clarity on that? >> you're right to mention for five or six years companies

disclose about their own company and maybe the energy purchasing like electricity those are now more readily available and took a tailored approach as you called it the upstream or downstream greenhouse gas emissions scope 3. because that's not as evolved at this point in time and what we said is companies would ontd need to disclose that if the company determines it's material in the context of that company and investors or if they say they manage toward a target and we said small companies didn't have to do this. we phase it in over more time and place a safe harbor over that for the issuers. >> you had over 600 comment letters submitted earlier from

the fellow commissioner. can you give us a sense of what corporate america we saying? what are the concerns? is what kelly brought up a legitimate concern a big concern about s.e.c. overreach and the constant demand for disclosure. what are corporate america saying already about the proposals? >> yes, my fellow commissioner allison lee acting chair at the time asked the public to weigh in and got robust comment file last year and talked to corporate executives and issuers and three quarters of the comments were supportive of the s.e.c. taking a step forward for mandatory climate risk disclosures but the details matter and really helpful if

individual issuers, individual companies and investors weigh in give us field back building upon what this is a 90-year tradition but in each area to weigh in what some issuers have said is i don't have a target plan or a transition plan. the proposal we made today says you have to disclose a target or transition plan if you have it we are not weighing in to have a scenario analysis but using them to disclose to the owners, we own the companies. the investors that watch this show own the companies and they want to understand today as they invest, buying and selling and voting, the risks that are here today about future transition or physical risk. >> you have a very ambitious

regulatory agenda. 50 proposals on the regulatory list cyber security, corp. rart boird diversity, pavery versus performance. is there something you think is important to get through this year >> i like to use other words i think this is about promoting efficient markets. the mission investors, issuers and the fair orderly markets in the middle so i hope that we together with my commissioners keep promoting that and in the market, the stock or the treasury markets, to driver greater efficiency or the private fund space, that probably on average takes about $300 billion a year or more from

issuers and investors to manage the money, manage about $18 trillion of assets if we can help promote greater efficiency in the markets with the disclosure rules, i think our capital markets are better i think issuers benefit. investors get a better turn in the markets. >> thank you very much for joining. >> thank you, bob, kelly and tyler. >> thank you still ahead, effects have the impact of russian bans on wheats could putt the u.s. food supply at risk. lovely we'll break down that story. ♪

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her background's a federal public defender would bring an informed perspective on the criminal justice system to the supreme court. >> i'm a bit troubled by the positions you have taken in arguments made representing people who have committed terrorist acts against the united states and other dangerous criminals. it appears that sometimes of advocacy beyond the pale. president biden spoke this morning with european leaders about the war. the white house say there is's evolving intelligence that russia is exploring options of cyber attacks against the u.s. a station in california is selling regular almost $6. aaa said the average is $4.25 down 7 cents from last eek. in connecticut a security camera captured two angry pigs attack a bear.

the owner is proud of them and glad they were not hurt. looks like the bear went toward one of them first. don't start but finish a fight >> the take the pigs and the points thank you. an all electric future gm starting the production of the all electric cadillac. are we running into an infrastructure issue a clean start in our weekly series looking at a company making faster and cheaper building materials. an economic recovery more hazardous in the long run? we'll debate that when "power lunch" returns

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we have about 90 minutes left in the trading day. we want do get you caught up on the electric future of the auto industry and whether we are ready with it. let's begin with stocks selling off today after last week's

rally. one of the best since late 2020. we are off session lows. fed chair powell today saying inflation is just much too high and the fed will take the steps to fight it. meantime energy and materials are leading the way. communication service was are the ones down the most more than 1% brings us to the bond market where there e's been a lot of action today rick santelli? >> definitely a lot of action today. looking at the intraday of 2-year notes today you have to harken back to the pre-november pivot fed where no stimulus is too little and removal is out of the question and noy tough rhetoric and in a way i give chairman powell and the

committee credit because trying to talk the market into the heavy lifting isn't a bad idea and looking at the intraday 10-year note yields up about 15 basis points, aggressive but flattening and the market willing to play the game he talks about the need to be more aggressive and the interest rates mover up and prepare the market and looking at 10-year back to may 2019 the last time these yields in this zip code and stimulus and energy. okay we did a lot of stimulus and europe needs a lot of nrg and playing havoc with the energy markets and the inflation the world is afraid of i can tell you that many traders

think the curve might steepen a little bit thinking that 2-year note yields are over the skis. back do you. >> thank you. let's talk about commodities. inflation fears not eased by the move in oil. pippa? >> oil is jumping again today rising for a third straight session as several european union countries push for sanctions against russian oil and would have much of an impact than the bans from the u.s. and some members like germany said they don't support an embargo. supplies to customers not impacted after an attack but adds to the risk premium in the market right now

wti up at $111.90. brent crude up at $115.82. energy stocks getting a lift with sector up 3%. back to you. >> thank you. oil's big jump coinciding with the big shift from petrol powered cars to electric vehicles phil lebeau is live. >> day one of the pruoduction a the gmpl plant in tennessee. they take orders may 19th. gm says we have about 200,000 people raisers saying we want the lir ek and optimistic to do well for sales and this is the beginning of a ramp-up in ev

production and sales balancing production with internal combustion engine vehicles at this plant and talking to the president of gm today i said gas prices are a record high at what point does that move people to buy an ev. he said it takes sometime. >> i think what you are seeing is now the interest is higher and getting the industry gets enough evs people make that switch so an axel rapt absolutely is it permanent yet? probably not. >> reporter: as you take a look at shares of general motors morgan stanley with a price target cut on shares of gm down to 50. guys, adam jonas the analyst says he is not certain that gm, ford and a number of automake

eve ers can hit the targets. >> all right phil, thank you very much. interesting model in that cadillac. the question is whether the charging infrastructure is sufficient to support the evs seemingly coming to market this video posted to twitter showing teslas waiting to charge ben bergman said he would rather pay $ a gallon and be on the way than waiting and ending we need more superchargers. elon musk responded with working on it. let's bring in craig irwin with roth capital the infrastructure sufficient to meet in the u.s. and in europe the demand seemingly going to

come from customers buying more electric cars? >> so in the u.s. we are a little bit behind europe in adoption tesla is a market loaders and pockets of problems throughout the network, particularly in peak times of the day so i would agree. i rather they $6 a gallon than waiting for hours. europe is ahead of us is moving faster and they have a big energy security problem to solve and a way to do that is moving on the support of electric vehicles the best way to address charger infrastructure to say gas prices are high i like performance of an ev and the technology and want to buy one. same thing plays very well in

this country and are inevitable and i think the charging companies are interesting investments. >> let's turn back to the current state of affairs how much do people or often charge using a public charger opposed to using their own home power or 220 power they can get? >> so it kind of segregates between tesla drivers here in north america. tesla drivers charge about 15% on public network. they will charge 10 or 15% at work and the balance at home the 10 or 15% at work also holds for nontesla but there is no super charger network so third parties is 5% of the dc fast charging and the balance at

home home charging is most economic the others is convenience as a factor and pay for it but there is development and the expectation of fleet to really reich a lot of fast charging and that way to get a chunky amount of vehicles on the road fast with fleet adoption. >> but fleet you are talking about rental cars and truck companies? >> today the bigger fleets adopting tend to be rental cars, really taxi fleets. >> i got it. >> they're moving fastest. rebel is well-known in new york city and other companies seeing good success people want to pay for the service and they need charging. >> yeah. all right. craig, thank you very much appreciate it. >> as interest grows the problem

of congestion gets worst. >> next step or the nexti step the process of construction more environmentally clean. don't go anywhere.

so, who's it going to be? tom? could be danny. guess it's on maggie. should we have another one? talk to us about retirement today. feel comfortable about tomorrow.

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real estate is one of the worst carbon offenders and concrete is a big part of that and why when one company came up with a solution it couldn't meet demand fast enough diana 0like joins you. >> nexi is a $2 billion company and expanding rapidly in the u.s. with a new wall system that the company claims is not only climate safe but climate resilient. >> it is a more sustainable, more economically rev nugsing building system that premanufactured, assembles 75% faster than traditional construction. >> reporter: making the n k3eii panels and a steal core.

very strong and no concrete. the walls are produced in a factory and shipped to sites reducing labor and materials and claims to produce near zero waste. construction wastes makes up 40% of landfills the walls are also recyclable. >> the first thing to do is reassemble move the building, reuse rather than recycle we have had some buildings to do that. >> reporter: while climate friendly climate resilient he says test showed the panels resilient to fire and water and insulate saving on energy costs. the walls are already holding up starbucks and can be use in homes. >> i can honestly say that the demand is really insatiable for the product. unfortunately right now of the

99% of leads that we receive we can't supply. >> reporter: backers include honeywell and traen, lotus capital and beedie capital now nexi opened in western virginia and another with materials outside of pittsburgh is that in partnership with michael keaton back to you. >> nothing surprises me anymore. what about competition >> absolutely. in clean cement or 3d printing so much demand to see startups in this space. >> all right diana, thank you. finding a goldilocks of a comeback 2020 may have returned to normal too early. il irwin will join us next to explain. play video games?

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welcome back to "power lunch. what's the right speed for an economic recovery? after the '08 financial crisis, it took eight years for the unemployment rate to get back to pre-crisis

it took gdp four years to rebound, but two years after the pandemic, our gdp recovered in a year the huge difference is the amount of money pumped into the economy to aid the recovery. joining us is neil irwin, chief economic correspondent at axios. neil, i was going to wait to bring up mmt, but basically, last decade, last expansion, there was a sense that you could do anything and it wouldn't move the needle now we know there's a number that moves the needle and maybe moves it too much. >> if you asked me a year ago what would happen if we had done in 2009 some $3 trillion stimulus, i would have assumed that would have all gone into higher growth, been to barack obama's political benefit, things like that what we're seeing now, a lot of money get spent. if that goes into inflation rather than real growth, it's not good for people's sentiment about the economy, and it just flows into shorten, inflation, all the stuff we're dealing with

now. >> the irony is the concern that the economy can run too hot comes at the time the fed decided maybe it was okay to run too hot, depending on overshooting to make up for previous undershooting of the inflation goal now you have to wonder about that new fed goal itself >> yeah, i think that's right. they set up this new flexible average inflation targeting framework in 2020, in some ways that might have been fighting the last war in some ways they were dealing with an issue of prolonged below target inflation that's not the problem we have now, and there's some reasons to think, and chair powell alluded to that earlier today, some reasons to think that might shift in long lasting ways we have to monitor carefully. >> when you talk about the speed of the recovery, the circumstances between 2008-2009, and 2020 were very different, and the accompanying pain was very different we did not have the supply chain

or the supply shortages back then that we have had this time. and yet we just threw money into the thing. it's a different set of circumstances but i don't dispute the idea maybe we have come back too fast from what was really a full dead stop of the u.s. and global economy there in 2020 >> yeah, i agree with that totally, the pandemic is a completely unique experience there are a lot of things about the last year that are really unusual in any kind of economic experience that any of us have lived through. ten years ago, 12 years ago, there were a different set of issues and problems. the structural allocation away from housing, away from durable goods. kind of the inverse of 2021. yes, if they had done a bigger stimulus in 2009, there would have been higher real growth and a better labor market. we don't know how far they could have turned that dial without running some of the same types of frictions we're experiencing now. >> again, you're seeing with all of this the fed has a green

light to keep hiking look what we just heard from chair powell where you are >> yeah, i think that's right. if you look at any kind of market indicator, this is not a situation like late 2018 when you remember they announced a rate rise and forecasted more rate increases and the markets just freaked out you had bond yields fell, you had equities fell, you have a lot of sentiment also around economists among kind of people in this room, the national association of business economics, where the feeling is they're behind the curve they have room to tighten. let's go for it. >> neil, thanks for giving us some time today. good to see you. >> thanks, kelly >> neil irwin of axios >> up next, with russia banning wheat exports, is the u.s. at risk for a major shortage of wheat? and what could this mean for agriculture and grocery stocks there you see some of them, up today.

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wheat prices have soared since russia invaded ukraine they're up 40% in a month and that's off the highs seema modi is looking at the potential impact prices could have seema. >> kelly, whether it's the price of pasta, izza, biscuits, americans should expect to pay up as the cost of wheat continues to rise. the cost of a loaf of bread now up 26 cents compared to the same time a year ago. eggs up 40 cents remember, chicken do feed on wheat. all this is putting pressure on grocers and major consumer

brands, specifically general mills, kellogg, that produce wheat specialized products like cereal, which by the way, is up 15% over the past 12 months. now, higher wheat prices should be better news for top producing states like kansas, montana, washington, but farmers tell us they're not innocentivized to plant more crop. >> the issue is input costs are going up even more than the cost of wheat >> now, in two weeks these spring wheat planting season will begin, and farmers do not plan additional crop, experts tell us we could start to lean on strategic reserves. the problem there is wheat production in the u.s. is down 35% since the peak hit back in 2008 one viable option is to import more from countries like india, but then there's transportation, freight costs, so this could potentially set into motion, guys, a food shortage here in the u.s. back to you.

>> all right, thank you very much you have a lot of carbs in that basket that's a lot >> and gluten free, just in case prices get high. >> thanks, seema, and thanks for watching "power lunch. >> "closing bell" begins right now. dow down 362 see you tomorrow stocks are firmly in the red after a midday tumble. the most important hour of trading starts now welcome to "closing bell," i'm sara eisen here's where we stand in the market at this hour. lower across the board we're off session lows the dow down 400 points earlier this afternoon it's down 1%, the first declie for the dow in six days. the s&p and nasdaq also giving up some of last week's strong gains. technology is underperforming with the nasdaq down more than 1% what's working today energy oil is popping it's the same fear dominating lately, ukraine and of course the fed. here's are my top takeaways on some of the biggest stories