and finally, josh brown. >> ieo, buying energy dips >> all right you and many others. all right, that does it for us i'll see you in a few hours if "overtime. see what the markets, if they can hang on to positive territory following the fed chair. we'll discuss it then. "the exchange" begins now. yes, it does, scott. thank you and welcome to "the exchange." i am brian sullivan in for kelly once again here is what's coming up fed chair jay powell promising to fight inflation until the job is done. meantime treasury secretary janet yellen is in michigan promoting the economic agenda. so are monetary and fiscal policies pulling in two very different directions electric cars, yellen is at a ford facility. today gm is pushing its lower priced electric equinox. with the electricity grid in shambles is the country ready for an electric revolution

and the big earnings reports on deck that is all ahead. but we begin this hour and a much more somber note. a story that the entire world is watching, the health of queen elizabeth and what may be her final days shepard smith is here now with the very latest. >> brian, thanks very much we got word about 7:00 eastern time this morning doctors were concerned about the queen's health they told us members of the family were beginning to arrive in balmoral castle where she spends most of her summers the queen is not hospitalized it but buckingham palace released this statement, following further evaluation this morning the queen's doctors are concerned for her majesty's health and have recommended she remain under medical supervision. the queen remains comfortable at balmoral the white house says president biden has been briefed on the queen's condition and that his thoughts are with the queen and her family late word from sky news people have begun laying flowers at the gates of buckingham palace

meantime, the queen's family, senior royals and others, have arrived at balmoral on a rainy afternoon. in the 6:00 p.m. hour, anchor for our sister network sky news and cnbc contributor, wolf, good afternoon. >> reporter: we are all waiting with baited breath for a further update from buckingham palace particularly now, more than at any point in the last six hours given that we do believe alm of the senior members of the royal family are now at balmoral with her imagimajesty, the queen prince charles and his sister have been there for some hours, arriving in a fleet of suvs, the queen's other two sons, prince edward and prince andrew and second in line to the throne, her grandson prince william,

arrived as well. we understand prince harry, the duke of sussex, is making his own way up to balmoral given they are all now by his side, an added sense of anticipation we may get a further update from buckingham palace as to the queen's health and condition. we remain, of course, hopeful it will be a positive update though the day, as brian said at the top, has had a somber tone because of the unique nature of that statement we got from buckingham palace at 7:00 a.m. eastern you read out earlier that we have never got during any of her other past health concerns over the past couple of years and, indeed, the fact these members of the royal family have rushed to be by her side, shep >> it's our understanding, as you mentioned, there's one important person who has not yet arrived, prince harry. his wife, meghan markle staying behind do we know about his travels and when he might arrive at balmoral >> reporter: i don't but we just don't think he was onboard the

plane that landed about 19 minutes ago and, therefore, not in that fleet of suvs that arrived at balmoral about 30 minutes ago. we wouldn't expect him necessarily to have been with them, of course. he was coming from germany he wasn't coming from london like the rest of them. on top of that many of the queen's other grandchildren, like harry, are not attending at this stage maybe they will be making their own way up as well i wouldn't say that's a huge surprise or means anything significant that he is making his own way up there and is not there yet. >> understood. and we also know that kate middleton is at home with prince william's children who had their first day of school today, and she's there with them awaiting further notice wilfred frost, thank you the rains have stopped for the moment as i mentioned in the 6:00 p.m. hour there in great britain and we'll have updates throughout the afternoon here in the u.s.

for now, brian, back to you. >> thank you very much of course we will return to you for any updates on the queen's health and, of course, wishing her and the entire family, really the nation, the best. right now back to what we do best that is the markets and your money. stocks right now are down a little bit we'll call it little changed the dow is down 20 points. the dow had fallen more than 250 before rebounding and then going back lower in just about the last hour. i think we call that a volatile day. fed chair jay powell staying hawkish and reiterating his goal of 2% inflation in a speech earlier today. a reminder we are at a staggering 8.5% inflation right right now so 2% is a long, long way away powell also warned against backing down from tightening too quickly. listen >> the longer inflation remains well above target. the greater the risk the public sees higher inflation as the norm and that has the capacity to really raise the cost of getting inflation down so, finally, history cautions

strongly against prematurely loosening policy >> all this on the heels of a bunch of hawkish sentiment yesterday lael brainard saying policy will need to be restrictive for some time to provide confidence that inflation is moving down "the wall street journal" reported the fed reserve is on the path for another 75 basis points or .75 interest rate hike it sent the dow plunging 1,000 points and that "journal" piece triggered goldman sachs to raise over the next two meetings seeing three-fourths of a percent. goldman said it is a, quote, likely hint for the fed leader ship, a 75-point basis hike is coming at the september meeting and the fomc will delay its plan to slow down let's talk about it. jason brady will tell twhaus to do with your money

the milken institute's bill lee with the implications of all this tough talk. a former federal member. these daily, if not hourly comments >> tough talk and tough talk that's credible. the more people believe the fed will, in fact, return inflation to 2% in a reasonable amount of time, they're not going to be acting in a way to make things worse. that's the rhythm we came out of with jackson hole and every member of the fed choir, every fomc participant is drumming the same beat to make sure that message comes across especially for wall street because the notion of a pivot was the one thing that scared the hell out of the fomc members, the entire message has been missed. and now tough talk is the important policy tool. >> yeah, the market, though, how are we supposed to read this

2% inflation is a long way from 8.5%, the cpi number morgan stanley thinks negative meaning inflation is coming down in certain things particularly energy but is there one way to read into what the fed is doing >> right now the one belief everyone has is it takes a recession to get people to stop spending and so the fed will say, okay, you want a recession, we're going to give you a recession and raise rates to 3.5% or 4% and possibly higher to get the recession once people hear that, wow, we'd better start to save some money in case we get laid off. once that happens, that's when inflation cools off. that's when the excess demand starts to cool off and the key to this tough talk policy tool if the markets don't believe it, if they don't believe rates will go up to 4.5%, they're going to have to do it and maybe raise it to 6% to get rid of the disbelief.

when people said the fed has no credibility, right now the fed is on a knife's edge >> i wonder what they're going to take the knife to, bill one of the biggest xoecomponento inflation, we talk gasoline prices, housing is far more important to the majority of americans. owners equivalent rents, the housing market, et cetera, a major part of inflation. it's starting to cool off a bit. is there any way, bill, to get to 2% inflation without effectively crashing the housing market >> if the landlords believe inflation will not be 8% or 9% the next two years then the next rent increase or renewal, they're not going to ask for anything more than 3% or 4% if they believe it won't influence them that's the key the sticky prices get renewed once a year, one every six months, garage mechanics change their pricing very slowly and that's the key if you get the slow changers, which is the core inflation that

services you and i are worried about, the fed is worried about, if they can slow down these increases, that's the key. >> do we need to slow the increases, bill, or have rents and home prices actually come down we're seeing some signs of the latter >> well, let's take one step at a time the fed will be delirious if they can get disinflation, that is slowing down the pace of increases from 9% back down to 4% or 3% or 2% a price decline is called deflation and that can bring on its own problems >> yes, it can, as we have learned in the past. bill lee, the milken institute look forward to seeing you in person based on that, should you be making moves in your portfolio as the fed tries to fight its way out of this inflation hole joining sus jason brady, president and ceo of thornburgh investment a man with many opinions about the fed. your job is to -- don't laugh -- to take what you hear and put it

into actionable information. so how do you read daily the fed hitting us over the head with an inflation hammer >> well, everybody has an opinion, right it's like a lot of things. when you think about what bill just described and what you were asking in housing, i think one key piece of this is exactly the lag that we're talking about there's a lag in the outcome of what the fed does, in other words the long and variable lags but most particularly on housing because it adjusts so slowly it's going to take a while for that to flow through to inflation. the fed is in an embarrassing spot they have to be hawkish and that's why you see this cavalcade. we step back and say, all right, well, in an environment of inflation or an environment of big volatility and big changes, not just in the u.s. but globally, how can we balance portfolios >> you think there's a successful investment outcome in mastercard, which is interesting, jason, given that we're talking about the

consumer, high debt levels already. are they going to stop spending or all the credit cards are already maxed out, and that's great for mastercard >> so mastercard really it's a big part of this is a volume game if you think the way this works, it's nominal prices. so as inflation increases, frankly let's look at how much you're spending on your card when you go to the gas station maybe less now but that's actually done in nominal prices the other piece of this for us we think the consumer is in relatively good shape. relative to 2008, i know what that looked like in 2008, but relative to 2008, consumer balance sheets are way better. i don't expect that kind of recession going formed corporate balance sheets are worse and government balance sheets are much worse. the consumer is a relative safe haven. >> relative safe haven what are some other names you like where should we be putting the money given the inflationary possible consumer slowdown environment we are in? >> i'm going to give you a

couple of ideas outside the united states because we're so focused here in the united st states looking at a name like anel -- >> i've never talked about it. i have no idea what you're talking about. >> right so here you have a company that is really ahead on energy and transnation will be much more aggressive not just in 2022 but in 2023 and beyond and prices are cheap this is well below a 10 times p/e so there's an example of some place can you go and say, hey look, the narrative might be european energy. i'm scared but -- and maybe up should be, but the solution is in the context of certain names that might be interesting right now >> to be fair, maybe you're supposed to buy when you're scared or when things are scary. we've talked about this from the dawn of time, buy at the sound of cannons and sell at the sound of trumpets or whatever that is from the 1700s nestle, another european name

exposed to the consumer. i have to imagine some currency conversion issues there. you still like them. >> so nestle is a great example of balance on the other side this is not a cheap franchise 26 times p/e. i think what investors get confused is domicile of a company and operations of a company. is nestle really a european or swiss company? swiss miss maybe but it has franchises everywhere or it has brands everywhere, excuse me and, yes, the currency conversion is an issue to manage but they're very good at managing it. frankly, they've been having to manage it their entire corporate life so that's a name which is defensive, a name like anel as it acts in the marketplace is more cyclical. that's the balance investors need as opposed to going all tech or all energy >> jason brady, thornbur burg,

appreciate it. for more investing ideas tune in to our cnbc special "blue chip playbook." sara will take you sector by sector with the best of the best bringing you the top ideas from our panel of experts tonight at 6:00 p.m. eastern. by the way, we don't have a graphic for it, we should, i'm hosting a cnbc event tomorro with tim seymour -- i don't have a graphic. my name is not up there. it may not be happening, but check out the cnbc pro side of the website. i have to at least tease myself, right? good grief coming up, it is all about electric cars. rivian partnering with mercedes on electric van. jeep rolling out their strategy and gm its all-electric chevy equinox. are we at the ev tipping point do we have the infrastructure to support it all that is next plus, results out of docusign on deck a cloud firm, a grocer and

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welcome back to "the exchange." let's have a little fun and talk cars the auto industry is not having

an evolution, it's having a revolution gash gas and move to electric. gm is no different, betting the bar on evs investors don't seem convinced, shares having their worst year in a decade. will the unveiling of its all-electric equinox turn it around phil lebeau joins us with a look under the hood but there's nothing under the hood >> reporter: the battery is what's important we'll talk about battery production in a bit. the equinox is critical in the push to overtake tesla in u.s. electric sales by 2025 here are the numbers within the numbers when it comes to the all electric equinox 250-300 miles. the target base price, this is their targeting base price, at around $30,000 which would be huge if they could come in close to that when it goes on sale in

late 2023. and mary barr tells me they want to get these out into the showroom as quickly as possible. >> for the equinox it will ramp quickly. i think we'll be really close to full production by first quarter of 2024. the equinox is a very quick ramp with the products like hummer. >> reporter: pressure is building on general motors to catch up with the ev leaders in the u.s., and you'll see them here you have tesla, king of the hill followed by hyundai, ford, vw. mary barra says, yes, they can catch up, in part, as they ramp up battery production in north america. we started working on the ultium platform, it goes from the equinox up to the hummer and that's scalable. we're getting that scale as we ramp up we'll see cost

advantages because of that >> reporter: the first battery plant in northeast ohio has just started production three more will be coming online over the next year, year and a half this is the beginning of the big push by general motors to ramp up the ev sales in real numbers because they have the blazer coming out next year, the equinox and the electric silverado. >> it's a good looking car we have to go, phil. i worry about the price. that's a lot of coin that's the blazer. >> reporter: brian, that's the high end they're not counting on high end only that will be the focus >> you might get that $7,500 credit the auto world has gone gaga for electric cars. what is the real demand, the real cost and what is it like to

wait for a charge? what happens to the grid california is having an electric emergency, stretched to its limits and asking consumers to hold back on charging their cars they called another emergency from 3:00 to 9:00 tonight. could electric cars save the grid the transportation correspondent axios, a new article on that with the idea, i guess, it's not a one-way street if you have a ford lightning, you can power part of your home with the car >> well, brian, yes. that's the long-term plan these evs potentially strapped together can really handle those peaks that we're dealing with now in california. the energy can flow both ways and you could get money or a discount on electricity for offering up some from your car

>> here is what i worry about. this is the big push, as you heard phil talk about. let's say you're out in los angeles or fresno or wherever you are. it's time to get a new car let's go electric. my governor is saying i shun be charging my electric car you wonder if that's going to just spook people off. once they make the commitment, that's like a 10 or 12-year relationship >> well, yes the governor is not saying don't charge your electric vehicle he's saying please don't charge it in the late afternoon between 3:00 and 9:00. dim your lights if you can that's the time everyone wants their air conditioning on. electric vehicles don't usually charge that time of day. most charge overnight when demand is low. and prices for electricity are lower then, too. >> the solar component as well i wonder about the charge, joanne

i drove one last year from las vegas to san francisco it was about 115 degrees through bakersfield when i did it. a lot of the chargers we found were broken, they were slow, they had no shade. you were cooking your skin you couldn't sit in the car. we have a ways to go, at least according to my opinion and experiences on the charging side >> no doubt about it the infrastructure for charging is still being built out there's some money in the inflation reduction act to put more chargers in, build back better act as well there's a very long way to go. but keep in mind most people do charge at home those fast chargers along the highway are good for road trips you took >> the people that charge at home have a garage which right now rich people are buying evs i drove 1,000 miles from the upper peninsula of michigan to

new jersey three days ago. i counted seven electric cars, five teslas, one mustang that had a flat tire and a rivian which i took a video of. not one person was charging at the rest stop. i won't have to wait, right? what's the chicken and what's the egg here i see enough chargers i feel comfortable even if i don't have a garage or i'll buy the car and will figure it out >> just having public chargers is like a security blanket they may not use them very often but they want to know they're there. most people still will charge at home it doesn't work in cities where people are living in tall apartment buildings. you have to have different solutions there, of course i do think this $30,000 chevrolet equinox, a lot of families will drive that and will have garages. i think it will be a big hit if they can meet that price target.

>> yeah. the price target, a little federal tax credit, making sure the infrastructure is there and is working we're getting there. i don't know of any other industry getting a chance to build a trillion dollar business alongside the existing business. it's a hell of a time. thank you. >> thank you still ahead, former disney ceo bob iger with some dire warnings for us, the media we'll tell you what they are and why he says disney did not buy twitter and elon musk will latch on to these comments plus, armed with nearly $100 billion, the irs says high earners in its cross hairs what the agency is doing to crack down on all you tax skimmers you know who you are

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a weird day for the market today. right now we're up 125 up on the dow. we were just down a couple points literally at the top of the show we were down earlier 250 it's been a topsy-turvy market with not a lot of news the big movers this hour asana shares, the company beat on the top and bottom line on pace for its best day ever. regeneron, shares on pace for their best day in a decade only about 6% away on the flip side intel falling to its lowest level since may of 2016 it is on pace for its fourth straight week of losses. that is the worst streak for intel in three years do not miss our interview tomorrow with pat gelsinger

tomorrow on "squawk box. good for ohio. still ahead, furniture, electronic signatures and even food on today's "earnings exchange." kroger expected to get a boost from gasoline.

shepard smith at cnbc global headquarters we interrupt to announce the royal palace has just informed great britain's queen elizabeth ii has died. the quiet woman who dedicated her life to service and duty, the only leader in place since the end of world war ii, the most photographed woman on the planet, died today in her summer home in balmoral, scotland she was 96 years old the queen had just celebrated her 70th anniversary on the throne as the longestserving monarch in history for months she experienced difficulty with mobility but sky news reports she had in recent weeks been seen in good form, picnicking with her lady in waiting walking her beloved cor cor

corgis she welcomed liz truss in balmoral instead of at buckingham palace in a break from tradition after her doctors said she needed rest yesterday the palace canceled a scheduled virtual meeting and this morning around 6:30 a.m. eastern time the queen's doctor announced he was concerned for her health and the palace said she was resting comfortably at balmoral, a phrase that raised great concern. the heir to the throne, prince cha charles, was with his mother along with senior royals then moments ago the sad news queen elizabeth ii has died. keir simmons with her remarkable life >> reporter: queen elizabeth ii, died after living a life dedicated to duty. born in 1926, the third grandchild, elizabeth would guide the monarchy through historic challenges.

the royal family stayed in london to the people of britain there was this message from their future queen >> we know every one of us that in the end all will be well. for god will care for us and given us victory and peace >> reporter: that speech sealed a relationship westminster abbey 1953, the first time tv cameras allowed inside to record a coronation, a celebration was seen worldwide and elizabeth's reign would be felt worldwide she helped transform britain's empire while balancing motherhood and the monarchy.

the pomp was there but for the first time the queen opened to the public eye she encouraged her children to live lives beyond the palace walls. in some ways the royal family appeared just like the rest of us, vulnerable there was divorce and reconciliation her son, prince andrew, mired in accusations of sexual misconduct, but the tragedy of princess diana was an especially dark moment for the royal family her fairy tale romance and marriage ended in scandal with a messy divorce and then death diana killed in a traffic accident in paris. the royal family grieved privately but there was growing anger in britain the monarchy was out of touch, detached and aloof. the queen quickly returned to london from her vacation home to pay tribute to diana and face a challenge to modernize the monarchy >> i, for one, believe there are

lessons to be drawn from her life and from the extraordinary and moving reaction to her death. >> reporter: queen elizabeth set out to change the face of monarchy, more open, compas compassionate, in touch with the changing british public. >> institutions which in turn must continue to evolve if they are to provide effective beacons of trust and unity >> reporter: she embraced many changes including the marriage of her grandson, prince william, to commoner kate middleton and prince harry to the american actress meghan markle. she celebrated the birth of great-grandchildren including prince george, third in line to the throne to mark the queen's diamond jubilee the nation joined in a pageant not seen for decades and in 2015 she surpassed her

great-great-grandmother queen victoria to be the longest reigning monarch in history. queen elizabeth continued to inspire her subjects and people around the globe during the covid-19 global pandemic, her words helped everyone keep calm and carry on >> at this time we join with all nations across the globe in a common endeavor using the great advances and our instinctive compassion to heal we will succeed, and that success will belong to every one of us. >> reporter: in april of 2021 the queen's beloved husband, prince philip, died. her companion, her confidant, and her husband for 70 years in her words, he was her strength and stay. she carried on with her royal duties, serving her country and people queen elizabeth, a monarch for all times.

>> keir simmons reporting for us at cnbc. queen elizabeth dead today at the age of 96. the announcement came just about 6:30 in the evening london time. the queen had been at her summer home in balmoral where she spent all summers for decades on end now. it was a rainy afternoon with intermittent showers throughout but well-wishers had gathered since the early morning notice or the noontime notice from her doctors that he was concerned for her health soon, members of the senior royals began to arrive in balmoral four arrived by jet to a nearby airport and then went by caravan over to balmoral prince william driving the car prince andrew along with two others we're told prince charles had

been at balmoral overnight now charles, the king, returned to london and buckingham palace tomorrow certainly a day of enormously historic proportions in london and really across the united kingdom and the world. elaborate and elongated plans for ten days of mourning our sister network sky news in the united kingdom began wall-to-wall coverage just as the bbc did at the lunch time hour this afternoon. there was early word when the bbc 1, the main broadcasting channel in great britain, went to rolling all news coverage, and the word from the royal doctors was a tone we had never heard before that it appeared the end was near and, indeed, it was. queen elizabeth dead at 96 let's join in progress now coverage from our sister network

sky news in the united kingdom >> just to repeat that statement by buckingham palace, the queen died peacefully at balmoral this afternoon. the king and the queen consort will remain at balmoral this evening and will return to london tomorrow. our royal correspondent is still with us. of course this is the way things work in britain and the united kingdom, with her death we now have a king. >> we do we have a hereditary monarchy

and this, i think, is something that will potentially come as a shock to some across the country, as soon as queen elizabeth ii took her last breath we had a new king, and that is her son and heir, formerly the prince of wales and now king charles we do wait to find out what name he takes there is a potential that he may change his name to a different name, but we await that announcement in the next hours or days to come. but in the coming days, we will see the pendulum swing in many ways between mourning the death of queen elizabeth ii and the welcoming of a new king. we are going to see spectacular pageantry that many of us have

never witnessed before the accession council where he will be made officially the new king, where he'll be sworn in, that will gather at st. james palace we wait to see exactly when that will take place but that will formally mark his succession and we will witness him taking his oath and it is at that moment he will be proclaimed as king i think what is striking is that at a time most people would have retired he is now stepping into a role that he spent his entire life preparing for >> and indeed he has we're interrupting sky news coverage because we've just learned president biden is scheduled to speak in the next few seconds from the white house. let's bring in our senior white house correspondent kayla tausche who is live there. kayla, what have you learned >> reporter: shep, we know president biden was scheduled to speak at 1:45 on the u.s. fight

against covid-19 and vaccines, but now the press pool here at the white house has gathered for those remarks where the president is expected to address the passing of queen elizabeth ii the press secretary who closed out a briefing just a few moments ago said she didn't want to get ahead of what the president planned to say but that the u.s.'s hearts and thoughts go out to the royal family and to alm of those in the uk it is known as this special relationship between the u.s. and the uk, the closest allies in the world president biden had met with the queen on three occasions, first as a senator in 1982 most recently in 2021 following the g7 summit in cornwall. in that meeting he extended an invitation for the queen to visit him at the white house that's a visit that never materialized but, of course, queen elizabeth served for 70 years on the throne, spanning 14 presidents, 13 of whom she met she witnessed the civil rights movement here in the united

states, the end of the cold war, the rise of protectionism both in the uk with brexit and here in the u.s. as well as, of course, the pandemic and the recent antagonism by russia and china on the world stage it was those two leaders, the two presidents of russia and china, that the queen asked president biden for his views on during their last meeting. the president wouldn't say exactly what he shared with her. earlier today i asked the press secretary about how the president views this special relationship between the u.s. and the uk with a forthcoming transition in the monarchy with queen elizabeth having served for 70 years, one-third of american history i'm not sure if we have the response from the press secretary prepared for us to air right now, but she essentially underscored that the president and the white house believed that relationship grew stronger in recent years and that, of course, the president believes that relationship will remain

strong and special it wasn't just the diplomatic and military ties that bound the u.s. and uk together, shared views on loyalty, fair play, patriotism and hard work and, of course, on those values that tie will remain unbreakable. shep >> kayla tausche live at the white house. we'll return as the president speaks it's 46 minutes past the hour now this change in world circumstances might take them just a few minutes as queen elizabeth ii has died at the age of 96. king charles' reign begins immediately. coronation is a matter for later days he may take another name but will be king our valerie castro is gathering reaction as it pours in from around the world while we wait for the president, valerie, to you. we are still awaiting

reaction from the prime minister, the british prime minister, liz truss. saying the whole country will be deeply concerned by the news from buckingham palace my thoughts and the people across the united kingdom are with her majesty the queen and her family at this time. that was a statement that came out earlier today, notably still nothing new posted tony blair, the former prime minister, tweet ed earlier today it is deeply concerning to hear today's news from buckingham palace my thoughts and prayers are her majesty, the queen, and her family no updated statements from those former leaders justin trudeau, the prime minister of canada, issued a statement earlier today as well. my thoughts and the thaupts of canadians across the country are with her majesty, queen elizabeth ii at this time. we're wishing her well and sending our best to the royal family again, we're still waiting for more statements to come in, more

rea reaction head of the church of england, my prayers and the prayers of people across the church of england and the nation are with her majesty the queen today. may god's presence strengthen her family and those caring for her at balmoral. shep >> thanks very much. cnbc's valerie castro. queen jean-pierre, the white house press secretary, spoke just a short time ago and she gave a message from the white house just before we learned that the queen had died. let's listen now as she spoke in the last 30 minutes. i've been given word the british prime minister, the new prime minister, liz truss, will be speaking in london in just a short time so one would guess that in the order of speaking likely liz truss might go first and then president biden. you can see the podium has been

set up there outside number 10 downing street in london on yet another rainy day there. back over to the palace, the throngs of people began arriving the rain fell through much of the day, approaching 7:00 p.m., british summertime authorities said everything was working ap ing according to pla. for decades there's been a pla for the passing of the queen, all that would take place over a period of ten days or so leading up to the coronation which will take place about ten days from now. first, though, the memorials that have been coming in and on sky news, a much different tone, of course, because in great britain she was seen as sky news said earlier today sort of as a granny, the bbc's royal commentators said people may have taken her for granted from

time to time, may have not thought about the glue that she's been for this country since she was on the throne since the finish of world war ii but that now at times like these the british people are able to sit back and reflect on all that she has experienced. the 15 prime ministers now prim liz truss coming into power and you can see they're set up for liz truss to speak and while we wait let's listen to sky news this is what the british are hearing on supper time television this evening. >> she talks about what it was like the moment when she became queen and speaking about her father's death and there is a documentary "elizabeth r" from 1990 in a way i didn't have an apprenticeship and my father died far too young and it is all very sudden in taking on the job

as best you can, and accepting the fact that as you are and is all fate and throughout that remarkable reign we saw that she was always committed, despite the world changing around her and despite the social and economic change. she would continue to try and make sure that that institution was reacting to what was happening around her >> just on the here and now we understand that an announcement, a statement will be made by the prime minister in downing street very shortly and let's just reflect on what an extraordinary week it has been in the history of the entirety of the united

kingdom. the passing of the head of the state after 70 years on the throne, two days after a change and prime minister and we really are in a moment of constitutional upheaval. and the statement also posted on the gates of buckingham palace, and that device has been used for much happier news, you'll be more familiar with it, i suppose, to announce the birth of royal babies over the years this the saddest of news confirmed on the gates of buckingham palace that the queen -- i'll read it to you again, the queen died peacefully at balmoral and the king and the queen consort will return to balmoral another somber symbol of the

flag at half-mast above buckingham palace here in central london. >> not too far away from buckingham palace over on downing street a lectern. >> we are waiting for liz truss to arrive. cnbc's courtney reagan has context around the royal family, and a royal watcher herself as we mourn the loss of queen elizabeth. >> shep, this is a historical day for all of us really around the world. if you think about queen elizabeth, she became queen in 1952 and was cor nated in 1953 and at that time it was much

more of a surprise than what we were experienced now and her father was quite young and it wasn't quite known that he was ill at the time. she has met with 15 prime ministers starting with winston churchill which really just seems like a historical figure, but was someone that she knew personally and politically, which i just find fascinating. 13 presidents, i believe, meeting all, but lbj during that time, and of course, the queen came to the throne in a very interesting way. yes, her father had passed away and that was the way these things naturally pass, but he was only king because his brother had abdicated the throne in order to marry an american divorcee of course, since then, the rules have changed, but the queen stayed very, very close to the way things had always been done and she chose the crown over family which i can imagine had to be personally difficult and she felt a great sense of duty because of the role that she

played because of the choice that her father really was not given, and so i think she felt very compelled to follow the rules the way things had always been done. as time went on, things did certainly change she changed the different rules of succession so that now the eldest child of the reigning monarch would become king or queen. that does not necessarily play out in the line of succession mainly because the firstborn and actually the only two children of charles were male and williams's oldest child is also a male, but had william's oldest child been a female, she would have been the queen over another younger brother. so i think that there's a lot that the queen held on to and over time began to loosen and we can only wonder what charles will be if he is indeed king charles or goes by another name and what he may change or keep the same obviously, considerably older than his mother when he takes over as sovereign. so there's just a lot of sadness

going on around the world. i think she really came to be a beloved figure and she changed the way that the monarch interacted with the public in a way that had not been done before that and became someone who was adored, figure head or not. >> we know from planning that was set well in advance of this that the royal family will announce plans for the queen's funeral which is expected to be held somewhere around ten days from now the prime minister will be the first member of the government to make a statement. we're expecting liz truss to make a statement in just a short time and all other members of the government will be instructed not to comment until after the prime minister has spoken which would explain why president biden will not be speaking as scheduled.

remember, he was to speak about ten minutes ago on other matters and was going to shift his statement to messages of condolence from the united states and liz liz truss, the p minister to make the first statement and a series activities to go into place. the minister of defense will arrange forgun salutes to take place at all saluting stations across great britain and the united kingdom a national minutes of silence will be announced at some point soon the prime minister will hold an audience with the new king the schedule would suggest that that would happen at 6:00 p.m. british time king charles then to deliver a statement to the nation. of course, we are three minutes before 7:00 p.m. now which leaves into question whether that sort of thing will happen tonight or in the morning, but having been in planning for this sort of frankly for a period of decades, i would guess and suspect that the prime

minister will hold the audience with king charles and that king charles would deliver a broadcast to the nation some time in the next few hours all at the same time there will be a service of remembrance at st. paul's cathedral in the heart of london. the prime minister and a small number of senior ministers set to attend that service planned to appear spontaneous according to official documents which were received by politico just about one year ago now and then tomorrow on the day after the queen's death, the ascension counsel which includes senior government officials will meet in sir james' palace to proclaim king charles so much ahead as we mourn the passing of queen elizabeth at the age of 96. to hear the words king charles and queen consort, such an abrupt change. death comes so quickly especially when considering that

most of us alive today have not known a queen or a leader of great britain other than -- other than queen elizabeth i think of my father who is almost exactly her age who has never known a queen other than this one and now suddenly that part of great britain and the passing of the political torch at a period of great change. there is new reaction coming in as we are fast approaching 2:00 p.m. on the east coast and 11:00 a.m. on the west coast valerie castro now in the cnbc newsroom over to you. >> we are now starting to see some international reaction pouring in as a result of this news the president of france emanuel macron said her majesty queen elizabeth ii embodied the british nation's continuity and unity for over 70 years. i remember her a friend of france and a kindhearted queen

who left a lasting impression on her country and the century sheikh muhammad, we mourn the pass of queen elizabeth and the icon whose life time of duty to the united kingdom is unparalleled in the modern world. there are british celebrities that have been speaking out j.k. rowling issuing a statement, some may find the outpouring of grief odd, but millions felt respect for the woman who filled her constitutional role for 70 years. most british people have never known another monarch so she's been a thread winding through all our lives. she did her duty to her country right up until her dying hours and became a symbol of britain all over the rest. she's earned her rest.