yeah. yeah. yes. that's all for this edition of "dateline." i'm natalie morales. thank you for watching. [musical flourish] good morning and welcome to street signs i'm joumanna bercetche. >> these are your headlines. >> sam bankman-fried faces criminal trial over the collapse of ftx while the new ftx ceo

says the schaiexchange was frau >> this is using it for your own purpose. >> binance reportedly booked 3 billion withdrawals in the last 24 hours the ceo tells cnbc he understands why there's a rush on funds. >> there's been reported news about looking into binance's business from u.s. authorities and so generally the concern in the market and people are taking the cautious route of with drawing from exchanges. european equities retreat after they wave off the decision coming this evening. and the full impact of embargoes on russian crude remains to be felt, and a price rally cannot be ruled out.

welcome to the show, everybody. well, sam bankman-fried has been charged with fraud, conspiracy to commit fraud, money laundering, and violating campaign finance laws. the ftx founder's considered a flight risk and was denied bail by a bahamas court he will remain in jail there until an extra diction hearing in february. prosecutors describe the case as one of the big oeft financial frauds in american history bankman-fried was arrested by bahamas police on monday and appeared in courts on tuesday. meanwhile the new court-appointed ceo of ftx tells the u.s. house committee that ftx's collapse was the worst business failure was the worst he's ever seen. >> this is really old-fashioned embezzlement this is just taking ing money fm

customers and using it for your own purpose. not sophisticated at all sophisticated in the way they were able to sort of hide it from people, frankly, right in front of their eyes, but this isn't, you know, so first indicated whatsoever this is just plain old embezzlement. >> now binance's ceo says things seem to be stabilizing off the crypto exchange. it topped $1.1 billion on tuesday and they hit $3 billion in 24 hours. deposits are now coming back in, adding the company has seen greater withdrawals in the past. binance says it temporarily paused withdrawals on tuesday to carry out a token swap.

now, we're joined to get more on this story arjun, thank you so much for the time the fact that deposits are coming back particularly for binance, does that prove then, you know, its reserves are okay? is this really the proof in the pudding that we perhaps needed, that the markets needed? >> there was a stress test the reason they gave for the pausing of the withdrawals because of a bank in new york that was closed that was required for them to make some of the swaps between some cryptocurrency and some u.s. dc. here it took them about eight hours to get withdrawals back online some of the binance users, some of the tweets i saw toward me, they were very hach about this, but there are a lot more questions about this it doesn't necessarily prove anything about the company's reserves given that the short proof of reserve document they released a few days ago, they say they're

100% from collapsing look, the ftx implosion, really, was a huge deal given the size of it, given the amount of retail investors it touched. if binance were to have any kind of similar issues -- and just to make clear, there were no issues that they do -- but if they do, that would be a big worry. they're looking to be more transparent and proving their reserves are intact. >> let's go back ta sam bank manner freed we know he's in custody in the bahamas. we have the department of justice charging him formally with eight counts including conspiracy to defraud customers, money laundering, and violation of campaign finance laws, so they're really leveling a lot at him. i guess the question, though, become as what did he know and when did he know it, right

>> yeah. those are certainly the questions that have come out there's s.e.c. indictment, there's a commodities futures trading commissions indictment so he's sorts of getting it from all angles here in terms of the charges leveled against him. there were eight very, very serious allegations from the u.s. government and the federal indictment was -- there's others in the s.e.c., but just to kind of summarize, i think there are two key parts here one, this was through all of the charges, allegations of co-mingling of funds between ftx and al a mater some were used for political donations and lavish real estate as well. the ftx customers deposited fiat into the bank accounts these are allegations that the u.s. prosecutors said some of those funds were used to pay off debts. that's a key part or a theme that runs through all of these indictments. yeah, how much did sam

bankman-fried know about all of this he claims he doesn't have much knowledge of what was going on he claims he hadn't been running a alamada but somebody else was. he's a character that was built up and brought down. sam bankman-fried and ftx were the ones who stepped in saying we're going to lend you a line of credit and prop you up. now we know where these funds were actually coming from, but he was very much seen as the crypto savior, last resort this summer, and had very quickly been turned into a villain i thought the ftx statement was damning. they say they were operating behind a veneer of legitimacy. it was fraudulent.

that was the s.e.c.'s comment, which i thought was pretty damning. >> arjun, a quick question on bitcoin. it had plunged and ended up at around 16ish there seems to be some form of stabilization with respect to bitcoin. why is ftx not affecting the price of bitcoin even more >> i think because bitcoin has been so closely correlated to the u.s. markets when we saw the inflation come in, that boosted bit koichblt but i think there is certainly a lot of caution now, investors trading very carefully because this ftx story is not over and the concern is how much does the contagion spread further and what does that mean for bitcoin prices we've seen other parts of the market like the mining under pressure if miners capitulate, that could

put pressure on bitcoin. miners often hold a lot of bin coin from when they were rye warded and if they have to sell some of the bitcoin to keep their operations running or break even in some way, that could continue to put a cap on bitcoin prices nothing really right now in terms of positive news for the crypto space if you were to see any kind of silver lining, a lot of what's happen ed with ftx has come out publicly, and perhaps for many, that's a good washing out of the space, but certainly i think carefully treading carefully going forward because we don't know what else will come out. >> and what others maybe in the same situation out there if they do exist arjun, thank you for joining us around the desk. well, oil production is set to outpace demand through the first quarter of 2023 even as opec plus nations dampen operations and russia cuts

production, suggesting that crude prices could drop even further before the end of the year that's according to the international energy agency, which released "i" new oil market reports this morning. i'm happy to say the head of oil joins us good morning let's pick up on the headline i just spoke about now it seems there's still an ongoing imbalance between demand and supply even though they have upped their forecast for demands, you still see supply is outweighing. there's a mismatch between the two. so talk us through that dynamic. >> thank you and good morning. yes, as we say in our report today, even though we do see production from the opec countries falling from november and we are expecting losses from russia and demands to come after the embargo on russian crude

came in earlier this month, we're seeing an increase in demand is falling. we're expecting the supply to slightly overtake demand through the remainder of the year and into the early 2023 before the market tightens again as demand recovers. >> i want to pick up on the lines about russia as well i think it is so interesting in your report today you flag that russian oil exports have actually increased by 200,000 barrels per day, the highe est since april. and crude oil exports haven't changed that much but diesel exports have risen quite substantially. what is going on there and who is buying? >> yes, indeed we're seeing the export as you said russian reported 8 million barrels a day. crude exports around 5 million

product exports increased last month. we're seeing russia is pushing it onto the market crude oil took effect the a5let of december. last month we saw them scale back their purchases to 1 million barrel as day. seaborne was down 400,000. and the flows through the pipeline were higher through the sea portd for the first time so we're seeing a big shift in cried oil exports. obviously most of that oil has been backed out of europe, u.s., and other g7 countries have gone through asia we see that continuing to shift as we move foofrmtd last month india took a record 1.3 million barrels and china -- russia remains the biggest supplier of

oil to china, but we haven't seen a big change compared to prewar levels for china as the economy has slowed refinery activity and purchases have slowed compared to earlier in the year turkey has taken up buying more oil. but for products, we haven't seen a big shift in destination yet. in nosh, for instance, we saw russia importing more than a million barrels a day of diesel. the majority of that is still coming to the european countries, and it increased ahead of the embargo effect coming in november. >> good morning. a arabile here as well if that demand comes back on board, that could impact things quite dramatically, couldn't it?

could that be something in the market one would have to be weary of >> yes we notice in our report we see the oil demand slowing from this year to next year. we have oil demand growth of about 2.4 million barrels a day this year. next year it would be 1.7, but that depends on the rebound in chinese -- in the chinese economy, easing the restriction to fight covid and recovery in oil demand so next year, really, we do expect that reopening of the economy to take place gradually, and china accounts for more than half of our projected oil demand growth in 2023 this year china's demand has fallen year over year, which is

if biggest ever we've seen in china. >> thank you so much unfortunately that is where we're going to have to leave it this morning toril is the head of the oil agency. coming up on the show, the dow gives up most of its 700 point gain as investors digest what the better than expected inflation report could mean for the federal reserve later today. >> not just a celebration for markets, arabile we're going to head to break, and we're going to leave you with some joyous scenes from buenos aries after lionel messi and his team pulled off a win. the the they'll be the winner tonight. i happen to be in paris tonight. >> do you have a choice between france and morocco >> i can't sate on air let me say my heart is with

lionel messi even my husband knows that "street signs" will be right back running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free.

welcome back to the show, everybody. well, yesterday we were talking about the event of the day that was the u.s. cpi number it surprised us coming in on the downside year on year versus 7.3% expectations on a month-by-month basis its lowest level in 15 months, really reaffirming the fact that in the u.s. at least, the inflation is well past its peak of around 9% back in june. the reaction markets was initially very, very positive. at one point the s&p was up almost three percentage points by the end of the day, you saw it did close in positive territory, but perhaps not as meaningfully as it had been. the s&p nicely through 4,000 again. up 30 points up about 0.7 of a percentage point. the dow up almost 0.3% of a percentage

point. not as much of a violent pullback as we thought we'd see. you can sort of figure out what happened in yesterday's sessions we did see that big bump initially post the cpi number coming out, and toward the end of the day, we drifted down lower, ending up about 0.3% of a percentage point a similar phenomena occurred at its lowest level in the last two months, 11 basis points. at one point we were about 20 basis points lower so, again, pairing back some of the gains there. it does tell you the reaction was quite strong as it pertains to fixed income. don't forget we have the meeting coming up and it probably cements the case for a 50 basis point hike at today's meeting, not at 75 basis points also lots of questions about what the fed are going to do in the future and what they're going to do going ahead. in terms of the dollar crosses,

this is what we have here. the dollar is actually sitting at a six-month low now you can see versus pretty much all of these, the yen is trading firmer, 0.2%, quite a pullback from the 140 level we were at a couple of weeks ago. the euro also about a ten ogts of a percent firmer. and then the pound, almost at 124. so up 0.2. again, quite a wild ride it's been for both the euro and the pounds, but so much of it has been a dollar story in the case of the uk -- some uk-specific events as well, but a lot of that has been unwound. arabile. >> consumer price inflation posted its smallest monthly increase in more than a year, coming in at 7.1% on the year. in the 12 months to november, just 0.1% on the month, offering the strongest point yet that price point mace have peaked

cpi rose 0.2% from a month earlier and 6% on the year. >> now t better than expected inflation report came at the start of the fed loll reserve's final two-day policy meeting at the end of the year. they're widely expected to take their foot off the pedal and deliver a half a percentage point increase, that is 50 basis points, to a range from 2.5% and 4.5% traders are now waiting on a trade increase in the first of 2023 with some expecting the last spike to come in march instead of may we may be nearing the end. uk consumer inflation did pull back more than expected in the 12 months to november with prices climbing 10 president 7% on the year after october's more than 11% surge, but that figure is still more than five times the bank of england's target rate the country's office for national statistics says falling

prices provided the largest downward contribution. and the pullback in inflation may provide some relief to squeeze british households but also the bank of england. they will raise interest rate again this week. that is happening tomorrow but economists expect a smaller 50 basis point rate hike the bank of england announced last month the no doubt this fall in inflation numbers will be welcome. we're still sitting at 10 percentage points down from 11 percentage points. perhaps the pressure is still on them to hike i would say, arabile, yesterday, the wage growth numbers came in very strong, 6.1 percentage points, and that is more of a concern, in my view, for the bank of england, than the headline number. >> having heard them, of course, point toward that extended recession basis, that data kind of gives you a sense of how dire it certainly could be.

i'm also wondering on the other side whether this easing inflation could be supported with the economic outlook and also the pound as well i know convention would tell you it kind of works the other way around, but at a time when you have such a weak economy, could the pond actually benefit from having that inflation ease up a little bit as much as possible >> so far it has, but definitely, yeah, something to watch, especially as we've got the bank of england tomorrow everything is tomorrow england, snb, it's all kicking off, and i'm not going to be here i'll be in paris. >> lucky you. sales rose in one year, slightly more than what analysts had been expecting net profits for the first nine months of year rose up from 2.5 billion despite weaker consumer demand as the fashion retailerer passed on prices to customers.

the world's largest holiday company tour says it's expected to experience a loss earnings came in far higher than last year's figure, 409 million euros compared to more than a 2 billion euro loss a year ago. taking a look at the airline stocks going down, a lot could be based on the fuel and the oil numbers which have also taken a bit of a hit we're seeing it go down more than 6%. sticking with airlines, boeing has landed the largest order for wide-bodied aircraft in u.s. history. cnb cress's phil lebeau visited a manufacturing plant in south carolina and filed this report. >> this is a fun day, but time to build airplanes. >> reporter: it's the largest

commercial airplane order for a u.s. airline one of the executives celebrated at the boeing plant in charleston, south carolina united ordering 100 787 dreamliners with an option for 100 more in the future in addition it placed a new order for 56 737 max planes while exercising an option for another 44. >> it's significant without a doubt. it's a cornerstone order in every respect. again, i give lots of credit it to the united leadership team for understanding the world supply come srands for wanting to get that oar in the water, if you know. >> reporter: it adds to the badlog for united, it locks in delivery of new airplanes for years to come while construction is still delayed due to labor and supply chain shortages. >> it create this unique moment where demand has fully recovered

but supply is going to be below trend for years to come. we wanted to get ahead of the curve. it's going to be really hard for anyone to catch up to us now. >> reporter: for boeing, the plan is to steadily increase prodiction they plan to raise that level to 38 a month next year and eventually ly 47 a month. but critics question whether they'll struggle to raise their production rates, a problem boeing expects to take a while to resolve >> slowly and steadily we will overcome those restraints. i expect next year to be a tough year i expect us to get beyond this in the following year and then it will be a question of just how high do the rates ultimately get. >> reporter: united airlines is now scheduled to receive 700 new airplanes between now and 2032 with about half of them going to replace older aircraft phil lebeau, cnbc business news,

charleston, south carolina. and also coming up on "street signs," new european investment may be need as the bloc considers the inflation reduction act. ea'll have the details after t he he brk. hi. i'm wolfgang puck

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welcome to "street signs." i'm arabile gumede. >> and i'm joumanna bercetche and these are your headlines. sam bankman-fried has been denied bail as he faces criminal charges over the collapse of ftx and what prosecutors call the biggest embezzlement in u.s. history. the exchange was a vehicle of fraud. >> this is really old-fashioned embezzlement this is just taking money from customers and using it for your own purpose. >> binance wants russian investors to reinvest. that's according to crypto analytics firm who tells the

cnbc there's a rush on funds. >> there's been reported news about looking into binance's business, so generally there's a concern in the market and people are taking the cautious route of withdrawing. >> the fed's policy decision is this evening and the iea forecasts that oil demand will lack production during the first quarter but the full impact remains to be felt while beijing's reopening will also be felt. >> this year's china's oil demand has fallen 4 million barrels a day. depending on the opening, that will have a major impact on the mar markets. we focus our attention on

the european market which is red across the board markets are taking in that u.s. inflation number which did come in softer than expected, 7.1% figure certainly helping the market, perhaps moving closer toward that pivot particularly for the fed who may be looking at lower interest rate hikes moving from here and where exactly does it shift to heading off into next year of course, we do have the fomc neating closing out and that will clearly give a sense of where exactly the fed decides to do with the basis points a 50-point basis hike expected today. you're saying weakness across the european board they had rallied initially particularly yesterday after that u.s. cpi print showed the consumer prices rose less than expected in the month of november we saw uk inflation numbers come out today. that number, 10 president 7%, lower than the 11.1 that was

recorded the previous month, but 10.9% was the figure that was expected so 10.7, yes, bet e but still in those double digits. it doesn't necessarily change things too much in terms of how negative that inflation figure has been for the economy we move over to the currencies we're seeing the dollar get some weakness then as well. its lowest market around six months for the dollar. you do begin to see some strength, particularly for the euro now sitting at 106 against the greenback there while thesterling is now at 123 gaining around a quarter of a percentage point then today. that uk cpi number indeed beginning to make its mark on that market movement. onto the u.s. futures, we are seeing some of that gain initially in the dow jones, but the rest of the market seemingly flat with a slight negative. they're awaiting the fade real

reserve's higher rate. >> i love the inflation crashing jargon. the eu's von der leyen says they must respond. she said further investment in the climate transition should be considered. >> we need to give our answer, and i see more main strengths of action first of all, we have to adjust our own rules to facilitate national public investment in the transition second, we have to reassess the need of further european public investment in the transition third point, we have to work with the united states to address some of the most

concerning aspects of this law and, of course, the first topic is we have to further accelerate our transition to green energy >> well, our next guest says climate technology is the biggest investment opportunity of this century. tommy stat lynn, cofounder at giant ventures joining us now. good morning to you, tommy very noble initiative, of course, and i tend to agree with you. the question that i have about investing in startups and purpose-driven companies is how you discern the more economically viable companies from the ones with the pipe dream that tend to be a little bit fattish, especially in an environment where the era of high-growth companies that don't produce the cash flows is coming to an end. >> that's a great question we founded giant on a very simple premise, that the largest companies of the decade will be publicer technology companies

that have their core of solving a big global challenge that really matters to society. so climate change, but also health care and inequality we see a trade-off between companies that are doing good and doing well at all. you do mentioned that, you know, difficult time we've seen in the technology markets, and what we're witnessing in the private markets is a transitioning out of traditional technology into climate, and i think people have realized that this is the economic opportunity of the decade, of the century, and if you're not going to have exposure to climate technology, you really do risk significant losses with stranded assets. >> tommy, what do you make of the argument that some of the incumbents in that space, the traditional oil and gas companies have a competitive edge over other new entrants namely because they've got the infrastructure and the technical

expertise already to begin with that would put them in a better position at scaling up than some of these smaller startups? >> well, it's an argument that we see a lot it frankly reminds me a lot of the software investors who always say, what if google bills this product, what if facebook build this product, but what we see time and time again is very small teams of startup entrepreneurs are able to disrupt at inkreable speed very, very large invested interests in common industries, and i think we're seeing the same in climate where it's not the bps and shells of the world who are driving this retransition. they've had a chance to do it for many decades and basically haven't done enough. and what we're seeing is very well funded start jumps whose names, many we don't know of yet, who will get us to net-zero by 2050. if they do that, it will be the biggest transition in history.

it will be bigger than internet in terms of the winners that it creates, but also the losers that will be left stranded like oil. >> tommy, as joumanna was speaking, she was speaking about discerning, the ones that perhaps are more sustainable, the ones able to scale up, o buns that are not necessarily just fads. really all of this is based on the esg market, which we have an impactive stance on for large companies. how much of an investment in this climate tech is there right now, for example, and how much growth could there possibly be from here? >> well, we see a big distinction between genuinely good climate technology which are companies that will stand on their own two feet and deliver profit and companies who rely on government subsidies or companies who rely on esg. now, we've seen, i think, a lot of justified cynicism about esg and the markets and a lot of that is box ticking.

it's do no harm, maybe don't invest in tobacco, war arms, things like that but it's not companies that are actually driving as their core purpose health and so on the private markets, we've seen people do a better job of investing in companies as they scale their impact are scaling commercial lever news. don't forget what we're trying to do here is deliver very, very adventurous things it might have a positive impact in the world if you look at a company like tesla, you know, that is probably the largest outcome in history and it's climate technology their core partners are trying to change some of these issues we face as a society. >> one of the technology trends you might be looking to now that you're seeing as impacting this space sufficiently. >> well, we see some trends

which are a bit overhyped, so we literally see a different carbon accounting company every week. that's very crowded. we haven't done something there. but one slightly overlooked theme is biomanufacturing. so if we look at biomanufacturing, that can transition industries everything from petro chemicals to all on the muss protein versus the way pharmaceuticals are made therefore, we've been very active at backing the picks and shovels. companies like synonym or companies that will use ai and data to improve the yield on biomanufacturing so we can transition away from things like traditional meats, traditional petrochemicals we think the 21st century will be the century of biology. >> okay. i like that. one question i wanted to ask you, tommy, is where you see nuclear energy in all of this. you talk about climate tech solutions.

it's an ongoing raging debate not just over here in europe but across all over the world because proponents on both sides get very, very heated whenever the concept of nuclear energy comes up what i read tells me that it's almost impossible to get to net zero simply just relying on renewables you have to find an alternative source of energy, and that's the gap that nuclear can fill. what is your interpretation of the situation? >> nuclear has a branding issue and a capital issue. the branding issue is focused on other parts of the energy industry that have been incredibly effective i think new nuclear is clearly far safer than old days. but it also has a capital problem. investors like me find it very difficult to fund nuclear innovation just because it's so capsule intensive and the timelines are very long, 10, 20 years, where we need a sign. that's why the government needs

to step in you were talkingearlier in you program about the eu's response to the biden inflation reduction act. that's an area with these lead time technologies, they do require government support that's the funding we typically see in europe and also the u.s you're absolutely right. we will not get to net zero without getting there. >> so appreciate the conversation and hopefully we'll get you on to chabt it tommy stadler talking to us there about climate tech investing. coming up on the show, the dow gives up most of its 700-point gain as investors digest what the better than expected inflation report could mean for the federal reserve today. we'll discuss next

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welcome back to the showing everybody. we talk about the positive reaction for u.s. stockmarkets yerkd it hasn't translated into a positive session for european market every one of these behind me is trading in the red as we head into that fed decision today

and, of course, a whole slew of other banks making decisions tomorrow the ftse 100 you can see behind me is down about 0.4%. we hadinflation data come in slightly lower than expectations and a drop from last monthing but still coming in at 10.7 part points yes, the peak may still be in, but we're sitting at higher levels, something for the bank of england to think about especially amid the slowing economy as well. we have the dax and germany also down about 0.6%. one stock that continues to get hit is the landos. it is worth pointing out that inditex, the owner of zara did come out with positive results

today. in terms of sectoring you can see every single sector is trading in the red oil and gas up 0.2%. the report came up this morning. we spoke to toril earlier in the session and she was saying the supply and demand outlook for the foreseeable future, at least the next quarter, is going to be tilted toward the extra supply that's why oil continues to come under so much selling pressure utility is up there as well. down at the bottom we have travel and leisure down. the company did announce a return of profitability but announced a capital increase, so it's weighing a little bit on that sector, and then down 0.4 percentage points taking their cue from some of the weaker percentages we had in asia a very big day yesterday we had all three of the majors up in positive territory, up about 0.7. today, sitting around the flat line somewhat mixed, but, of course, we have that fed meeting

later. the zpecation is they'll probably go for 50 basis points, but let's talk about what the u.s. central bank is exhibited to do because they are widely expected to take their foot off the pedal today and deliver a 50-basis-point hike, taking their key policy rate to a range of 4 pre.25% to 4.5% and they're trading in each of the first two meetings of 2023 with some expecting the last hike to come in march instead of may. our guests today have been weighing in on what to expect from the fed as well as the u.s. equity markets going forward take a listen. >> the investors have been pouring money on the way down in stocks that have fallen 30, 40, 50, 60% under the assumption that we're close to the end of a bear market. and all -- the nifty fifty unwinding at 73, 74, and the

unwinding of 22 to 36 months and the decline in the s&p. >> if they're going to do 50 basis points, it would be extremely surprising if they did something extremely different p where and when do they stop raising interest rates my view has been they'll probably raise rates close to 5% i think it's debatable if they go slightly over 5% or not they probably stop raising rates in sort of march or april. >> i started on his team you know, we are looking at bear market there is certainly some truth within that, but i would say from medium to long-term effect, i'm more of an optimist myself bare ear market prices have notl fallen significantly, but if you

look at the price, they've been even larger. >> 2023 is said to be dominated by a new cold war, a new world order, and a new volatile economic environment that's accord ining to generali. now the head of fixed income at generali joins us to unpack this a little more and the fed who's set to come out with their interest rate decision later today. antonio, let me lead with that and perhaps get your sense then of could there be a surprise move low were regard to the interest rate hike, a 25-point basis rate hike, possibly 50, but also more importantly, when, when does the fed then stop hiking >> good morning. i don't see a become chance for

25 tonight simply because the rate is still too high there's no room for 25 basis points only tonight. >> what about that where and when does that end at 5%? do you see it going higher than that or is that the implied rate, and when does that stop? in the first quarter of next year >> if nothing goes wrong, i think the presumption of 5% is okay what the market might be exceeding coming after that. the fight from inflation is far from over and this might imply rates become -- remaining high

for the year 2023. >> earlier on we had the eu president talking about how well the europeans have done at boosting up their gas storage facilities and that that puts them in a better position to make it through the winter it's a very cold one, especially if you live in london. >> it is. >> let me ask you how you think this is going to impact the economic situation on the ground because a couple of months ago people were very concerned about the possibility of rationing, et cetera, but it doesn't look like those downside scenarios are actually going to materialize. >> assuming the week has just started would not be extremely, extremely cold, then given the level of storage, we should not have russian problems during the winter, but still prices will remain elevated with all of

those consequences the real problem for europe is 2023-2024. it will be very difficult in the current set of supply to build at such a level of reserves for the following winter so in the foreground, i think europe has the advantage of not facing high prices then the next winter would probably be a more difficult story. >> let's just take a snapshot of where we are central banks are probably getting closer toward the end of the hiking cycle inflation has probably peaked or close to peaking, and most countries, putting that all together, does that mean it's the right time to buy fixed income >> i think fixed income in 2023 should be part of the solution while in 2022 it's been part of the problem if not the main problem from an allocution

problem. we like income i-like investments in particular because the sum of higher rates and higher spreads has made it very interesting, also given the lower level of vulnerability. >> antonio, very quickly, aisle ask a question i asked another one of our guests as well then just how quickly do you think inflationary pressures begin to subside when the economies begin to hit, you know, the recessions that i expected? >> i think inflation in 2023 will move down materially also because the recession slowdown is going to be involved and is going to be material so next year inflation will be definitely lower the real question i think the market should look into is where inflation was after 2023 because the expectation is for numbers 2.4, 2.5, 2.6, if you look at

europe and the u.s., given that it's still possible, those expectations might be optimistic. >> antonio, it's a pleasure having you with us on the show today. thank you very much for joining us on "street signs. well, if you've been watching this show for the last hour, you'll know that there is a very important fed meeting coming up later today. u.s. futures are pretty much trading on the flat line ahead of it. yesterday we did see a more positive end to the day for all of those three wall street majors, and we also have a big football match coming up tonight. >> we do indeed. france and morocco we'll see how things fair. enjoy your trip. thank you for joining us "worldwide exchange" is up next. do? i do! you've got sales! you've got sales! you've got

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. it is 5:00 a.m. in boston and here's your top 5 at 5 it is decision day, waiting on the fed's final rate call of the year futures they're flat to maybe a little higher sam bankman-fried behind bars in the bahamas, the judge there denying him bail and deeming him a flight risk. $300 billion under management and bearish as ever a "worldwide exchange" exclusive. plus, tracking the tesla stock selloff as investors pressure elon musk, gain