that's all for this edition of "dateline." i'm craig melvin. thank you for watching. welcome to the third and final hour of "squawk box" here in yeerp where the equity markets are starting out the with the trade. the easterly signals have suggested they're going to pull back up green on some of the markets even though we've got a little bit, it's been soggy counting down to this trading session despite a firm irtrade.

wall street had a firmer session. the asian market, we've been limping, suggesting some of that sentiment is fading. you can see on the heat map behind me a little red moving onto the chart on terrell signal of the beige market. yesterday we closed up 1.3%. some markets are up. 1.8 on the ftse. 1.7% on the dac. investors stepped away from some of those banking contagion fears, pressing on, buying up major lenders, putting risks back on the table like technology. there's the playbook we're seeing on features indicating a little bit of a soggy action. in terms of the split, real

estate traveling down by about half of a percent. huge focus on interest rates. it is fed day. the market pulled back from the 50 basis point rate hike expectations amid the banking fears, but 25 still a possibility, and this morning we had red-hot inflation data here in the uk that puts focus on what we could see from the bank of england. real estate suffering as a result. banking names pushing lower at this stage. so after the green that was experienced, the bounceback trade, we've got ing, barclays, citadel all trading. insurance names down 0.2%. along the financials, oil and gase, there's been a big trade around the oil and gas. we've mentioned parts of the

market huge. treasury being one of them. banks, of course, oil and gas that's suffered to the downside and bounced back. we're trading higher by 0.2%. food and drink slightly higher in some areas of the market. heineken into the green. media names out in front and retail stocks stretching higher. perhaps around this inflation story and what it means for margins. the starting point for the european boards for the ftse was about 7,500 points as they claude back in the trade yesterday. we're still holding above that threshold, but slipping a quarter of a percent. holding 7,100 at this stage. german stocks down a fraction. more contained as you look at that german picture versus what we've got in the ukraine market,

modest losses, a third of a percent of spanish names, flat looing effectively for the smi. for the lockstep, we're moving into the red on the major boards as anticipated according to futures. u.s. secretary janet yellen has said they're willing to take more steps to share the banking sector, potentially protecting deposits at small banks. a look at u.s. futures are indicated lower. perhaps this is where some of our sentiment has been hit this morning. 86, 87, dow jones future, but also across the board for other indices. a close-up look at the ftse as we travel by a third of a percent. they surged 10.4% year on year in february, more than analysts had an it is paid. core cpi which excludes prices like food, energy, tobacco, that rose 2.6% on the year.

uk chancellor jeremy hunt said inflation was not inevitable, but the government had to stick to its plan to reduce price this year. look on the back of uk names in particular as we talk about what this could mean for bank of england. the ramifications for monetary policy. we're mixed. both tracking higher at this stage, but weakness elsewhere across other major names. a look at gilts as we digest that inflation data. 3.42 on that yield is what we're watching. 3.45 on the 10-year. sterling has also been popping. stealing that narrative has been

sterling, extending gains. 1.2272. let's get out to arabile gumede for more. he's been taking a pulse check on the inflation story. arabile, it's clear if you look at some of the data even at the discount supermarkets, the average price is up. >> reporter: the food price inflation number giving you a sense there. that double-digit bracket meaning that things are continuing to be sky high for consumers and very expensive on the whole. we've seen three consecutive months of the headline inflation, dropping off quite substantially, dropping off at 11.1%, a 41-year high. three months of drop in that

cpi. that's gone away unfortunately. so it does give a big headache for the bank of england. they had hoped things would get easier for them and they could put forth the 25% major hike, which would still impact the economy substantially. that is going to be something to really discuss from here on end. risks are evidently clear, of course, taking it into a corn stand banking crisis. but one of the other figures i really wanted to point to when it comes to this inflation print, karen, the consumer price index includes housing costs. so the cpih number has gone up to 9.2% in the month of january. it's an important figure. it's one of the most important figures. it kind of has all the data

including living in a household. living, maintaining as well as the upkeep of any household. it really is a measure that has give an clearer sense of where things are. it's still sitting, yes, in single digits, but 9.2%, meaning it is higher than the figure previously of 8.8%. things are getting a whole lot more difficult for consumers and it is clearly visible. yes, you've had energy prices go down. supply stocks have dipped down. it clearly hasn't been enough overall. with the banking crisis coming to a halt, it's going to be a tough one for the bank to try to maneuver when you're headed into recession territory. one might argue as well, then, in real termsjqf■ we might be i recession already. of course, the numbers don't say that at this point in time. the bank of england numbers,

we'll have to give a clear direction of what they're looking at. how long can they continue to hike rates in order to fight inflation without, of course, hindering the economy and pushing it further into some weakness that we're currently seeing. >> thank you very much, arabile. the bank of england will hold its policy meeting tomorrow to see whether or not to increase interest rates. just a note coming through saying the start of the markets were priced at 97% chance of a 20-point basis hike from england. that went 50-50 even yesterday. now it's priced in as a sure thing. you can see it on swaps. 98% of basis points on tuesday. >> are we in a crisis, aren't we? are we in a banking crisis,

aren't we? what this actually means to the flows and treasury flows as well, we asked the head of global markets treasury crown agents bank. in all seriousness, you like the rest of us have been around to spot a real crisis. does this feel like there are things going on that it's nowhere near that magnitude? >> i thought it was isolated. i think the markets are kind of treating it as such. we saw volatile markets on monday. nothing from the fed this week or the bank of enzblant on the back of what was going on in the banking world. i feel like there's a kind of unsteady calm that has come around the markets now in terms of it looks like its credit

risks are slated events. the banking shares across the world have kind of steadied, gone up a bit. i think it's an easy calm. i think we saw what happened in the markets last week or so, the market's going to be nervous. >> i think the market is nervous. i think you're right. i think it goes back to swiss mountain. there was a poly crisis. there's a lot ofnagging things going on where you can't say this is at the epicenter. i think from our point of view there's a lot going on, but can you specifically say this is the epicenter, or would you agree

with my analysis? >> no, i think you're right, steve. i think that's why the market is getting to kind of a low, back to where we were in terms of interest rate expectations is because it does like what went on with them hasn't gone on with credit suisse. there are different pockets of problems, at least not as global as we had in 2008 where, of course, all the banks were in trouble. >> so the fed has an interesting tightrope walk to do today where it needs to basically keep lifting interest rates to fight inflation but give some reassurances that it won't come to the financial system here. do you think they back off the hawkishness, maybe an implied

pause in rate heights even as they hike? >> i think that's what the market will be looking for today. 20 basis points is priced in. i think you're right. the market will be looking for the language to change maybe from the previous comments that they're coming out with because to a man the fed have been hawkish all year, i would say, and it was only two weeks ago the general put 50 basis points on the table. we're going to higher for longer. i think you are. i think you're going to see some kind of words from them today that would say, you know, we're going to see how we go in terms of the double markets, the banking sector, and wherever they can carry on.

there will be cult this year. that won't happen. but it's going to be interesting to see. >> what does that mean for a lot of your clients? you've seen merging and so forth. we're still at a five-week low on the dollar index at the moment. everyone has argued it's time for the market to go down. it's kind of bounced back. so for customers who are thinking about the next transaction, what advice would you have. >> against the currencies we've been in in emerging markets, most of those are under a lot of pressure. yields have had to spiral when those countries didn't match what was going on with the fed. they've paid years of low interest rate involvement, and it's looked -- those economies

have looked very attractive in terms of picking up yield. they've had to review it to match it, and what's happened in the banking sector over the last couple of weeks is going to leave people with a risk appetite away from areas like that. so there's going to be a lot of nervousness as far as emerging market are concerned in terms of where the fed's going, can we see an end to this. >> it's a reversal of the tide, isn't it? for years we looked at it and you saw the frontier. this is changing now. the fed's trying to wind down the balance sheet at this point. how much further do you think the fed can go? do you think it continues on this pathway? we're going to see a fairly decent reaction across some of these markets still?

>> i think if the fed sticks to its problem, we saw the ecb last week. there was a lot of talk about ecb whether they only go to 25 instead of 50. they started o day on 50. if the fed continues to hike, there's going to be serious, serious issues across the market moves. >> can i ask you about the pockets? you look at moving money across borders. one of the elements of this crisis is how quickly deposit owners can move their money around banks. $250,000 has been guaranteed in other jurisdictions. what jumps out about the fact if money can be moved about in a different form, of course?

>> good point. i think it depends how quickly people can move their funds around. we've seen what's happened in the last week or so in terms of where do you want to have your money? you've gone looking for yield in various different places and you've seen high yield. are people going to move away from that? we'll see. >> could you see people moving their money out of like credit suisse? could you see it? were they moving money quickly? >> yeah. you can move money quickly these days. people will go wherever they have their banks. >> it's really obvious people should not be putting on

is money going in the wrong direction? >> good question. i think at the moment you've got two different things there. you've got what the market says where rates are going and what have you been hearing from the central banks and what it's going to be and there's a kind of distinction between the two. i think the market might be right. >> finally. >> yeah. i think what happened in the last week or so escalated the risk of how many basis points moved in a short period of time and how it affects the rest of the world >> i think you see number five bank and six bank going don. chris wilgoss, thank you very

much. what have you got? >> china's sales fell short of expectations. nike has been in the process of off-loading a glut after supply chain disruptions. adidas and puma also in retreat. delivery services will release a lot of employees. the delivery giant saved falling demands as covid restrictions were relaxed. we may see a fed shrinkage for some of the growth models.

1,800 jobs going. let's take a break. the credit suisse bank's fallout, we'll discuss. we'll be right back. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term

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on the news flow, although, there's a calm reaction in terms of the isolation we're seeing as of late. a report says first republic will receive backing. i think it's extrapolating, but i think it probably means u.s. institutional back, don't you? >> it doesn't take us very far forward. >> meanwhile ubs has designed a legal team to look into the cheapest way to stop a deal which would seek control of much of credit suisse's investment

bank. that's according to eft, which says they're set to enter talks with the wall street maker. they say they're complementary to their own business. karen. >> you've got ubs down 0.4%. meantime we've had some updates, too, from them talking about a swiss exemption here. they're setting a precedent for at-1s. the rest of the european banks, let's take a look. weakness in deutsche. barclays slightly down.

ubs now trying to tilt into the green. investors might want to reassess their risk tolerance to at-1 bonds after the regulator's decision to write them off after taking over credit swes. competing terms. one saying while this is a swiss story, there's no blowback to at-1. others say, you've really got to consider your risk level here. >> reporter: as we talked about yesterday, at-1 obviously was one of the issues people had with the acquisition of credit suisse from the weekend in that we saw a massive write-down, $61 billion worth of them written down to zero in direct breach of the capital, and many say

perhaps this sets a precedent going forward, which comes as a response out of the bank of england and the ecsb. we spent a lot of time on the show this week talking about what that means. what the swiss do is different from how other jurisdictions do plan on choogz those bonds. so at this point it's going to depend on what matters here. we just spoke to one of the owners of those bonds and he said many plan on pursuing legal action. how that plays out will be a matter for lawyers because there was certainly fine point in there to give the fed a bit of room to make decisions on the capital structure and to not actually go down the path that would have been preset. i think more generally speaking, we had a couple of days, and the reaction so far has been pretty positive.

11 percentage points. more people have got on the the view they've managed to come to a longstanding rival as we spoke about yesterday. $45 billion worth of equity value. and as more and more days go by, we're getting a better understanding of what ubs are planning on doing with this combined entity. there's still a lot of things that are up in the air as they were talking again earlier on the show, suggesting they're looking to scrap the whole plan to spin off the part of the advisory unit with the microclimate advisory units under the first boston framework. this was part of the structure they produced. even then it was met with a little bit of suspicion or skepticism as to whether or not that plan was feasible. it turns out ubs has a different approach. all of these things are going to

come to light in the next couple of months as they figure out what they want to do here. one final story that's also having an impact this morning, again, there's talk that they will be zeroing in. that accounts for about $3 billion if you look at the balance sheets some of many people are saying that $3 billion that ubs spends has been deferred for credit suisse employees, another reason for why this was an attractive deal for ubs at the end of the day, and that's why we're seeing such a reaction in the stock. >> joumanna, thank you very much in deed. we've got a few other stocks to show you here. game stop. you remember that was one of the mean stocks that got punted around. we thought that they were going to show demand. this is how it opened for

gamestop. the backstory to this is that actually the analysts were forecasting a lot of that 13 cents on the latest reporting for the fourth quarter. the group actually delivering a 16 cents a share profit as against the 49 cents a share loss for the previous quarter here on sales of $2.23 billion, so a surprise turn of speed for gamestop. >> all very good. i bought another pair of running shoes yesterday. >> where is all the shelf space in your house? >> i have an eternal hope that i have the wrong shoes. if i get the right running shoes, i'm going to be like -- >> i was reading a note from nike about new signature shoes that have been launched for a bunch of people.

maybe you need the sedgwick shoes. >> nike are about $280. >> how far away are we from having your shoe made for your feet? >> you have to treat them right. >> running shoes. >> there's one in southwest london. >> you're a highly tv presenter. >> i'm highly paid. >> you've had a few pair made. >> i've had a few pair. it's not made me run faster. could nike pay market? in the four years, they beat expectations. at least they haven't got yeezy.

nike may have excess stock, but it's not associated with a man who's associated with anti-semitism. you can always buy stock if it's not blinded by a certain celebrity endorsement where things suddenly went wrong. >> with nik jordan and converse -- >> did you ever watch "the last dance" with michael jordan? >> i don't think so. >> do you want to see what a real sportsman is? michael jordan. >> converse is still one of the big drivers. not actually a sport shoe. >> well, it was. >> for what type of sport? >> it's fashion. most supporters are bought by people who want fashion. they're not all supreme athletes

like me. >> on that note, monica long joins us on the crisis. we don't want a sports crisis. we're going to be talking crypto first on cnbc.

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uk inflation out. year on year, pushing steadier ahead of tomorrow's key rate decision. europeans trading cautiously. gaining a bit of ground as you can see on the screen there. u.s. futures pulling back after rallying banking stocks lifting -- had lifted. the legal lender first republic leading the charge as janet yellen speaks.

>> similar actions could be warranted if smaller institutions make deposit runs2 exposed to risk of contagion. >> and the attention now turning to the fed decision with markets coming in at 25-point basis hikes. it's about what powell says as the market waits or pivots. ♪♪ the numbers crossing from

tencent. quarterly profit has risen 106,000, 260 rmb. 0.40 per share. the company saying at the end of the year combining monthly average users were tall yg up to about 1.3 billion versus 1.26 billion prior to that. so that is showing expansion that they're seeing. you're talking consumer loans and online insurance services to close with financial institutions. so that is an interesting move into money markets and what you're seeing. revenue markets increased by 15%. 27.7 rmb for the fourth quarter. that is also i think what

investors have been looking for given the reprising of stock in recent times. the revenues increased 2%. they talk about the commercial payment volume doubled in year-on-year growth rates. you're seeing elements that should have gone up. growth receipts have grown. there's an upside whether it justifies the rally that we're seeing. >> i think it's a rather complicate story because you've got a giant in the chinese technology space that's come through the covid crisis, and it's trying to develop like the

business. 144, 188, that's modest incremental movement, and we know this business has been under pressure because of the assault the chinese authorities have made on the gaming serng tore and how incredibly sensitive they are to misuse of gaming in china for all sorts of nefarious reasons and we know it's led to deaths of individuals who have been trying to make money through gaming but ultimately have allowed their own human needs to suffer as a result of that. but i just wanted to single out the value added services here. negative 2%, that's not great here. so even as, you know, the company, i think, has seen something of a rebound in its perceived fortunes, if you analyze the share price in that terms, that would be seen as the premium that all chinese

businesses have experienced as we've come out of a lockdown. i still think there's a longer road to be traveled here as far as ten cent is concerned and itses ability to demonstrate it has a business model that will tlooiv coming out of a knee-jerk reaction. >> do we have to now say, the current environmental, current situation, current regulatory environment which will not cross the pacific as well. >> just a point on that, it was expansion versus contraction in previous quarters and i think it's reading the tea leaves on the domestic support where whether we've got a pullback of a crackdown. that's what they've been punting on. also when it comes to the advertising revenue, we've got people spending more. typically in that type of sector, it's worth more for people to acquire some of the

sales. so i think the trends here have effectively come through in some of these numbers that you are seeing, a turnaround in the revenue. >> it's very modest though. look at the mau for way shing and wechat. the monthly use is incrementally very, very small at this stage. every business goes through that point where product lines reach that maturity and you wonder what next, and i think that's what's happening. >> can i add a different element, and that is around the short video trade. tiktok is facing a challenge on the hill at this point around its u.s. yiers base. if you generally believe in the short format and video monitor, you have to look at that. it doesn't have the regular regulatory issues from the united states.

just a thought to throw in there. let's talk about bitcoin. it's rallied in terms of the investment options amid the ongoing banking sector crisis. the world's largest cryptocurrency has reversed the losses after the collapse of crypto exchange ftx. it's now up 17% this year. but the tech sector faces uncertainty. silvergate and startup lender svb in days of each other, it's going to feature heavily at blockchain week. arjun is there with a special guest. arjun. >> reporter: good morning. there's talk about the bank collapses and whether the price of bitcoin is indicative that terrell signs of crypto is over. to just more on that, i've got

with me monica long, president of ripple. as well as the bitcoin rally we've seen in the past few days, we've seen a big bump. a lot of the optimism now about this s.e.c. lawsuit between ripple and the s.e.c. coming to an end, what update can you give us about that? >> so with the s.e.c. lawsuit, they've filed motion for summary judgment, so the decision rests with the judge to make her decision. we're optimistic about having a positive resolution some time this year. >> can you give us any kind of timeline? it seems to assume something around the corner. >> unfortunately we don't know. it's really just with the judge. it's up to her. >> it's hopeful it will be on the side of ripple at this point? >> very hopeful. >> what are the implications if it doesn't?

>> the implications if -- >> -- if it goes the way of the s.e.c. >> we think that's very unlikely since both the facts and law are on our side. in terms of broader picture, what's happening in the u.s. on the regulatory front, we're seeing action through enforcement versus setting clear rules and regulation, which is what all of us in the industry really desire. >> france is really trying to push itself to become a key crypto hub not just here in europe but globally as well. as you look at what's happening in europe with countries like france and trying to create a crypto-friendly environment, the u.s. and s.e.c., which is very heavy on the enforcement side at the moment, as a business, is the u.s. falling behind. >> we think so. we think so. and so you raise a great point. europe is really emerging as a leader in terms of setting really clear regulations and

rules that don't allow krimm toe companies and also traditional finance to embrace crypto. mica, the set of rules set by 27 countries to come together to set a common framework which is remark when the u.s. has one government and they can't get thei⌜o act together. >> what does that mean ultimately for ripple's expansion? you look at europe. are you looking at expanding higher? >> we are. we have our hub in london, but we have nine offices around the world, and we're growing our team primarily outside the u.s., which is where our business is. last quarter, about 75% of it, the flows were outside the u.s. >> the head count, is it specifically in certain countries or product expansion? >> both, both, absolutely. so we're continuing to hire even through this kidnap toe winter where we're seeing a lot of companies contract because we've

had focus since the beginning of ripple ten years ago. we've been focused solving real world problems and bringing utility to crypto. we're in a good position to continue to grow the team. so we're hiring through our london office and expanding our payment through europe. >> monica, what can we see in the big rally? is this signaling optimism that it's coming to an end amid the early signs of a new bull run here? >> it's hard to say when the winter will thaw exactly. i think what we're seeing is that crypto and bitcoin -- the industry in general is here to stay even in the wake of recent events with the u.s.in terms of european banks, what kind of fallout are you seeing?

these are key lenders and whether there are banks that can pick up that slack, whether it's going to cause even further damage in terms of funding to start up and the broader crypto ecosystem. what are you seeing? >> we're seeing strong resilience in the crypto market considering those three banks, silvergate and two of the others, were crippled overnight. in pretty quick order we've seen the industries not only persist but kind of revive itself. now we're seeing nubanks come into the fray. the biggest question is regulator outlook. some have caughted it to a point 2.0 where the u.s. is taking action to sort of snuff out crypto, which is impossible.

this is technology where the genie is out of the bottle. you can't put it back in. it comes to a question which countries are going to use it and thrive and you're going to see companies leave the u.s. >> a lot of companies still rely heavily on the traditional banking system. >> that's true. rely on -- there's an interlacing. you know, our vision at ripple and what we've always talked about is the way that blockchain and crypto can make -- can really modernize financial systems is by plugging into and working with traditional finance, not overturning itsag) disruptiveness. >> in terms of banking, there's a lot of turmoil here, you work for a lot of financial institutions. are they sort of turning away from your product at this point giving they're trying to sort of put out fires elsewhere? is there a but of a pause in

terms of the adoption of your product? >> we're not seeing that. we're continuing to grow, so we're coming to a close on our q1. but even still, we're continuously growth and new customer interest. >> great, monica. thanks for tin sight into everything that's happening right now for what is a crazy time for the industry right now. that was monica long, president of ripple here in paris at the blockchain event. >> terrific. madam lagarde is speaking, so we must reflect, follow the commentary we're the head of the ecb at this point. the underlying inflation dynamic remains strong. we must and we will bring down inflation to target. times are very uncertain. the inflation level is still high. uncertainty around its path ahead has increased while more restricted credit conditions are part of the mechanism by which our tightening ultimately brings inflation back to target.

we will make sure that the process will be orderly. we are neither committed to raise further, nor are we committed to hiking rates. there you go. make of that what you will. >> you mentioned the tech comment, wil. >> i did. there's a lot here. >> the greater role today played by future earnings such as tech could also make monetary transition more powerful. that's interesting. not a single sector which has arguably the most volatile sector on the expected part of future rates. >> yes. >> it's have interesting she's singled out the monetary policy. >> it's very detailed. she goes on to talk about if, for example, banks start to apply a larger intermediation wedge, then transmission is stronger. >> what does that mean? >> effectively -- mediation is

the breaking down of structures, isn't it. gsu&év:ntñejwjsddé.p3lú slowing growth in some individual parts of the economy like you were talking about tech here, they ultimw,[ñ lead to a tightening up in lowering the standards and credit conditions, which means that the transition mechanism is stronger, effectively repeating the point she was making about technology per se, but more broadly, lending institutions themselves are going to be doing the work of the ecb fallout. >> sorry. i hadn't heard the term before. you guys obviously have. i haven't. it's the difference between loan financing versus expense. >> just to the point where you're talking about the price

of the interest rates that have been offered. what's jumped out is the huge gap to what they've risen to versus what they're offering by their own bank and own institutions. it could mean a weaker pass-through to consumption. there are gaps in banks, which means it has an ultimate impact on how much people are willing to spend. you have to look at whether they would go higher to attract money. >> if you are a bank seen as safe, you don't need to put your rates up now because people are going to flock to you anyway. and this is the whole argument. >> i was talking to treasuries as well there, right? >> most retail clients will not go to treasury. they'll go to deposits. your average american, european,

whatever, aren't saying, i'm worried about this or that, i'm going to stick my money here. they're going to stick it in a bank. the point is if you're -- it's not a zero-sum gain. it's not my original thought. that is, if you have money on deposit at first republic and them you think, okay, i -- and first republic has certain lending standards, they would take the money out. first republic is then lending on those deposits. you put your money in one of the other big banks and you feel safer. those financial institutions aren't going to necessarily lend out the money to the same degree as first republic was lending out because they're worried about their own spending habits and delinquencies as well. so they're going to have much

tighter lending standards. so even though the deposit exists in fdic or wherever, whether it's at first republic or one of the bigger systemically important banks, it makes a very big difference if that money is going to be lent out again. >> let's get into this line from lagarde where she says it's important that the monetary policy works in a certain direction. restriction is only starting to take effect now. i think it's fascinating after a week where it's already started to take over. you've already seen cracks in the system that are only starting to turn and have an impact. what comes next and what happens to the rest of the monetary policy direction? >> just to your point, so is there a part of the central banks -- again, this isn't the core base at all. they don't want to see a financial crisis. is there part of the central banks who say we're glad they're finally beginning to notice we've been tightening and

actually maybe they'll be tightening, not creating a session but slowing down the amount of the liquidity in the system with the transition that's there. >> the issue is can they actually pull off a soft landing because what they're thinking about is what we see every time they go to a tightening cycle, there's an acceleration in lending and businesses that didn't have a margin of safety suddenly find they can't borrow any more money and they hit the bottom. the question is can the central banks pull off a controlled lending activity and can they do it without breaking too many eggs? and what we're seeing is eggs being broken at this stage bus of business models that were ultimatelyl';i?÷ dependent on c money at very low interest rates. >> isn't that a second round question? given what we've seen, you look at the response possibly from the fed today despite systematic

risk. the question is can we contain inflation? >> how do you stop a patient eating? you kill them. that's the risk, isn't it? you can restrict the calorific flow and they'll stop eating or you can kill them off, which is the risk. it's the risk. >> wow, that's a very binary scenario. that was "squawk box." we've run out of time to discuss this. come back if you want more. we'll see you tomorrow. "worldwide exchange" is up next. ah, these bills are crazy. she has no idea she's sitting on a

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