maire said the governing counselor said the decision on the tpi is showing unity and the commitment to the euro >>> italy is recovering from last couple days it is holding a snap election in september after mario draghi stepped down he stepped down after allies refused to participate in the confidence vote in the parliament this week it will be a major couple of months for italy let's bring a timeline of what we can expect. september 25th is now the general election this is the first time italy holds a general election in autumn in history. they are held in spring usually. the chamber will meet for the first time to put together the budget law the all-important budget in the legal system and there will be a new electoral law where one-third of the parliamentary seats have been taken out 600 are up for grabs all eyes on the polls. let's see how they have been evolving in the last couple weeks. we still have brothers of italy at the top at 23% of the total share of the vote. brothers of it aaly is the only that hasn't participated in the government they are anti-immigration and euro skep

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. >> the tpi rate is very important. >>> still to come, as u.s. politicians trade barbs over the best way to stimulate growth. people really love snapshot from progressive, but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. test-drive snapshot before you switch. visit progressive.com today. >>> welcome back. let's take a quick look at u.s. futures. didn't see too much movement earlier in the session. now we're seeing the s&p and dow jones moving to the downside. nasdaq is working to add five point but 11 points. two or three for s&p 500. now. >>> to stimulate or not to stimulate, the question dividing many economists and dominating policy discussions around the world. noble prize winner paul krugman has add row indicated f

it's the threat of that inflation possibility plus the actual data that we have been getting like the tpii that has people worrying the fed will be raising rates sooner rather than later. a little bit of trulouble on the inflation front. not a great combination. >> we talked about there too but people look at the figures but the velocity the number of times that's turning over as the record low right now. there's so much cash parked in banks that they are pushing it back to the fed. that's what's been happening this week. they are saying we can't hold on no this cash you have to take it back from us you almost wonder and this something that bryan reynolds put in this week he said it could be really bullish. if people take it out and what do they do with it does that lead to more inflation or not >> listen, it's already some of its gone in the stocks think reddit and all the things we have been covering the last several months you hit a key that i didn't mention. bank reserves changing the money going back and forts between fed and treasury all of this is potentially a keg of dynamite. wha

>> we learneded this with the ecb and the tpi program to help the peripheral bonds and the uk, and the bank of england did it last october that went into a tailspin they used funding facilities and targeted toward the zone that was going into the red rather than giving the entire economy rate cuts, and i think that's where we're headed with the fed backstop more when it's very specific to a sector or an area. if it's the overall economy and the unemployment rates shooting up to 4.5% and thing are getting messy quickly. course, you' right and we looked at these tools and in some cases we barely had to choose them. so do you then think that we need or however many rate ts next year based on inflation or everything that's been happening. >> theell side loves headlines and they love to see their name in lights and one of my coetitors who you had up on the screen beforehand, they were calling immediately for three or four rate cuts very quickly and we stayed after svb ansaid it's a very specific thing and it's not re cut territory and it's specific to a couple of banks that don't know how t

difficult -- much more difficult task and also the ecb announced this transmission protection instrument the tpi. so they're going to be buying bonds at the same time they're trying to raise rates. >> i don't get it. do you get this? >> so what it is, they have a much more difficult problem than they have in the u.s in the u.s. the fed had to worry about buying california bonds and new york bonds people got really worried about california having very low credit rating. so the california of europe is italy. mario draghi, the former central bank governor of the ecb just resigned as the prime minister the spreads between the german bund, the safe rate, and the italian bonds have been going up very significantly and so what they have created this new instrument to try to prevent the spreads from getting too wide that means they're going to be buying bonds. >> they're doing it as they're tightening it's a little odd. >> what they would argue is they're just going to be moving things around to try to bring some of the spreads down in practice, there's a tension between the two and i think they're in a

. >> it's interesting before the tpi, we had producer priels index come out today that was higher than expected it looks like we were getting a little bit of an inflationary push here. you had yielded start to rise relative to where they've been that fuelled the banks but that also says maybe we're seeing some economic activity. then you get this kind of readjusting of your portfolio where negative real rates, maybe they're not going to be as negative as we originally thought. i still think i'm not a buyer of the banks. they can go higher that's fine. they're going to go higher without bk riding on them primarily i'm concerned that we don't get a stimulus package before the election. >>> losing their luster, gold and silver plunging today. we'll dive into what's behind this drop. later, getting lit our week long cannabis series looks at legalization and the companies that stand to benefit most hike! simon pagenaud takes the lead at the indy 500! coming to the green flag, racing at daytona. they're off... in the kentucky derby. rory mcllroy is a two time champion at east lake. he scores

understand how you read a potential intervention from the ecb if they decide to use their instrument, the tpiin case whether that is france or that's italy. would you read that as a concern or would you say the ecb is not concerned about the outlook for european debt? >> we have central banks there as a buyer of last resort. some said the first resort. we have seen it from the fed and the bank of england and ecb. since 2008, we have seen central bank policy support or central bank programs. i think the market would need that. without that, a huge amount of confidence would be lost. the market does require central bank to maintain confidence. >> we will see if they reach that point. in the meantime, thank you for joining us this morning. that was the head of fixed income research at rathbone. >>> coming up on the show, the second mandate at the helm of the eu executive arm with the team of commissioners. we will speak with carlos moedas after this break. 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 $10

all the central banks, versus the fed wednesday, most importantly, but what i watch closely, too, the tpi better than expected read sends yields higher, and higher yields are supported in the banking sector. watch for that when the fed hikes rates wednesday, if they are more hawkish than expected, you'll see other markets and sectors stumble. the banking sector could be a pillar bigger banks, though, i'm watching jpmorgan and bank of america. when they closed before the italian crisis over memorial weekend, that closing level on may 25th is tough to get above and stay above watch the levels in bank of america and jpmorgan >> comes down to the outlook the fed projects after the meeting this week. thank very much. >> thank you >>> for more, go to tradingnation.cnbc.com, follow us on twitter @tradingnation check, please is up next >>> the latest from tradingnation.cnbc doe tradingnation.cnbc.com >>> in a losing trade, avoid letting your emotion get the best of you. too often, traders want to add to a losing position, but experienced traders will say, your first loss is your best loss, in oth

inflation number which is much lower, which makes no sense the social security number is adjusted by the tpisn't want to include it so they can show a much lower inflation rate you and i, brian, we live bit consumer index it's going stay high on the interest rate, i would go with what rick said a couple minutes ago. when you go to the next two or three rate increases through september, you're still finding out that after another 150 basis point increase to september, we are still below the neutral grade of interest. that's when the market will take flight i don't have the comfort that nila has it's not a politically acceptable scenario. >> so what's the outcome, sri? >> the outcome is a lot more pressure on equities maybe delayed. to the extent they don't want to have it, becky before the november elections postpone it to 2023. and this is going to be a long, drawn-out saga so don't take comfort from today's jobs numbers this is nowhere like a goldilocks if you look a year ahead, it is going to be much worse >> i would have to jump in here on the fed outlook >> go ahead, nila. >> if the unem

finish up our conversation, i would like to clarify how you would read a potential use of the ecb of their tpindustry.strument. the idea is we have to tool, but we don't want to use it. if they end up using it in the french context, how would you view that? any concern or the regulator is there to sustain some of the losses? >> in fact, the ecb tools should stabilize investors. reaching a certain level. we are currently 80 basis points. it could reach 100 basis points. the fact that ecb, if ecb is credible, it should stabilize in the expectation with the ecb not forced to use it. >> we will see what happened if the ecb reaches that point. senior economist at asset management. >>> the president-elect donald trump will visit paris this weekend for the reopening of the notre dame cathedral which has been restored following a devastating fire five years ago. this will be trump's first overseas trip since winning the second term in the white house. >>> coming up on the show, we will cross over to the resourcing mining conference where we will be joined by the chairman of equinox gold. that conversa

the u.s. already in ohio, tpi has a facility in iowa that was shuttered last year they had a contract that wasceled we think that within the next two to three quarters that plant could be up and running. anything they're producing thai will receive a tax for pa very quick leigh, how much is consolidation going to play in the rise in these stocks over the next half decade >> yeah, it's -- it will be interesting to see there have been companies in the past that have tried to consolidate this space and largely have failed and since fragmented i do think it is right you don't see a big conglomerate that's dominating all of thor is the verticals and it's the downstream from what people have owned and run the plant. they have the biggest scale. they are very much acquisition driven to a certain extent, so i do think that there will be consolidation within the upstream product space especially as more and more domestic supply chain comes online. >> interesting guidance. mark strouse, thank you very much we appreciate your time. >> the final sector to take a look at is health care the health care port

. >> do you think we're at a point where we're likely to see the ecb actually triggering tpi? ou think that the risk will be high enough that the ecb might have to intervene or are we too far from that? >> i think we're too far from that right now. i was fully expecting the markets to test that. that hasn't come to fruition. anytime there is a line in the sand, that is pushed. i would be really surprised if it happens vis-a-vis france. i don't see that as a problem at this point in time. it will be found watch at these levels. >> industry very interesting. i would like your thoughts on the u.s. we talked about the fiscal issues with france with investors. what about u.s. debt? are we lacking paying enough attention to this bond really? >> so debt is el the sevated everywhere. this is a global phenomena. at some point, you have to rein in deficits, whether it is in the u.s. or elsewhere. the challenge that the u.s. market has is that politically, there is no will to do so. if you look at polling, deficit worries doesn't even show up as a top ten issue. until it is an issue in vo

. >> so watch all that by the way, tpi came in pretty warm. >> yep. >> up 3% we're looking for 2.9. ing for 2.6. the question of whether or not inflation is really here. >> i don't know what moves these bots -- [ bell ringing ] >> there's the opening bell. it's taylor morrisson celebrating its listing anniversary at the nasdaq. and the petroleum association of america wti trying to get back to 65 and brent did cross 70. >> exxon upgraded. exxon added to the u.s there is a move in the conocos a move at bp these moves, i think, may be off the middle east and in the case of oxy lower break even i don't think anyone is talking about it it's not something i thought would happen in the age of electric vehicles. but the oil stocks. >> exxon is trading where it was trading when brent was 28. >> i know. pete singled that yesterday by saying i think there's a lot of buying that was nice. you know, there wasn't a lot of buying is invidia. look at that stock a gutsy call by morgan stanley everyone should read that piece. it says listen and everybody else yes, it's absolutely true that the amount

but we have seen broader economy over the last 12 months. tpi risen at a slower rate than cpi 10 of the last 12 months that's a situation where on a broader macro perspective, producers are feeling less of a pinch than the consumers >> so, if margins are not as squeezed as we thought they might be, does that mean that companies will be slower to lay off, meaning a better longer-term picture for the labor market >> well, so we are seeing some softness in the labor market yes, you could see that happen but i think what companies are going to do, they're hostage to stockholders, and if they can save money, especially with all this new technology we're talking about these days, that's going -- i mean, they're going to take -- we saw especially in tech, so many companies hiring that even after all these layoffs we've seen, they're only getting back to levels they were at pre-covid. >> which is part of maybe why we're not seeing the broader weakness in the economy and it's still tight overall. why do you think we're in a stalemate market if you're so

i am confident that if we harness the ingenuity of companies like tpi composites, if we can tap the talents of our workers and our innovators and our entrepreneurs, if we can gain the lead in clean energy world wide, and then we will forge a future where a better life is possible in our country over the long run. that's a future we're now closer to building because of the steps that we're taking today. thank you very much, everybody. >> that was president obama talking about clean energy as well as the latest comment on the jobs report. interesting that he is reading ten letters a night from americans. hampton pearson is in washington right now. hampton, what struck you about the president's commentary there? >> reporter: well, not so much what the president had to say, but you heard the last question, as he stepped away from the microphone. question was, no more stimulus needed? no answer from the president. it was interesting. you know he talked about today's jobs report. yes, a disappointment. but in a bit of a glass half full commentary, talking about the -- now we're at about 10% pace

companies and the ceo is telling me that they're tripling down on europe now turning to specific stocks, max onsolar and tpitrend make and these stocks are still down big for 2022 they face headwinds including inflationary pressures and rotation out of growth and the department of commerce's ongoing tariff investigation, kelly. >> pippa, if people missed it they should catch jeremy grantham this week he's bearish on the stock market and on the economy right now, but he's very bullish on resource names and on climate change so he called out lithium and a few other areas of opportunity here in the energytransition where he thinks people should put capital to work. >> long term investors say this is a buy the dip opportunity because there is a disconnect with lithium specifically about where we are now and where our plans to be in a decade time and the amount of raw materials and the metals are important for future technology that will require this big energy transition push. so on a day like this and the market like this why there is volatility and it is definitely pick your specific companies because all of

the numbers. enovix, array technologies, stem, tpi composites and maceon solar doubling in the last month. like piedmont lithium, plug power, fluence energy, bloom energy, first solar gaining more than 80%. looking forward the managing director said some weakness is to be expected but long term the ira is a major catalyst for the rerating the sector needed adding, the i.r.a. removed the uncertainty around clean energy incentives boosting the long-term investment and growth outlook for the sector with this type of gain it is kind of look out below. >> fair enough we lump all of this together but do you think there is any one area in particular that should be a focal point now >> i think energy storage is really interesting because the ira includes a 30% itc for stand alone storage for the first time ever. >> for utilities >> for utility and residential all types of energy storage. so previously that incentive was only available if it was co-located with solar. now it is for anything meaning you can go back and add energy storage and capture the 30% tax credit it is a game changer for compan

orÑi spinoff would amountlp to a technology export and would have to adhere toñr(rr'ese law and tpi quote, thenario withÑi your team? and you should have an answer tk this, yes or no, i agree with the communist party or i don't agree with the communist party?i so, 'd guess i would say at tha point, you disagree with the communist party. explain yourÑiçó discrepancy. >> xdcongressman, for two years we spent r project texas. >> proj[#uokq texas is just something expanded fo81 the future. we're talking about now.e1xd we're talking about what you're doing now, what your expectations are now, what your relationship is with■k the communist party, which is our major concern of what the impact that willw3 bee1 with a countác let me rephrase that. with a communist party that doesn't care about america and sees us as standing in their way for superpower. that's our concern and for you to have direct relationship -- direct ownership with bytedance and not have the characterization or an agreement or disagreement that you say explicitly with this party policy is hard for us to believe what you're saying.

. >>> the s&p has a new record, where it currently sits. gang, steve weiss, tpiught it. tell us. >> yeah, this is a great company, under the radar, only two major firms following. what they do is make compose its. actually, if you take that further to your products, they make the blades for windmill including china, 13% global share, but it's also an ev play, not just for cars, but for buses. but also delivery advance. they make the chassies, plus these also make the doors. it's a very light component. they will be a leader in ev construction as we know what's happening with wind mills, you don't need biden's plan to drive growth here it's going to earning about 180, 160 this year. revenues growing 25%, it's actually making money and doing very, very well. >> degus, you bought more cdw. >> it has two different business lines. one is the hospice care and the other is the rotor rooter plumbing the hostage care revenue really hit hard the outlooks lowered we can redeploy the capital into company like cdw it makes the technology products and services servicing the lo

the consumption war. we want to see actually tpi go up because they stopped production on a lot of stuff. i think the sloppy big brother tactics are necessary. i think they have control of their current account because they never lost control of their current account. to me, back to melco, the pure play there. >> you're back in? >> i am back in. this isn't a question of when things are actually significantly better. >> melcro is the leader. up 52% year-to-date. that is definitely pure play as tim said. but if you get that re version trade, then you look at mgm. so if you're looking for that little slip and slide type of trade where it's overdone, you go mgm. >> if you listen to any of the casino conference calls, they were all very positive on china. steve wynn put his money where his mouth is. >> check out shares of amd, tanking after hours, stock up nearly 300% in the past year. is this the end of the big run. here's what else is coming up on fast. >>> tom says he's considering breaking up the banks. and if that happens, dick bove says there could be one big winner. he'll explain. >>> pl

let's turn to the inflation debate which is heating up compared to the hotter than expected tpi reportns us steve, they're like, no, we can't release this we don't want -- what are we going to do? let's hold off a second. have you ever seen that before do you know what finally happened >> with what, joe? >> so, you remember we waited and waited and waited, steve do you remember we were waiting for that report, and rick said in 42 years he had never seen it take that long we finally got it from other sources. >> oh, you mean the ppi report i'm sorry that was like a distant memory, yes. >> and then interviewed you with the hot ppi report and had -- i'm sorry, joe i'm sorry, joe, there's a lot of -- i have never seen anything like that. in a long time and i still haven't gotten to the bottom made a couple call to the bls on that, joe, and haven't heard yet. let me talk about what were you talk about before which inflation of the '70s. president ronald reagan made famous the misery index which added together the inflation and unemployment rates in 1980, after a decade of legislation in the

you might disagree, especially since the 900 million pound position for tpi takes them close to 5 billionat's a hell of a cost. we're not just talking about the ppi provisions here. as you mentioned, investment banking, profits down 46%. revenues down 18%. this isn't happy news. there are some bright spots, yes, barclay cards would be the stand out contributor. you've got profit up for barclay card, up 23%. you've got income up, so profits up 24%, income up 5%. so very positive. it's slightly ahead for the second quarter. it's slightly ahead of analyst forecasts. analyst forecasts say something like adjusted profits of 1.7 billion have come in at 1.9 billion. but this isn't a brilliant performance. thief hit by litigation, most notably this lawsuit that was meteed out by eric schneiderman, the u.s. attorney general, with serious allegations about fraud that barclay's is battling in relation to its dark pool business. >> we'll come back to litigation. they're making progress, aren't they, pulling down or reducing the balance sheet, too. i'm quite interested in the revenue drop as far as th

>> there's two slides, the last two slides on the deck on inflation. so tpi is below 2%. cked up last month because of oil. he has what he wants. inflation is less than 2%. there's two caveats here. go to the next slide. this is about rent. and again the orange is rent and the blue is actual rent. that's the lag in the government data. so you can see that the rent component of cpi is headed to the floor. and if that happens, you will get a 2% magic number that nobody thinks you can get. gavin newsom raised minimum wages to $20 for restaurant workers and he's going to have a bill to raise workers to $25. now he's backing the unions which are forcing wages up which is creating inflation he has to kill. >> and former president trump was there advocating for the same thing. what does jay powell do other than hold rates high? >> the point is the economy -- he should just be patient. the fed should stop. what they're injuring is the balance sheet of the united states. the economy is going to slow. the regional banks do not have money. i looked at a deal yesterday in our shop. we

. >>> good morning, welcome to "tech check", the negative data points continue higher-than- expected jobless claims, strong tpi, weak bank results, that high inflation number, netflix was looking for ad revenue, it has found its newest costar, what this partnership with microsoft means for both stocks. don't forget amazon and apple, the carnage continues, another lender filing for bankruptcy, we would talk about what comes next on this important day. >>> new comments from governor waller on the economy. >> governor waller said 75 basis point hike in july but hold on, he says he would lean toward a larger hike if the data is stronger than expected. in this regard, one of the speakers yesterday saying everything is in play. he also said he expects the fed will impose restrict of monetary policy and he supports frontloading typing, doing more now so the fed can do less later. he says the pace of hikes after july will depend on income data, once they get to neutral, they will follow the data to figure out how hard to go pick he does support significant moderation in the core inflation, soft landing is very plausib

the residential solar installer up 35% this week, 69% this year. wind blade manufacturer tpi composites rising 11% this week, 30% this year, and then you can't really talk about the surge in clean energy without touching on the fuel cell stocks so plug power, really quite a volatile stock here. it's been known to swing heavily in either direction, but shares of plug power up nearly 90% this year, as investors bet that hydrogen fuel cells are really the future, dom, even if it's still a few years away at this point. >> pippa, it's a 79% run for plug power on a year-to-date basis. we're three weeks into the year. given how much these types of stocks are up in terms of valuations, how are they looking? is there really that muchmore up side ahead, it seems as those the risk/reward tilts more toward downside, right >> yeah, that's a great point, and there's certainly a lot of investors saying after this big run higher, valuations really do look stretched you know, i spoke to one investment manager the other day who said that he foresees a pullback coming, and he mentioned that he

lockdowns that we saw throughout china the last several weeks now, look, it's really hard to guess, dom, where they're going to land. i'll point to this quote from tpiies who says it's going to keep getting worse into the spring as far as tech demand. he had a similar tweet back in march of this year saying demand is falling off a cliff for smartphones, and boy was he ever right. he's hearing from suppliers over in asia, it's going to be the same thing too and maybe people are not baking in how bad of a quarter it could be for apple because of these shutdowns and supply problems they have been having throughout china, dom. >> steve, we know just how important the iphone is to the health and well-being of apple as a company it contributes a lot to revenues and profits over there but i wonder whether or not there is even more of a macro or bigger buzz about apple products this holiday season. they release these new products in the early fall so that they can capture some of the holiday shopping season. are apple products hot this season can we expect any kind of a tailwind when we see earnings results next quarter >> yeah, there are two things here, d

. >> the department will be providing update on tpi numbers later today. t late distress we take this issue very seriously d.o.d. is a leading contributor in the treatment and research of brain-related trauma we do everything we can to identify, treat, and help our service-members recover and return to duty. >> tokyo prosecutors obtaining arrest warrants for carlos ghosn. one is michael taylor. one of the americans met with carlos several times in japan while he was out on bail >>> and a light show featuring the british flag was beamed on to brussels' main scale. britain will depart the eu at 11:00 p.m. in the uk and midnight in much of the european union. >>> you are up to date that's the news update this hour back downtown to you. >> all right is that because they're celebrating getting rid of us? >> i think it's -- >> celebrating the last day. >> i think it's a fond farewell. i think it's nostalgic i really do. >> good. they're getting a light show but big ben is not ringing. >> they'don't bring up the big n thing again. >> oh, i know. >> thank you >>> l

there any big wind-powered public plays out there >> there's a company like orsed, the major developer of offshore wind and tpi capital intensive. they've really been hit hard by higher rates also for offshore wind specifically, the supply chain is still developing. there are issues like there aren't enough vessels that can lay the cables, there aren't enough vessels to carry the turbines which are getting bigger every two years clean energy as a whole is still working out a lot of the supply chain issues on solar there's a shortage of transformers so that tends to make some projects backlogged. ultimately what analysts are now pointing to is this surge in data centers, all these tech companies, the metas, googles, amazons of the world, all have net zero commitments they are the ones that republican couraging the buildout of clean energy. >> something we've been focused on as well pippa, thank you >> quick programming note as we close out the hour we'll talk to the ceo of hilton here on monday live from the nyu hospitality conference talking consumer trends and whether the demand is as robust as it has been in

. >> tpi this morning, food costs down the most in three years. >> isn't that incredible?ve been talking about food deflation. there's the opening bell. and the s&p at the bottom of your screen. at the big board it's allure magazine celebrating the 2016 allure best of beauty products awards. over at the nasdaq etf manager isectors celebrating recent debut of isectors recent growth in itf. >> a lot of stories out there sector specific. target for instance, talks to "the washington post" about their grocery strategy. >> i think target's really trying to find itself in a world where walmart's gotten very aggressive and amazon obviously always aggressive. target is trying to figure out what it really is. they made that deal with cvs for the front of the store and i always thought it was interesting larry merlot in the cvs call thought it went smoothly and target was much more halting about it. so are they a drugstore? no, they gave that to cvs. are they a grocery store? no, they're not a grocery store. are they apparel company? yes, but apparel we don't think that much of righ

the 25th, that it's done. >> as we await q&a, dennis, as far as this morning's tpi, sequentially a little bit light. r on year ppi a little bit light those who are looking for hope in those sequential or -- i don't have time to finish the question i think we're going to get the president here thanks to you. dennis lockhard. >> you're welcome. good to be with you. >> good morning, everyone. >> i want to begin by thanking the secretary of defense and our fema director for joining me today. we were joking earlier, not really joking, when you need something done call in the military and fema will make sure it gets done look, we're about to get a covid 19 briefing from the medical teams in arizona, michigan and new york they're part of a major deployment of our armed forces to help hospitals across the country manage the surge of the omicron virus. this surge has an impact on hospitals. like all health care workers they are heros, and i'm grateful for what they do before we begin i want to provide an update on our fight against covid-19 and announce new steps. first the update i know we're all frustrated

. >>> good morning, welcome to "tech check", the negative data points continue higher-than- expected jobless claims, strong tpi netflix was looking for ad revenue, it has found its nest

yes we're going to have thecyclica rolldown in commodity prices 60% of tpi is services half of that is essentially housing. also thee thing that you importantly point out is going to be sticky employees want a bigger piece of the profit pie to deal with the higher cost of living. so wage gains are going to be pers persistent, even if they're going to be below the rate of inflation, employees want to get paid you throw in persist didn't rate inc -- persistent rate increases the question is how quickly does it get to that 2% or below level that we were pre-covid, or does it settle out at a rate of 3% to 4% that while much better than we are today still creates an issue for central banks that still have a level well below that. >> mohammad said there are multi-speed economies. let's talk about the euro now. we could have a much worse slowdown in europe based on all of the mistakes they've made in their energy sort of planning for the future that could be tough. who knows. i feel bad for people there that this winter, i don't know what's going to happen, if it's a bad winter it could be really nasty they're going to st

control group, we got the right number, but it's .3, but the wrong sign in prompt of it, we looked for up. we ended up with down. let's look at tpimber. ppi down .20 as expected, strip out food and energy, up .10. empire manufacturing, this is a very interesting one because it is minus, minus 19.37, so the string of negative numbers continues. the only issue here is you're looking for down 4. pretty much multiply that by five, and you are spot on with the minus 19.37, and now i will say that it was right, signs were wrong. pretty negative data points, and, again, it seems as to the trends of 2015 spill over in 2016, and in my opinion, if you want to watch one thing today, watch the shanghai index. it had a significant bottom right around 29 or so. we blew through that, and this is the lowest level of december 2014, and expermits say it doesn't matter here, and investors think differently. back to you. >> rick, thank you. let's get more reactions now to the economic data. steve is joining us back at headquarters, and on set with us is the chief economist of people's fixed income. steve, starting with you, what do you take away fro

. >>> then the wall street agenda busy this week with economic and earnings reports producer price reports and wednesday tpitail sales coming up thursday import prices and industrials like housing starts on friday. we're hearing from just about everybody. home depot coming up, target, walmart, l brand, best buy, gap. reporting this week cisco and viacom not on the retail list. big name category. >> we've talked about this a little bit already stocks to watch today, start with the potential toy takeover. hasbro recently approached mattel terms are unclear. mattel, they have half of hasbro it might help as you can see both companies, this would be -- there's obviously some synergies there. it would bring together barbie and gi joe i just said that veterans day i thought that was a nice thought. you know, dating, a military guy. i don't know if you saw any of the games yesterday. >> a lot of good football. >> a lot of vets a lot of military presence at the games, which they deserved, obviously. three guys -- i mean, it was -- there was a lot of fanning and a lot of at least respect. these guys deserve it. they