for more on the path forward, let's bring in roger ferguson.ou for being here this morning. >> thank you, frank. >> you know, your insight is valuable the fed minutes yesterday are haw hawkish. markets not happy with the tone. is there an overreaction is there something in there about the more aggressive stance that the markets are overlooking that could be beneficial >> well, i think there are a couple of things to recognize. it is more hawkish it laid out exactly what the plan is for the gradual reduction in the size of the balance sheet. recognize also they were clear about the uncertainties they confront on both sides while they put more weight on inflation. it is a clear and present danger they will be very data driven. i think the plan is for two or maybe three basis point moves for this year. i also read that as we saw in march, if external circumstances require change of plans, they are ready to do that a fed is clearly wanting to get inflation under control, but recognizes the external environment which is uncertain than the plan itsel

former fed vice chair roger ferguson weighs in when "closing bell" returns. some bonds inspire confidence, and some you grow to rely on. these are the bonds worth investing in. for over 50 years, pimco has reinvented fixed income to create opportunities for investors in every market environment. so, no matter what happens you can build the bonds that mean the most to you. pimco, a global leader in active fixed income. >>> jpmorgan ceo jamie dimon out with a warning about the fed's difficult task of engineering a soft landing writing in his annual shareholder letter, the stronger the recovery, the higher the rates that follow. i believe that this could be significantly higher than the markets expect and the stronger the quantitative tightening. joining us now is former vice chair of the federal reserve, roger ferguson roger, always good to see you. how much work and tightening do you think the fed has in front of it in controlling inflation what's it going to take? >> well, i think jamie's letter and general message is roughly correct. which is indeed, inflati

you should own these names right after this up next wlie tae will talk withe fed vice chair, roger fergusonnd strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. cal: our confident forever plan is possible with a cfp® professional. a cfp® professional can help you build a complete financial plan. visit letsmakeaplan.org to find your cfp® professional. ♪♪ >>> bill wangs has been arrested by federal agents. the mechbn arecharged with racketeering and wiring fraud. you may remember bill wang he had some $20 billion in play. responsible in large part for the uptick in the price of companies like discovery right before it was trying to mi merge with warner media. this looks like perhaps one of the biggest white collar prosecutions in years. we should note that bill wang, fu remember, a former tiger asia global guy was, pled guilty to insider trading back in 2012, and interestingly and of note, he was responsible and was in business early

we saw earlier we're going to talk inflation, meanwhile with former vice fed chair roger ferguson andth dr. scott gottlieb. but first u.s. equity futures at this hour have added to premarket gains up 167 points after failing to hold some of the gains yesterday after the cpi number either people had positioned for a worse number or there was a buy on the news after maybe being weak on the rumor. we knew it was going to be bad it was initially traded higher but the dow closed a bit lower trashy yield fell yesterday after the cpi and bouncing back a little this morning but not too much 2.7, 2.3 >> leslie picker skbroinz us now with more on the numbers good morning >> hey, good morning, becky. that's right jp morgan shares were down a little bit more. reported 39.59 billion on a managed revenue basis. that was compared to estimates of $30.86 billion. net income was down signif significantly for the quarter. net income came in about $8.3 billion for the quarter one of the big question marks investors had about jp morgan and banks in particular this quarter was what their exposure to russia