i have hurt him include the city of jackson in that speech. -- heard him include the city of jacksonnd that speech. we are looking for every available dollar, every available partner, and working with the coalition of the willing in order to restore dignity to our residents. this is part and parcel of the cycle of hubley asian that far too often our community has to suffer from because we are to given the sustainable developer resources for the quality of life that they deserve. juan: i want to ask one other thing to the mayor, what about president biden's infrastructure legislation that was passed? as any of that many been earmard for jackson and for its infrastructure needs? >> that money has not yet yet landed in jackson. what i can share is my discussion about the czar which landrieu along with administration reagan were both consistent and they have money intended or they had jackson in mind with the allocation they expected to go to our state. so we just have to make certain it goes from its inception point all the way to the final destination, which is right to our water treat

leadership in jackson.unicipal issues like water, garbage, police, i mean, these things are ultimately the job of the mayor and the city council, and although the state government is there, it's pretty unprecedented for the state government to have to take over the major functions of a city. which is essentially what's happening now. >> all right. sara, thank you for being with us. abby and scott, stick with us. there's a big election fight intensifying in pennsylvania exactly ten weeks before the midterms. another trump/biden dual of sorts, both trying to tip the scales in the crucial battleground for their parties. who will win out this time? that's next. you guys aren't gonna give me the fake bill fight? c'mon, kev. you'u're earning 3% cash back. humor me. where is my wallet? i am paying. where is my wallet? i thought i gave it to you. oooohhh? oh, that's not it either. no. no. stop, i insist. that was good though. earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase.

and we're seeing these challenges that you're going through there in jackson and the jackson area, we'llg from a bunkbed. the good stuff is next. age is just a number. and mine's unlisted. try boost® high protein with 20 grams of protein for muscle health. versus 16 grams in ensure high protein. boost® high protein n also has key nutrients for immune support. boost® high protein. i don't hydrate like everyone else. because i'm not everyone else. they drink what they're told to drink. i drink what helps me rehydrate and recover: pedialyte® sport. because it works... and so do i. ♪ hydration beyond the hype. ♪ ["only wanna be with you" by hootie & the blowfish] discover is accepted at 99% of places in the u.s. ["only wanna be with you" by hootie & the blowfish] alright, limu, give me a socket wrench, pliers, and a phone open to libertymutual.com they customize your car insurance, so you only pay for what you need... and a blowtorch. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ every year we try to exercise more, to be more social, to just relax. and eating healthy ev

rishaad: onto jackson hole and the focus on jay powell's speech, the focus has somewhat diverted as jacksonvers from a soaking storm. michael mckee has on that and some of the meeting history. michael: the fed chair's speech is the main event friday. thursday, the talk in the conference was liquidity, but not the wall street kind. a massive storm hit grand teton national park, flooding the roads, and blowing down the tv tents, creating its own inverted yield curve. jay powell's speech may not have an impact on the markets quite as dramatic, as investors have already priced in a hawkish message. even if he says nothing new, they will probably take it that way. meanwhile, we have had requests for a sequel to our history lesson on how the federal reserve ended up here, how did grand teton become a national park? a higher power took care of the mountains. scientists think about 2.2 billion years ago. fast-forward to 1929, a small portion of this area became in national park. then came john d rockefeller. he was so enchanted with the area, he basically bought almost all the land between here and

born there in jackson in 1943.seen jackson go through a lot of changes, and i've been very hopeful jackson here, and going to college here. and seen a city grow and also seeing people leave the city, and seeing people not invest in the city. and seeing people leave the city and say, i'm not going to leave my business here, and i'm not going to support the school system here. and so i've seen people this invest in the city. so i know that with federal funding, and state funding, we could've had this problem solved years ago. and i've seen our city leadership attempt to fix this problem, over the years. that this problem has taken so long to get to this point. this problem, like you said, has taken 100 years to get to this point. this is not an overnight problem. >> yeah, i mean, we have to leave it there. we will continue our coverage of this it bears mentioning that the republican governor of the state is the person who controls some of these purse strings. there is an enormous amount of money for a huge problem. w

and jackson! you know, jackson was one of the people that really stood by the president, right john? that is right. in many more, the one that was never published in his lifetime, i had the luck to find the manuscript and these families support to publish it. in four pages, he tells his experience with court packing. he recounts going over to the president, to the white house, for a meeting with the inner team in february when this has been announced. it is off to a bumpy start. jackson is telling the president, before you go fishing, before you head out of washington, you need to have another crack at explaining this. a pile of an addressed so special -- is not during the day. roosevelt, according to jackson, positive, that is a terrible explanation, isn't it. they went into a fireside chat and started to tell the truth. it was more of a political process that had a chance thereafter. >> we have a lot of questions coming in. we want to jump over to a question from camilla about the connection bet

local time on friday from jackson hole. the question is, can he sound more hawkish than what the markets already pricing? s&p futures abide .2%. nasdaq futures a little softer. we saw ballets in u.s. equities. all 11 sectors in the green. gains of almost 1% for the dow. stepping back from weakness earlier in the week. volumes were strong going into this by the end of the week. we are also watching u.s. bond yields given the move in yields also drove the rebound in the equity session. new york crude just under $93 a barrel. let's get us set up for the friday session in asia. haidi: it is the last day of the trading week in asia looking toward a muted start. nikkei futures like this. australia last closed and new zealand online. the focus this morning is what we get from jay powell in jackson hole later this day on friday. what will also be a big sentiment driver today in asia is progress between the u.s. and china towards averting delisting around 300 companies at risk of being kicked off u.s. exchanges. we will be hearing f

why hasn't this money helped jackson? where is the barrier here?l they know what is best for local government. jackson is the only local government that's being treated diffe differently from other local governments. jackson is the capital city. everything evolves around the capital city. it's to everyone's advantage for the capital city to work. and what we have is a reluctant office of governor who decided that for whatever reason, jackson will be treated differently. that's unfortunate, that was not the intent of the legislation. i have a number of cities and counties, school districts and otherwise who have benefitted from the offer money, who benefitted from the transportation and infrastructure investments we'll be making. my thought was here is a god send for the people of jackson just when they really, really need it and when the legislature was in session and we thought some resources would be coming, they have not. >> why -- >> again i thank president biden for approving the disaster declaration in less than 24 hours. everyone knows that

jackson center. he's the biographer of justice -- [inaudible] and editor of jackson's acclaimed 2003 posthumous book, quote, that man: an insider's portrait of franklin d. roosevelt, the last new deal insider's memoir. also with us, paul blumenthal, former new york times reporter and continues to be a periodic contributor of the times. the author of five books including "the believer" about the harvard psychiatrist john mack who investigated u if fos -- ufos and alien encounters. we'll talk about this in a minute. we'll starlet with professor if barrett. -- start with professor barrett. give us a little bit of your background, specifically your work on justice robert jackson. >> thank you, paul, for this opportunity and really the privilege to be at the roosevelt library and homestead in every sense except actual. the path that led he to all of this us -- was really being a lawyer at first. i worked in the bureau of investigations for about seven years and then became a law professor. among hi areas,

the city of jackson. we have to realize that jackson is the capital city and it needs to be a first-class city. in order to be a first-class city it has to have access to clean drinking water. it's been a problem because we have not been able to get together on the resources for the city of jackson in terms of our shoring up the system here locally. >> senator, one thing that you've been calling for in the middle of all of this is for the governor to call a special session of the legislature. people might not understand but many state legislatures including there don't meet all the time, they only meet at certain times a few times a year to pass legislation. you want him to call a special session now. can you speak to what you think that will help do and what you think will not happen if that special session is not called. >> yes, i'm glad you brought that up because we will convene a regular session in january and it will be too late to address some of these problems in january. it's important to address

robert jackson in particular. someone who is in roosevelt's cabinet as attorney general, was confirmed by the senate through roosevelt appointments to five separate jobs in a very short amount of years. he became my big project. for our topic, it matters that jackson was assistant attorney general in 1937, a principal witness defending the presidents court packing plan, and then the solicitor general over the next two years, argued in defense of new deal laws, constitutionally before the supreme court. it's the jackson path that brought me into this roosevelt world and court reform as a topic. >> jackson was of course part of the nuremberg trials. which we can talk about separately. so, professor blumenthal, give us a little bit about your background, both as a reporter and an archivist in brooklyn for a collection. one of the key members of fdr's administration? >> thank, you paul. i really appreciate being on with you and john. i'm a distinguish lecture at baruch college, as you mentioned, in that capacity super

jackson center. he's the biographer of justice jackson and discovering editor of jackson's posthumous book called that man, an insider's portrait of franklin d. roosevelt the last insider mark also with us today, ralph blumenthal, lecturer at -- collagen new york. a former new york times reporter, and he continues to be a contributing reporting. he's the author of five books, including the believer, about the harvard psychiatrist john knabb. but he actually has a very direct connection to fdr and his administration. we'll talk about that in a minute. we'll start with professor -- give us a little bit of your background in regards to the supreme court, and specifically your work on justice robert jackson. . >> sure thank, you paul, for this opportunity, and the privilege to be at the roosevelt library and homestead and every sense except actual. the path that led me to all of this was really being a lawyer in washington. and first, i worked in the department of justice and different federal investigat

jackson in focus.bal equities turn higher as investors look to jay powell's speech. >> it's very important that we are clear on our communication about the destination. and we have to get interest rates higher to slow down demand and bring inflation back to our target. manus: no letting off, another day of record energy prices in europe, with leaders in the u.k. and brussels set to take drastic measures. concerns ease on tech as u.s.-listed chinese firms report progress in talks between officials of the two countries. the annual jackson hole symposium gets underway, and the markets are bracing for a much-anticipated speech by the fed chair. for a bit of cover surrounding the symposium, bloomberg's michael mckee has more. >> the fed chair speeches the main event on friday. thursday, the talk of the conference was liquidity but not the wall street kind. a massive storm hit grand teton national park, flooding roads and blowing down the tv tents and creating its own converted yield curve. jay powell's spee

this is day one of the jackson hole meeting. i got to the airport, it did say you could rent their spray. [crosstalking] we have an incredible round of guests who be speaking with michael mckee. we are going to be getting all about the jobs market. what kind of pain, what kind of unemployment rate do we have to see in order to achieve lower inflation? today, it is a spectacle to me that i was interested in dollar trades and there were bunch of retailers that are going to be reporting earnings. the read on the consumer that we are getting from some of these retailers is fascinating. it is a moment where we are really seeing demand and destruction in the face of inflation. tom: speaking to the people who beget dollar tree, that is a hard thing. jonathon: that's a really important point. as we catch up with fed officials, they will have to bring it down repeatedly. chairman powell tomorrow, what are you looking for? >> i think we shouldn't get ahead of ourselves. that is the starting point. we spoke about a month ago. i do think th

the big issue, counting down to jackson hole. >> jackson hole. >> jackson hole. >> jackson hole next week. >> that is the next event to watch. >> all bets are off. >> it is a tricky situation. >> the fed's job is not done. >> there is a lot of work for jay powell to do. >> fed chair powell saying we are close to neutral. >> every governor comes out and says something that is a contradiction. >> there is a tug-of-war from a macro standpoint. >> why quit now? >> 8.5% inflation, it looks different. jonathan: joining us now is a fantastic lineup, meghan swiber, luke hickmore and troy gayeski powell. what are you looking for? meghan: i wish we could say we were going to get a clear message from pal next week but with another cpi print to go and another payroll print to go before september, we think he will be endorsing a message of data dependence and not willing to give the market the forward guidance it needs. jonathan: luke hickmore, a quote, jackson hole might be boring, let's leave it there. luke: back from the levels that the fed would like to see. maybe he starts talking about the

a lot of this is based on how hawkish the fed is at jackson hole later this week. that has driven a lot of investors back. let's change over and take a look at other risk assets. bitcoin has also been slumping over the past few sessions. down around nearly 10%. a lot of this is down to what is happening in the chinese economy. a lot of those here. you can see what we saw in the previous session is moving at the north american market. that is this ongoing issue with the chinese economy. the slow down to the property sector. dps tracking chinese property stocks. a lot of moves really stabilizing that industry. >> the property sector is one of the reasons why we saw loan demand so week in china. we are hearing from the pboc, really revert is one of the pages of the table, calling on state owned lenders to stabilize the country by lending more, issuing more loans to the real economy. they said that in a statement, they were improving credit support for exercises, green development and innovation as well. we are consolidating economic recovery. the problem here is the c

more from our special coverage out of jackson hole. of course, the fed chairman jerome powell positive speech will be coming up in hong kong. thus, all the interviews we have , plenty more ahead. this is bloomberg. ♪ >> you are watching daybreak australia. i am sue keenan with the first word headlines. president biden will implement the listing of semiconductor -- semiconductor production. they are committed to making agencies -- helping agencies coordinate their efforts. a federal judge in florida with her to a redacted version of the affidavit urgent former president donald trump's mar-a-lago home. the doj has not decided to file the document. to rush and i were president vladimir putin has increased numbers by 137,000. his decree did not say whether that would happen with a draft or more volunteer soldiers. global news, 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am sue keenan. this is bloomberg. >> thank you so much. u.s. tax rallied, bond yields falling w

the game reggie jackson escortig the game reggie jackson escortig the game reggie jackson escortig the game reggie jackson escortig the game reggie jackson escortig the game reggie jackson escortig the game reggie jackson escortig the game reggie jackson escortig the game reggie jackson escortig the game reggie jackson escortig the game escorting carol fossi on the field. green jackets. > >> former a frankie montas mades yankee debut in st. louis, wasnt good. there's nolan arenado in the top of two, that's out of here, a three-run homer making it 6-4. montas allowed six runs in three innings and ended up wh a no decision. st. louis won the the game 12-9. > >> game week for the 49ers, the team has tomorrow off. then it's it's three straight practices as as they get ready for friday's preseason opener against the green bay packers. kyle shanahan shanahan and the coaching staff wearing d.c. shirts. 8-7 is dwit clark day in santa clara. trey lance could have used clark with clark with the first string offense today. partner the 49ers 49ers defense got the better ofe at practice. > >> golf

these guys are going to jackson hole. i'm sorry i did not go to jackson hole. ground behind you. where i live in westchester there are bears everywhere. tom: they are not grizzlies. tom p.: i will have you up for drinks and we will talk about bears. i think the one thing that is really compelling and the thing i think we need to hold the fed to the fire on is what they need from inflation. if you're waiting for inflation get to 2% -- i do not think that is what they are going to do. i think they know better. if i'm wrong and they keep hiking rates, the hiking cycle will go on for meaningfully longer than anyone appreciates and the recession will be meaningfully different. jonathan: tom purcelli of rbc capital markets. welcome back anytime. coming up on "the open," bob michele of jp morgan together with mike wilson of morgan stanley. we will speak to them for about 30 minutes and then will catch up with julie beale around the opening i think mike wilson will have different opinions to the analysts you mentioned. tom: it will be more than interesting. we will lis

it comes down to the be ok, jackson hole -- bok and jackson hole. yvonne: the be ok is one of the big factors -- bok is one of the big factors. that presser will be starting in a few minutes. you talk about what markets are pricing in, 50 basis points is the consensus for september, but there are questions about where the terminal rate lies. for the market, right now, the narrative about a pivot which we were hoping for in the last couple of weeks, that has dried up, just given what we have seen. u.s. 10 year yields are surging about 3%, and basically it has been up 50 basis points, which is the third biggest jump in basically six years, so maybe, you know, how hawkish jay powell will be is a key question. is he going to move big against these market expectations of some shift in the fed? rishaad: expectations it is why we are getting the dollar to the upside. we are nearing two-year low for the yuan, the greenback two decade high against the euro. the yuan strengthening after the bok raise 5.25%. it is trying to balance the need to tackle high infl

jackson, it was under jackson in 1827 the democratic republican party, the only party left really after the war of 1812 renamed itself the democratic party. there, they had a cultural party, they were the party of the farmer, we talk about some of the stuff last time with the market revolutions. these are the people, more nervous about those market revolution changes. they were the democratic party. jackson, it's figurehead at least, his protegee was a man from tennessee name james tate polk, who is the point man in the house of representatives when it came to the -- in the 1830s. his opponent louis henry, do remember henry clay from the compromise? known as the great compromiser. clay is a planter, a slave owning planter late jackson. he thought a better idea was a diversified economy. he is like the new alexander hamilton. by the way, he will live to a ripe old age, unlike hamilton, it's clay versus jackson. clay, as i mentioned the last time we met, ran for president several times and lost every time, he would say things like, i'd rather have integrity and remain honest then become p

this is a very difficult situation for people in jackson. it's not just that the water could be unsafe, it's that nothing is coming out of the tap at all, and that means people are looking for water wherever they can find it. residents of jackson lined up for bottled water as taps ran dry in parts of mississippi's capital. flooding that overwhelmed the pearl river worsened longtime problems at one of the city's aging water treatment plants. jackson had already been under a boil water advisory for a month, but now water pressure is so low, residents are having a hard time showering and flushing. >> this is a very different situation from a boil water notice which is also a serious situation which residents of jackson have become tragically numb to. until it is fixed, it means we do not have reliable running water at scale. >> reporter: tuesday, mississippi governor tate reeves issued a state of emergency for jackson's water system. president biden also approved an emergency declaration freeing up federal assistance and disaster relief funds.

on thursday, the jackson hole summit kicks off friday, tension turns to jackson hole for the jay powell speech in the uk. let's see how u.s. futures are looking to kickoff the week. head across the board. similar story to europe. right now, the dow jones industrial average with a 300 point drop at the open nasdaq and s&p 500 looking to open weaker as well. if you see heon the screen, eur has fallen below parity. this is something we were tracking toward the end of last week we had a huge amount of action in sovereign bonds and yields higher all of this on the back of the stronger than expected ppi reading out of germany raising expectations of a more aggressive ecb the problem is if the ecb gets more aggressive to control inflation and raises rates sharply than previously anticipated, what does that mean for growth in the context of the more pre-carious situation? recession concerns that means a 0.4% drop in the euro against the dollar. we have comments from the bund bank president the ecb must keep hiking rates to bring down inflation. that is the reason we are seeing the concern aroun

it's clay versus jackson. clay, as i mentioned the last time we met, ran for president several times and lost every time. he would say things like, i would rather have integrity and remain honest then become president. he lost. i don't know with that says. but anyhow, that was the case with clay. clay is leading the opposition. clay is leading the opposition. let's take a look at territorial growth and connect it to democracy, getting into some of the background of the mexican american war. in 1819, the united states and new spain, at the time, had drawn borders between american and spanish lance. spain had undisputed possession of california, new mexico. new mexico, again, including those modern u.s. states of nevada and utah and arizona, parts of wyoming and colorado. then there was a revolution in mexico, in 1821. now, mexico declared itself and independent republic and was governing itself. in the meanwhile, in the west, farther north, the united states and england were both laying claim to the oregon terr

shery: the key focus is what is happening at jackson hole this week. it could be resetting market expectations because investors are taking a look at what the favorite trades of the year have been in treasury markets and that could take a turn depending on what chair powell says. let's bring in kathleen hays, stephen engle, and andrea possible. expectations are high for what we can expect from chair powell this week but we've had a chorus of fed officials emphasizing the need for higher rates. kathleen: that's a great way to start this -- jackson hole, the federal reserve, the fed chair, especially at times like this, if the central bankers set the course, not only for the u.s. but frequently other markets as well. i wanted to start by reminding everybody back into but he 10, ben bernanke signaled the second round of quantitative easing. how do you do something like that? it depends on how hawkish he is going to be. this is the first time he's going to be speaking since the cpi headline number pulled back from 9.1% in june and then you got a jobs repor

we are live at jackson hole. heidi: new measures to stabilize the economy, pledging to use all tools available as growth slows. shery: full-year earnings this hour, analysts watching for any commentary on staffing constraints and fuel costs. the asian session is after the struggle for the direction in the new york session, nobody wants to make any big beds ahead of jackson hole so we continue to see the lack of clear direction. 10-year yield is above expectation, or hawkish fed officials coming out and talking about aggressive tightening. we are watching crude prices higher today. we are talking about u.s. exports rising when it comes to crude and petroleum products. it is the type trading range we have seen the s&p 500 lately, it shows it was the seventh consecutive day where it was within the 1% range. there is a lot to digest, a lot of recall data. a mixed picture when it comes to u.s. home sales coming down to the lowest since the pandemic. factory orders for capital goods beating estimates, we have not seen

will jackson hole get grizzly?'m listening to what george has to say, a relatively dovish week, i think there is a big possibility that could be the case. she said get the 4%, potentially we stay there, we look at the labor markets., claims data today. kailey: and you have gdp speakers out today as well. it will be interesting. i'm so looking at everything they said, so will it change direction only for chair powell tomorrow? guy: it will be a feature of the last few days. i think we are waiting for powell tomorrow. i have had a number of fed speakers. in aggregate, it is very quickly. let's talk to mike mckee. he is the economics and porro does policy corresponded joining us from jackson hole. what do you think? michael: at wall street you see the bears today, but they don't out here you don't see the bears. i would assume at this point the fed is not going to have a measure that would encourage people to sell their assets. but they would not mind if they do, because if they cut financed desk if they tighten finan

we are watching for the reverberations from the jackson hole speech. annabelle: we are watching the korean won quite closely. slightly negative correlation between local rate rises and the performance of the currency. it is a good barometer of global risk sentiment and the greenback has been easing slightly or has been easing slightly against some areas. we see a pick up a bit slightly. take a watch on the euro as well, another great interview with the ecb governing council member and he says that it is action time for policymakers in europe and the week europe is adding to inflation as well. we look at equities in asia and we are at risk off ahead of the asian trading day, new zealand is online, sydney and japan close, the yen's trading weaker here. the dollar is the most obvious way for an increasingly determined fed. paul: s&p 500 futures pointing down although not quite to the degree that we saw on friday. we are seeing the s&p 500 is off by .85%. we are trading off of the highs, then they will change as we get to curbing supply. kathleen: what spe

jackson it was under jackson that in 1827 the democratic republican party, the only party left really after the war of 1812 renamed itself the democratic party. and they're there the agricultural party. they're the party of the yeoman farmer. we talked about some of this stuff last time with the with the market revolution. so these are the people more nervous about those market revolution changes and they're in the democratic party. jackson's it's it's figurehead at least his protege. was a man from tennessee named james k polk. who was the point man in the house of representatives when it came to the war against the bank for instance in the 1830s? his opponent was henry clay do we remember henry clay from the compromise? i known as the great compromiser clays a planter a slave owning planter like jackson, but clay thought a better idea was a diversified economy. he's like the the new alexander hamilton. other he's going to live to a ripe old age unlike hamilton, but so it's it's clay versus jackson clay as i mentioned the last time we met ran for a president several times and lost ev

nbc is in jackson. >> reporter: tonight, a race to distribute water in jackson, mississippi. cars lined up for miles outside distribution centers full of locals hoping for water who left empty-handed after the supply quickly ran out. >> the water that they are giving, you can't to it because the line be so damn long. >> reporter: for weeks jackson residents have been under a boil-water notice put in place last month because of contaminated water concerns now they're on the brink of having no water at all >> the water pressure has been low >> reporter: this woman has been spending $100 a week on water for her family >> we've had to boil water to cook, to wash dishes, you know, pretty much to brush our teeth. >> reporter: state officials say floodwater complications impacted storage tanks, pumps and water flow, resulting in a failure at jackson's main plant. >> the lack of water was due to pressure -- a lack of pressure in the system >> the water is not safe to drink. i'd even say it's not safe to brush your teeth with >> reporter: today the governor declaring a new state of em

john: does race and white flight in jackson, the jackson area, has that played a role?you look at the history, the historical context of the city of jackson, the integration of the school system and the suburbanization of america, absolutely led to white flight and capital flight from the city of jackson. you can see over several decades until about the 1980's, the footprint of the city expanding as a city, annexing more and more territory around it. after that point, even though the flight began before that, you just see population declining since then. when the tax base leaves, and the city grows, these cause an enormous amount of effort the city is responsible for while dealing with less investment and less support. john: nick, thank you. ♪ amna: now to pakistan, where a torrential monsoon season, accelerated by climate change, has led to catastrophic flooding. one-third of the country, an area the size of colorado, is under water. at least 1100 are dead, and untold numbers have lost everything. here's nick schifrin with the top pakistani official trying to manage th

jackson has been under a boil water advisory for a month.e month without clean water last year. >> we've been going it alone for the better part of two years. and we look forward to a coalition of the willing that will join us in the fight to improve this system that has been failing for decades. >> reporter: tonight, the people who call jackson home are paying the price. >> especially someone like me, i have major health problems. >> and janet shamlian is back with us from jackson, mississippi. so janet, how is the community coping without any safe drinking water? >> norah, in many cases life here is grinding to a halt. restaurants and businesses have been forced to close. and jackson public schools have gone to remote learning indefinitely because there is no running water in the schools. norah? >> janet shamlian, thank you. >>> more weather news now. at least three people, including two children have died in the midwest after severe storms there. damaging winds and heavy rains blew through michigan last night. that same storm system is no

cbs' janet shamlian is in jackson. >> reporter: the people in these cars have been waiting more thanwo hours in 90-degree weather just for a case of clean water. >> o'donnell: biden on the campaign trail going after what he calls maga republicans, and focusing on crime in america. >> the answer is not defund the police. it's fund the police. >> o'donnell: cbs's nancy cordes reports on the wave of gun violence. >> o'donnell: cbs's nancy cordes reports on the wave of gun violence. the breaking news about mikhail gorbachev, the consequential world leader who took down the iron curtain. >> mr. gorbachev, tear down this wall. >> o'donnell: as demand for new homes remains high, there is a labor shortage to build them. cbs's nancy chen on the women filling the void. this is the "cbs evening news" with norah o'donnell, reporting from the nation's capital. >> o'donnell: good evening to our viewers in the west and thank you for joining us on this tuesday night. a humanitarian crisis is unfolding here in america, as a state of emergency is declared in jackson, mississippi. the governor warning

that sucks about jackson hole in the aftermath.--let's talk about jackson hole and the aftermath. inflation hitting multi-decade highs. here is commentary from central bankers in wyoming. >> the federal open market committee's overarching forgiveness is to bring inflation back to the 2% goal. >> above 4%, and probably need to hold that there next year. >> inflation is extremely high. there is unmanageable -- it was unimaginable 18 months ago. >> we have to slow down demand and bring inflation back to our target. >> we get to above 3.4 by year end, and then we see. >> it could be well over 4%. i don't think that is out of the question. >> 3.75 24% by the end of this year. i would like to get to that level and sooner is better. alix: this takes us to the question of the day. the hawks have landed, now what? want to bring in ira jersey and our bloomberg macro squad expert vincent cignarella. ira, i think the idea is fox landed, now what. what is top and yields? what is most important to you? >> i think from the longer end of the curve we have seen the top in yields. nothing to 10-yea

i spoke to him at jackson hole. he told me he would join fed chairman jerome powell if prices remain out of control. >> we are not exactly targeting the interest rate cap as our prime political objective. the high interest rate in the united states will have depreciation pressure to korea, and that will impede our inflation rate. two big large differences, one thing i deal. we have to without the exchange rate to move and we have to focus on our own inflation rate. kathleen: the bank of korea will reach two quarters of 3%, you said that is reasonable. how does that look to canal? >> as i mentioned, i think it meets our expectations. i do not think we need to revise our projection at this moment. kathleen: if the inflation rate were to state steadily above 5% this year would you continue to opt for more gradual hikes, or would you consider doing another 50 basis point hike? >> at this moment i do not want to comment. as you mentioned if the inflation rate continues to be well above 5% like chairman powell than the ba

on that note, we want to look ahead to jackson hole.omberg debt has been weighing in on expectations ahead of the symposium. that is where all eyes are going to be on the future of monetary policy. >> this is a market still pricing in interest rate hikes in 2023. >> what is clear is that market expectations remain reasonably anchored. if they go too far, then i worry. >> the fed has to do the work of bringing it down which means policy rates need to move about 4%. kailey: joining us to discuss how all of this factors into the market is katrina dudley, franklin mutual advisors investment strategist and portfolio manager. how much power does jerome powell have to move this equity market? >> i think it really comes down expectations of what jerome powell is going to talk about on friday. i think half the market thinks he might become more hawkish. i think the interesting thing to be observing is how far we have come since last jackson hole symposium. we were looking at inflation, talking about why it was going to be transitory. fans -- fas

cbs' janet shamlian will start us off from jackson. good evening, janet. seems like a dire situation there. >> reporter: it's very challenging here tonight, norla. tonight, it's almost every family for themselves in the search for water. there's almost nothing in the stores. the water giveaways across this city are winning out. a line stretching as far as the -- running out. a line stretching as far as the eye could see in jackson, mississippi, tonight waiting for water that's safe to drink. the irony of it, too much water along jackson's pearl river after a storm contributed to the collapse of the city's aging water system. how long have you been in line here? >> about 2 1/2 hours. >> reporter: now, there's a state of emergency affecting as many as 180,000 people. >> the water is not safe to drink. i would even say it's not safe to brush your teeth with. >> reporter: emergency crews have been scrambling to get the water treatment plant back online. floodwaters overran the pumps. how are you? >> have a great day, ma'am. >> reporter: desperate residents now

jackson you're crazy you're a fucking faint.myakov is a financier of the mansurov lads, they work for collectors. he puts money into business for them, you understand, the pharmacy is a big man, you will be surprised, but i can read and listen even more. and now i know about the capture of this pharmacy network, i know who the hamsters are and know for whom you obtain these documents. you see, i don't play these games. they still fear me in kandahar. do you think you are a hero? yes, you are a fool. who are you hitting against? do you even know who gives orders here? old song, and you're right about the fool. it was necessary to crush you more cadets. do your business without me, and i will go to voronezh to lizyukov street for safety to me urgently. nothing and not such heroes chewed. finally, after so many years, i had a real enemy. alexander ustyugov do not buy until you compare the largest ones here insurance companies offer the best prices for osago go to the website or app to compare and save on purchases of osago if osago

jackson hole, what can we expect on the policy side? kathleen: weekend expect fed bank president speaking with bloomberg television. jay powell is more of a question . how hawkish will he be on inflation? what will he say about how hard they will have to push? remember, jay powell has not spoken since recently, the last couple of weeks. the headline cpi breaking from 9.1% in june year-over-year to 8.5% in july. that is one of the reasons markets may ease up and not hike rates as quickly. a couple weeks before that, u.s. payrolls in july were double what was forecast. the labor market is still strong. that's a green light for the fed to push as hard as it needs to. the big question is, is jay powell ready to risk recession? how high, how fast will he signal willingness to take the funds rate higher? you can see from the bloomberg chart the forecast from inflation. you go from the bottom up. as traitors and economists look to the future they have gotten steadily higher. the fed is signaling they will go up to 4% by the first half of next

we're live in jackson coming up. t we're live in jackson coming up. this... is the planning effect.a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. age is just a number. and mine's unlisted. try boost® high protein with 20 grams of protein for muscle health. versus 16 grams in ensure high protein. boost® high protein also has key nutrients for immune support. boost® high protein. ♪ music (“i swear”) plays ♪ jaycee tried gain flings for the first time the other day... and forgot where she was. [buzz] you can always spot a first timer. gain flings with oxi boost and febreze. >>> so in just about 30 minutes from now in mississippi, the mayor of jackson is set to give an update on the city's water crisis as president biden is getting more involved today. here he is, picture of him that was tweeted out b

lester >> meagan fitzgerald tonight, thank you >>> now to a public health crisis unfolding in jackson, mississippi were residents face a boil water notice for the fourth straight week amid concerns over clean drinking water stephanie gosk has more >> reporter: in jackson, mississippi school drop-off isn't just for the kids. it's also for the water. the entire city is facing a boil water notice again >> we're told, don't wash your hair with the water, don't brush your teeth with the water. >> reporter: she worries about her 8-year-old >> is she going to walk over to a water fountain and drink from that water fountain >> reporter: to be safe, signs are up at the middle soon. they've been there for a long time. you can't remember a time whe the kids could use the water fountains in the school >> i can't remember. i can't remember >> reporter: george stewart has taught here for six years a predominantly black, low-income school. atop all the other challenges, water quality and water pressure are a constant battle. >> at one point we had to shut down for two weeks. >> reporter: when? >> ma

a huge week because of jackson hole. all years on jay powell. tom: the run-up in stocks we saw take a bit of a breather. gains around 15% since june on u.s. equities as we look ahead to see if jay powell will reset the expectations on friday. the market is divided as to whether we will get 50 or 75 basis points. the futures have pointed lower. the spanish ibex down 0.7%. the cac 40 down in similar territory. it is worth remembering that the five-year in china. let's show how things are playing out across the assets. cuts deeper in china when it comes to the five-year, that is the benchmark that supports the mortgages with continued pressure on real estate in that country. in the u.s., losses -- it was a little more pronounced earlier in the session. the context is a you started the year at 75 basis points. we are starting to see this top out. bitcoin. i believe mark cudmore will break down this story for us. currently down by 0.6%. gas prices once again in focus. a sharp take up your 10% today, a further pickup in terms of pricing. the economy m

cbs' janet shamlian is in jackson. navy seal death. a former yale football captain dies during hell week. tonight, questions about the culture of brutality and drug use. cbs' david martin spoke to kyle mullen's mother. >> it's like a sick hazing. >> o'donnell: and the medical breakthrough. cbs' jon lapook with new technol that could change lives. ed >> this is the "cbs evening news" with norah o'donnell, reporting from the nation's capital. >> o'donnell: good evening, and thank you for joining us on this wednesday night. we want to begin tonight with that extraordinary, just-before-midnight filing from the justice department, where the government laid out its investigation in far more detail than ever before. the document is 36 pages long with 18 additional pages of attachments and includes this photo at the end of the filing, the final page showing several classified secret and top secret documents. one noteworthy point-- none of the folders bear a label our a stamp kathy indicating they have been declassified. justice department says