joining us is austan goolsbee. thanks for joining us. i feel like the debate that folks in the market are having now, so the fed was late to get on top of inflation. are they late to getting on top of the peak of inflation and getting too hawkish at a time when it's really starting to come down? >> yeah, they might be as you say, because they felt like they were behind the curve, they have got to talk tough now, and they have been and all the governors have been and chair powell has been. but we've gotten two months of cpi numbers that were -- at least the new information quite positive if next week we got more good news on cpi inflation, you have to think there's going to start to be a little pushback where people say, whoa, whoa, wait a minute should we be raising 75 basis points at every meeting if the impulse of inflation is not what it was six months ago. >> so is your view that they should not, that they should start to calm down a little bit? >> well, i think now is a moment where for the next three months, the new month-to-month

steve more work for donald trump, austan goolsbee for barack obama, gentlemen, the teams reunite.teve, you have that i honor of going first this week. >> he said that would be the road to hell for america. >> no question about it. the united states should be the leader producing fossil fuels and we have more fossil fuels than any other country. and we also wonder donald trump had achieved energy independence for the first time in yours, mine and alston's lifetime. a beautiful picture and we see decline at a time when we should be producing more. look, we need fossil fuels. 75% of our energy we get from fossil fuels. the idea of going to zero is dangerous and by the way jamie dimon is not a big republican as you know, bill. he is a centrist, and he is saying exactly what i think america wants, we ought to produce more. >> bill: he tends to ride the middle. this is what we will hear from mccarthy and a couple of minutes, austin. >> bill, i would observe that production of oil in the united states is way up, 2022 is going to be the second highest production year in the history of the

joining us is former white house chief of staff under president trump, mick mulvaney austan goolsbeesident obama and is now a professor at the university of chicago's booth school of business, and our own rick santelli. rick, i want to start with you because of the moves we have seen describe what people have called pretty violent moves including peter boockvar >> oh, yeah, and peter would know have great respect for peter and his research what we are seeing in my opinion is the opening chapter of capitulation it's not going to end today, although i do think the extremes i'm seeing, 4.26 in twos 3.82 in 10s. i would think if i was in the pits these days i would be looking to fade those, not in the grand scheme of things but at least for today the problem is that we have gone from tina to a new tina. there is no alternative, believe me, stocks aren't everybody's first choice anymore but there still is no alternative to the u.s ultimately, what we are seeing is that global central bank policies really for the last 20 years to save us from pain, to rip off the band-aid slowly, it all ca