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joining me right now to assess the macro story and the markets, former home depot and chrysler ceo bob nardelli as always. >> thank you, maria it's always great to be with you. thank you. maria: we've seen a real slowdown the in the economy as the federal reserve has now raised interest rates ten times. what are you seeing mt. way of inflation right now, bob? >> well, inflation continues and is persistent across all of retail. i think we see a tsunami of issues coming at retail and companies. a couple of things, maria. let's talk about georgia, first of allful we just -- of all. we just were notified we're going to get a 12% increase in our electric bill effective june due to supply, due to increasing costs in the supply of fluid, of natural gas, if you will, or oil. and so that's just the start of it, maria. we're going to see between 16-148 increase in our bill and, oh, by the way, we're going to get another -- we will get one more increase of 4.5% in '4 and '25. now, this is all the result of a decision this administration made on inauguration day. you and i've talked about it countless time

let's get the read from former home depot ceo, former chrysler ceo bob nardelli. car business in just a minute. first on retail, shoppers are spending a lot more because of inflation because of basic items they have to like food but they're spending less on big-ticket items. they're going all in on credit card debt right now. i think we got a record number close to a trillion dollars. how does this all translate what happens to the connie? >> thanks, david. great to be on with you. no question, last week was a troubling, troubling week for retail as they face, what i will call a tsunami of challenges. you mentioned consumer credit cards, close to a trillion dollars, right? you look at inflation, you're right, it's still up. it is up 20% over the previous year. so we're seeing some moderation in it but it is still up there. we're seeing continual challenges, for example, target announced a 500 million-dollar hit because of theft. the national retail association said it was 9 point some billion dollars. 26% they said is due to organized crime if you can believe that

. >> they are accelerating bob nardelli said some companies he invested in there are many had seen theircredit costs from 2 to 4 million to 18 million dollars, that has got to hurt. >> yes, i think thank you know era of free money is sort of coming back to haunt us a lot of businesses, able to get formed get started when interest rates with essentially zero money was free now starting to see that as interest rates risen debt rolls over folks won't be able to pay number one, number two get refinanced, so i think in this environment, you know what we believe is a cash is king you have to apply profitable companies generate a lot of cash can survive tough moments tough cycles, make it through to the other side. maria: radio you have worries over banks banks are mixed regional banks mixed this morning silicon valley bank, signature bank executives testifying on capitol hill today former svb ceo blaming federal reserve rate hikes negative social media sentiment for the collapse of silicon valley bank, i want your take on regional banks, because you follow small companies unfortunate, these re

joining me to react is the former chairman and ceo of home depot poe, former chrysler chairman ceo, bob nardelligreat to see you. thanks very much for being here. a miss on home depot's numbers. and let's take talk about what you think is going on here within retail. what's your reaction? >> yeah, well, good morning, maria. i think this is, as you know, home dehe poe is the largest -- depot is the largest big box provider on retail. this is a key barometer to the economy and retail sales. if you look at the number i saw yesterday, we got $986 billion of credit card debt. right? so i think we do see retraction in the consumer. you mentioned secretary yellen. she said inflation was transitory. now we're going to default potentially in two weeks. if you look at the roller coaster of inflation and then pulling had that back, there were higher prices, there were costs that were being transferred to the consumer, all of that is coming to bear now, maria. and i'm not surprised. i wish the optimists would get real. either they're not representing the facts or they're not involved in business every day.

we're seeing actually shrinkflation in the products and services that we're buying out there >> bob nardellitoo. thank you very much. >> thank you >>> close to session lows here with some pronounced weakness in the financials regional banks down about 3 to 4% stay with us >>> got some fresh headlines this morning around former jpmorgan executive, jess daly. eamon javers joins us. he has the details eamon? >> hey, david. this is a blockbuster new report from the "wall street journal," because it comes just days after jpmorgan's ceo jamie dimon was disposed in this jeffrey epstein case "the journal" reports that it has seen legal documents in which jess stehly says he communicated with jamie dimon for years about the bank's business with convicted sex offender, jeffrey epstein. cnbc has been unable to independently verify "the journal" report. but a jpmorgan spokesperson said on friday after dimon was disposed that he, quote, never met with him, never e-mailed him, does not recall ever discussing his accounts internally and was not involved in any decisions about his account. there are over a