i think bullard's always talked off-the-cuff, talked his opinion. if inflation were to stay higher longer who knows what happens because here's the two things i do know. the fed cannot print humans, the labor market remains tight for all this rhetoric we talk about the layoffs in silicon valley, technology makes up about 2% of the workforce. it's not relevant across the country. and second they can't print oil. if china reopens that's inflationary, and we're going to continue to have a tight labor market, so i think we'll continue to hear fed rhetoric, i don't know, and i think that will keep a lid on equities really moving much higher than that 4100, 200-day moving average until the fed tells us they're ready to have looser financial conditions >> let's just point out the market, the moves are pretty interesting happening right now, and i'm sure a bunch of people are looking for if there are any headlines out there that caused the moves of the day they're still negative across the board, but certainly a different picture, josh, when bullard rattled

bullard spooked the markets today where he suggested the worst case scenario where the federate hikes to as high as -- sit down for this -- 7%. rising rates are slamming the housing markets. builders starting to pull back earnings season, we're hearing all about inflation. let's get into all that right now. steve, we begin with you james bullard, once again, he's not afraid to speak his mind >> no, he's not. and he did say that he warned today that his models that he's been using show the fed funds rate could rise as high as 7% to bring down inflation pour a bit of cold water, and he said the current funds rate of 3.75 to 4% is not, quote, sufficiently restrictive to cool the economy and bring down inflation. here's the chart he brought out. in his model, bullard said the fed fed rate could stop seemed to like somewhere in the middle of the conversation he had with reporters later. comments lead to higher treasury yields in markets and the rise in the estimate for the peak funds rate in june 2023 above 5% you can see once again we'll see where new boss and fed president susan collins

jim bullard setting the patients. peak rates are 7%. "even under these generous assumptions, the policy rate is not yet at the zone that may be commiserate with big restrictive." -- they took the quote out so i can't read it. let's bring in some people to talk about this. bloomberg's mike mckee and ira jersey joining us. mike, can you talk about the mechanics? mike: he is using the taylor rule which is a tool for monetary policy makers for about 25 years. you input what you think the gdp rate should be and what the inflation rate should be and unemployment gives you a number in terms of where it can go and when bullard is inputting the numbers, he said this ever-present is a worst-case scenario. we would have higher inflation for longer and a slower growth path. he thinks he needs to go -- we need to go five to 5.25%. chris wallace said that they need to do more but they can do it in a slower pace. 50 basis points so this -- there are two angles. what is interesting is the market still think they will country -- cut rates and the fed pe

louis' james bullard. one place where you are seeing a more market affect of some of those more hawkish comments from fed speakers and concerns about the economy is an oil prices, which continue to be under pressure near-term right now u.s. benchmark west texas intermediate, wti crude, $81.89. that's down about 4% right now you can kind of see this near-term downtrend that we've seen for quite some time still drifting lower we're going to try to see if we can get some of those lows that we saw earlier this fall 81.96 for crude. other places to watch for, in terms of specific themes and stock stories, a couple of big retail winners on earnings bath and body works, and macy's. bath and body works, an s&p 500 company, far and away the best performer, up 25% after the bell yesterday. better than expected results and they upped their forecast. macy's earlier this morning, not in the s&p, but a big department store name, up 14% same thing beat bottom line, top line, and raised the forecast. those names are big,

wall street closes in the red as james bullard ups the ante on his new fed hikes.sian stocks push higher yet again, led by tech. jeremy hunt lays out a harsh economic future of weeks growth and rising taxes as britain's face a record drop in living standards. plus unprecedented chaos. the man overseeing the ruins of ftx reveals a complete failure of corporate controls as the fallen digital empire. this as twitter faces an exodus of remaining employees under elon musk. we check in on the futures there on the back of just increasing numbers of officials coming out of the fed, particularly bullard. bullard is suggesting that you can see rates between five and 5.25% in terms of the terminal rate from the federal reserve at the minimum. joining a chorus as fed officials push back on some of the narratives within these markets around any kind of pause. there will need to be further rate hikes. we wait for the update on the dot plots later this month. we continue to look ahead what's happening on bcb. they are moving closer to 50 basis points later this month. euro-dollar

louis fed president jim bullard who suggests the federal funds rate may need to rise as high as 7% bullarding a common rule for policy, taylor rule, uses low end, 5% for peak to bring down inflation. that's using a series of dovish inputs he don't seem to believe. using the more hawkish scenario t could go as high as 7% the two-year note soared on these comments as did the outlook for the peak funds rate, now back around 5% had been below 4.90% after those better inflation numbers here's a problem for the fed, the economy doesn't seem to be weakening enough to bring down inflation. yesterday we got those strong retail sales numbers forecasters we surveyed in our update boosted their fourth quarter gdp outlook to near 2% from 1.3%, showing, if you look at the two halves of the year, the economy clearly accelerated rather than slowed down despite aggressive federal reserve rate hikes. ryan sweet was from oxford said the consumer spending has picked back up. the economy in the fourth quarter seems to be regaining momentum and joe writes, we think there is still close to $1.9 trillion in exces

bullard is one of the most hawkish fed speakers right now.e has a reaction but it most likely won't reflect what the fed actually will do. dani: a similar conversation is happening in europe from ecb policymakers. they keep beating this hawkish drum. lagarde said this week said she is doubtful we are near a peak of inflation but the figures, whether it is spain, belgium, germany, showed slowing and inflationary growth. will this market tends not to believe the ecb either in their ability to keep rates restricted and keep hiking? esther: i think the uncertainty with respect to the ecb staying tight enough to bring the inflation might be more in doubt than for the fed. we have seen the fed, the ecb sorry was very reluctant to start the rate hike process. going into december, there is this debate about whether the ecb will reduce its rate hiking speed. in my opinion, the risk for the euro is that the ecb will indeed reduce the rate hike speed, indicating they are following the fed despite the fundamentals in the euro zone are not as clear as for

futures turned lower after james bullard raises his view on how high that that he needs to hike rates. plus, the ultimatum backfires. elon musk's demand for hard-core loyalty prompts an exodus at twitter and is said to put day-to-day operations at risk. francine: this is the picture for futures, gains of about .2%. we are looking at technology stocks in asia but more than that we look for what fed speakers will do with interest rates after seeing may be potentially inflation can peak. tom: james bullard outlined the terminal rate at between five and five and a quarter percent, raising his view. building the chorus of fed officials pushing back on any idea you will get a pivot or pause from the federal reserve. yes, the asia tech story ties into this but in terms of the first future sec. of the trading session come the spanish ibex is up .8%. consumer data has come in stronger then maybe some market participants had expected but given the autumn statement, how sustainable is that going to be? the cac 40 gaining .6%. we talked about that average in picture between european equities and

we start off with a couple of fed officials reining in expectations james bullard saying the policy rate is not jyet in a zone that is considered restrictive and there is a limited effect on inflation. and kansas city esther george said it is so tight that inflation can't be brought down without some real slowing. these comments come even as we've seen relief on pricing and better than expected cpi and ppi numbers. mortgage rates with the biggest drop since 1981 and gas prices to where they were before russia's invasion before ukraine. still interest rates went higher today. the spread between 10 and 2-year treasury in a new 40-year low. so what are the markets telling us right now, guys >> that is what i'm focused on the two ten at 65 basis point and we thought it could go to 75 basis points in the form of 3.5% of the ten year which we're close to and 4.25 for the two-year and i think this 14% rally since october 14th or so is fluff we've talked about it. we thought the overshoot with 41 h hundred and we got to 4130 and the fed officials continue to speak hawkishly. and you have to list

what happened to bullard's bluff? wall street ignoring talk after 7% funds rate there is still a lot of anxiety in the air. you heard disney, remember they went woke. shareholders got broke. ceo is out. bob iger comes back to the mouse house. i thought the ceo was in trouble. i said it on the show. can he get back to family fun? that is the family priority. i will ask gary kaltbaum and shah gilani. the moder day scamsters, how can society get protection when the guardians are bought off? this is where you want to be because where the people want to be. alli mccartney on deck for this. get my take on the latest smart move by the retail investor. all that and so much more on "making money". ♪. charles: all right, so back in the 1960s there was this phrase, selling wolf tickets or to sell wolf tickets to make threats or boast especially if empty and if they were made, listen the bottom line is that you would say these to people. you were always boasting trying to make the threats. you knew you couldn't go through with th

me, fed member bullard.an li joins me now with all of the latest. susan: yeah, so these are pretty rare protests we're seeing in china right now in the far west, you have citizens across the country with covid fatigue, and they're really fighting against more of these lockdowns three years into covid is. you have hundreds taking parts in -- part in rallies many cities across china, and it was sparked off by a fire in an apartment building in the far western part of the country and a helpless woman being trapped inside by strict covid measures. we've also seen video of violent confrontation as last week in the city home to the largest fox congress factory where they put together -- foxconn factory. bloomberg suggesting apple iphone will be short up to 6 million units, a 5-10% impact on the high-end iphones. you have to remember that apple had already prewarned the markets earlier this month that the high-end iphones if would be impacted by these china covid measures, and they said we now expect lower iphone 1

. >> i know why the market is moving the way it is maybe it's bullard who is speaking as we speak, and i will give you some of the headlines here, which seem to be the result of what you are seeing in the market market, under pricing risk that the fed may be more aggressive risks the fed will have to go higher on the rates in 2023. and he is speaking at an online event, and nonetheless, maybe those are some of the comments he says the fed needs to get to the bottom end of a 5% to 7% rate change. jenny, he sort of spooked the market a week ago and threw out 7% was consideration for him, and maybe he's leaving with a bang >> maybe it's not bullard and maybe it's not the fed maybe it's the fact we evnded last week trading 18 times, and people are saying that feels a little rich and maybe we got ahead of ourselves maybe there's not many reasons for significant sides here can we get to 4100 maybe. that's only 2.5%, and that's not inspiring. what are we doing now? starting to consolidate what has happened we are shifting our thoughts into the next quarter's earnings which are probably not go

so that kind of ec ecos what bullard said -- echoes what bullard said. let's get to the floor show, teddy weisberg and john pa tree d.c. john, i will start with you. it is hard, isn't it, depending on which fedheads are out and about talking the or you've got some pretty good earnings numbers prosecute likes of cisco and macy's. >> yeah, i think the fed wants to continue to throw cold water on the market rally that we've seen last week off the cpi number. there's the still more work to be done, and i was at a conference yesterday and ben bernanke said the fed's policies, slow down the process which it's going to be another 50 basis points in december, pause -- so this has to marinat. and it's he's thinking that the fed, that inflation is going to be at 3% by this time next year. there's time has to work through the system, and clearly the economy's going to slow and the attention's going to move to recession and off of inflation, and that's the adjustment we're moving to today. liz: okay. so they're looking at the economy and the rate hikes as a piece of

look, the 7% number that they thought -- that president bullard suggested was i think in a certain way already a declining inflation rate, becoming extraordinarily restrictive and most definitely drive us into recession. when you annualize the last four months of cpi, it is running at just over 2% rate. 2.5%, thereabouts. and the core rate is below 5% annualized over the last four months i think they're looking back at cpi when they should be looking forward at market-based indicators all which of are telling us inflation has peaked and on the way down and there is no reason to believe there is any other factor that might push inflation in the opposite direction. >> it is interesting because we in the madiae media and a lot observers look at the year over year rate and see it at 7.7% they're not as prone to look at that month to month change, which you're pointing to, and then to break apart the number and look at some of the constituents of inflation or disinflation house prices are going to come down, i think, a lot and that's going to be a major weight on inflation in a good sense.

the question for bullard should be this, how does that solve the supply issues?ng at inflation caused in part, if not in large part by supply issues, we simply don't have enough goods and services to sell, how does raising rate rates help that? it can crush demand. it is in fact called demand destruction by the economists. that could cause recession. is that the smartest way to do it? look at ways instead to increase the supply of goods and services and let that bring down prices. the rail strike is so important but not just on the general impacts of economy but impact on supply chain could make inflation worse despite what federal reserve does. when you're in the federal reserve you have one tool, a hammer and everything looks like a nail. what they do raising rates will not change supply in the economy that is the question bullard has to answer, the fed at next meeting how are they looking at it holistically as opposed to looking from the demand side. cheryl: his voice certainly moved markets today. we definitely ticked lower on the comments from him. mick, alw

here's the thing, bullard, they were chiming in with taunts and cheers and leaving no doubt they're the toughest gang out there and they're united in their goal to fight inflation. here's the thing though, what bullard said out loud and meant to crush any enthusiasm and dubbish assumptions with the monetary policy and rate cuts. think about that for a moment the federal reserve doesn't even have to -- even want you to think that you could be doveish or they could be doveish. they want to hammer away at the economy. i want you to think about that because bull lard, he should have finished by saying can you dig it. what's happened right now with the state of the economy already from inflation woes. stocks did find their footing later in the session and in fact they found footing today. still though the fed has umped the ante and any inflation report that comes in and the slightest bit stronger than expected will trigger probably harsh reactions and here's the rub. inflation has taken a toll on assets and now the coup de grÂce could be the fed or stock markets or bonds could hammer lower.

bond yields spiked on bullard. he had a big chart he was showing.he yield curve inversion at its steepest in 22 years. the biggest question, does this predict or guarranty a recession? >> depends on what yield curve you use. the most importantly the 10-year and 90 day t-bill recently inverted. that is the final nail in the coffin that says we're going to have recession. likely going to be in 2023 but look, long before the recession officially begins, interest rates, at least in the long are going to peak. you could certainly argue rates have already peaked. bullard's comment to me are absurd because you've got 225 basis points much rate hikes. they're not even in the economy yet. i feel like we're back to bernanke, no contagion, powell, inflation transitory, yellen, no financial crisis left in our lifetime. he is making the same comments that don't have any basis behind them. let the rate hikes get in the economy first. let's worry about if inflation is a problem then. i don't think it is going to be a problem at all once the economy rolls over. che

that president bullard used the number 7 is in 7%. i expected stocks to plummet but not so much. >> the dow finished down 3 points. the kind of statement we've seen a huge reaction from the market on but not this time. that assign the stock market is starting to tune out the fed. it knows that rates are going up. there are signs the market shifted away from rate hikes as the driving force of the market to looking at credit spreads, the difference between treasuries and junk bonds or other corporate bonds, a sign the market is working out the recession. as long as those spreads rain narrow the markets will do okay because recession is not coming. we could have a problem. jack: is there a data point that could refocus the markets attention? ben: we have to look at the cpi in november and after that the december fed meeting. those will be the big events that will determine where the market will finish the year and how it starts the new year. if we get a weaker cpi will be one data point rather than two and that could be a sign that infla

and yet bullard is saying that is the minimum, we could go higher. so you look at that, you look at where treasury yields are. everything five years or longer is less than 4%. you have got the same come a lot more pain from the treasuries market, and probably a lot more pain to come from the stock market either because the yields are going to go up so much or because we are going to have the kind of slow down that would stop the fed in its tracks because it would start to seriously slow inflation. let's face it, inflation does slow seriously from here, that is because a lot of companies and households are going through a lot of pain. david: garfield, thank you. garfield reynolds reminding us to just listen to what the fed is saying. let's turn our attention now to what is happening over in thailand. chinese president xi jinping says the asian-pacific is no one's backyard as he pitches for greater regional cooperation at this ongoing impact summit in bangkok. let's bring in stephen engle. he has been on a plane for the most part, but now he is on the

louis fed president james bullard, has been the most hawk ish fed voice saying the inflation situation calls for much higher interest rates than "what we have been used to" so let's get to kenny polcari and scott redler. guys, i mean, no wonder it's so hard to find green on the screen unless of course you're looking at the volatility index up 8.5% but 22 and change i'm not even worried about that one. scott? which do you see having a bigger effect here, because the markets were down heavily in this china news. >> well i think both things you just stated are putting a little bit of pressure on the market . listen, over the course of the past three, four weeks the s&p went from 3,500 to 4,033 last week. we had a strong week, so you needed things to be kind of perfect for this to continue, so the story out of china actually started on friday if you remember the story broke friday. that's when apple got kind of hit so this is almost the same story just a little bit more intense, but the question was would it also impact apple again and it did so you have to pay a bit more attention to it .

tom: jim bullard was a professor at indiana university, it will be a very different jim bullard.e ultra-cautious. lisa: they don't have the luxury of being academic. this is where the gains come into play, where they say we are going to go hard into this and then cap the s&p level. for all intents and purposes, that is essentially what they are saying. we don't want to see things rallying that have risk. the market say, we don't buy it, we think you will cave. tom: an incredibly important set of guests here. we will do all the rest of this at 8:45. katie is happily darkening the door. what do i call it? the blockchain? bit chain? the chain space. i am already getting hate mail on this. it is not fair. -41 on spx, futures a full 1%, dow down negative seven. 24 point eight yield, up seven basis points, 3.76% on the 10 year yield. i do believe it is off the basis points. truly back to the time of volker. oil, we have barely mentioned this morning. oil is down a little bit, may be an economic slowdown. i don't know what to do with foreign-exchange today. sterling a little weaker and

and jim bullard to saying that we have more work to do as well. the debate is more about the pace of rate hikes, whether to go by 50 or not in december. the key takeaway is the fed's rate hike might end up that a higher peak than anticipated. dani: it seems neither is the ecb. what do you make of president christine lagarde saying she would be surprised if inflation in europe had peaked? enda: western europe is dealing with the peculiarities of the energy crisis. other parts of the world including commodity and food prices, there is a view that inflation has peaked but that does not mean inflation has come down to where it should be. madame lagarde's comments go through with the idea that none of these central banks want to make a mistake or they wants to avoid the temptation of pulling back on the rate hiking cycle too soon. they want to stuff doubt inflation and then they will pick up the pace. dani: thank you. enda curran. let's bring into the conversation juliette saly who joined us from our singapore studio to check on the asian markets and i

then we get presidents master and bullard tuesday.nutes and pmi's out of the u.s., europe, and u.k. wednesday, followed by a slew of u.s. economic data. finally u.s. markets are closed thursday for thanksgiving. before we get there, it is time for the rapidfire around. you know the drill, we have three questions, three quick answers, etsy i want to start with you. is the feds terminal right above 5%. >> no. >> no. >> no. katie: has u.s. inflation peaked for the cycle? >> yes i think it has. >> yep. >> i think it has. >> last question, what is more likely from the fed in december, 25 or 50 basis points. esty? >> 50. katie: greg? >> 50. >> 50. katie: this is great. my thanks to our guests. from new york, that doesn't from us. same time but on wednesday next week. this was "bloomberg real yield" and this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or

we've come down since the bullard comments.y are certainly having an impact in the u.k. -- and in europe. interestingly enough, it's the minors and some of the stocks that are underperforming. the closes coming up this is bloomberg. ♪ ♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family or passing down the family business or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's your why? so... i know you and george were struggling with the possibility so leof having to move.how. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a secure, spa-like bathing experience in the comfort of your own home. a kohler walk-in bath has one of the lowest step-ins of any walk-in bath for easy entry and exit. it features textured surfaces, convenient handrails for

not too far off from bullard.those that have to go as far as seven using those inputs to the taylor rule. >> was it bullard that said the housing market could drop 20%. was that him yesterday one of the fed -- i think the dallas guy said that the housing market could drop 20%. >> i think it might have been waller. >> that is $9 trillion of wealth destroyed and for the people in the bottom half of the united states, that is half of their net worth. so they're not spending money when their home prices now their house is worth $300,000 so it is going down $60,000. is that going to make him spend money and buy stuff. and then the equity markets are down $8 trillion and then crypto is down $2 trillion. i mean, there has been massive destruction of wealth. that is not a buoyant spending economy. those are people who are going to penny pinch and they're at walmart buying grossly, apparently rich people went to walmart to buy groceries you head to the head of walmart, they're not buying hamburger buns, they're buying whit

promises of german politicians to protect deserters and draft dodgers from russia scholars. darnell bullard bring, you might have germany said it would accept those who are fleeing mobilization. well, anyway, we have some friends here. now who know the language i have and can help us not only as the as the form back up, but i am one with maggie, been up on watch. but getting political asylum in germany for people fleeing they dropped in russia is not an easy task. says elena sir, gave up for berlin based in g. all the risk of being rejected is high. she and her colleagues, i have sent an open letter to german authorities asking to ease the conditions for those who don't want to serve in the russian army. not always him all we asked for simplification of obligation rules many terry and visa, because now it's a very complicated process and one can apply only after having proven political persecution. and of course, we asked for simplified asylum for the waiters hope both pollutants regime. but before the rules are philip and maria are trying to find other ways of thing in germany, like applyi

louis fed president james bullard have called for more rate hikes to tame inflation. francine: joining us now is the blackrock co. chief investment officer for fundamental equities, so much going on, what are you expecting to hear from jay powell later? nigel: i think there is a long way to go. we are seeing around this current time, peaking in inflation, but we believe the path will be slow on the downside through 2023. he will remain hawkish, i'm not sure he will be super impressed by the recent rally in risk assets. it's probably going to be caution for markets we might hear from him later. tom: how would you characterize that rally in risk and equity markets, it's been pretty pronounced, the move into bonds over november. is this a bear market rally in equities? nigel: i think it is. people are looking for the pivot, the turn, they want this all to be over. i'm afraid this is going to last much longer people are expecting. this is a very different kind of environment and we've seen the last 45 plus years. this is a inflationary recession. the central banks are det

that's why i wish bullard would revise and say we're winning on some fronts. i don't think they want to declare victory anywhere they are very rigorous now this is 2018 >> the data is going to do what it does. the rhetoric will stay the same until it is overwhelming convincing >> that is exactly my thinking of what is going to happen and i think jay powell is right to do that last thing you want is a soft month and then a strong month. you will think, i didn't mean it bullard should stay up there that's the bear case wall street we have bear cases all the time he's giving us the bear case i think there is something about him i find charming. even though he would devastate the markets. i would lose my job. but five to seven. he's one of the guys who says, look, it's a three-year rebuilding process and then we will still be in last place don't worry about it >> onto cincinnati >> onto cincinnati the great belichick, formerly great belichick. the brady/belichick. >> 3960. let's get to bob pa sanny this morning. >> flattish open this is a tough market to figure ou

it sparked interest which means does that mean rates will go higher from here james bullard spoke about raising interest rates and curbing inflation. more needing to be done. a similar sentiment from christine lagarde who is speaking at the european bank congress this morning. ecb president christine lagarde reiterating commitment to tackling inflation with higher rates. >> we expect to raise rates further and withdrawing an accommodation may not be enough. ultimately we will raise rates to levels that bring inflation back down to our medium-term target in a timely manner. >> let's close out with some stock data raising the offer from bhp to oz minerals that takeover could be bhp's largest in a decade and will expand production of copper and nickel needed for electric vehicles that is the picture in europe. >> thank you, arabile gumede, on the latest in europe and asia markets. >>> and employee exodus under way at twitter bertha coombs has more good morning >> good morning, dom twitter staff is suffering a new wave of employee departures yesterday after a number of staff rejected the el

louis fed president james bullard said the u.s.entral bank has more to bring inflation under control arguing the policy rate is not in a sufficient restrictive zone. the funds rate may need to go as high as 7%. well above the current range >> so far, it doesn't look like we had success getting that rate to fall. if you see the market, we will see disinflation in 2023 and i'm hopeful 2023 will be a year of disinflation >>> weekly jobless claims fell by 4,000 indicating tightness in the market despite the tech sector layoffs. the americanses filing for the first time hit 222,000 continuing claims jumped 30,000 to more than 1.5 million. >>> and amazon ceo andy jazzy says they will continue to layoff employees he called the move the most difficult decision he had to make at the helm. >>> and twitter told employees the office building will be closed until next week it came after reports that staff were quitting in large numbers earlier this week, musk gave twitter employees to commit to high intensity hard core work environment or resig

but for the sudan virus, this is darnell bullard virus. the scientists are still looking for that solution. so it's a very strict strain. and it's still giving scientist here, dick. hopefully the trials will be successful. back for the world cup now, where the 2nd round of group matches has begun and grew a. the netherlands went up against ecuador with both teams coming off of wins. in their opening matches, the dutch opened the scoring and the 6 minute coat, cody gospel, with a strong stride from the distance and put his team on course to be the 1st to qualify for the knockout state of buds ecuador approved. they had come to play, and in the 2nd half their captain enter, valencia scored a tap in for a final score of $11.00. and that coupled with guitars last to senegal means the world cup hosts are out after only 2 games. the 1st time this has ever happened, i spoke to our correspondent danny barcelona and oh, i had asked her how big a humiliation this is this is utter humiliation. it's an absolute disaster. so the 1st host nation to lose

so i'm from a city that was bomb today with bullard. they had a maternity ward. oh, we don't feel anything any more. both. no fear mister rosalind is all no busy. dmitri says they've held this position since the summer, keeping watch in the trenches and sleeping in the bunker. all the while keeping close contact with the front line also longer pittsville stoneham chosen the situation there is still difficult to recruit. we're taking losses just like our enemy. mean we can, but we can't pull back from our position for them in the morning broyles to work as long as the war goes on. or until other orders come. they want to stay here. they say they're waiting on the ground. china says new coven 19 infections have reached a wreck, or 31000 authorities of imposed lockdown. enclosures in almost all major cities, including the manufacturing hub of jango home to a giant i phone factory. these are rare scenes of an open descent, protested clash with the police. clad in white hazmat suits. workers that fox cone, the wolf, biggest i phone plant, engender you, are angry over

but for the sudan virus, this is darnell bullard virus. the scientists are still looking for that solution. so it's a very strange strain and it's still giving scientist here, dick, hopefully the trials will be successful. ok, we can bring you an update from the men's walls caught them, caught her. now. iran have stunned wales at with a too late goals. and am it's ongoing protest in their home country. iranian national teams sang along during their national anthem prior to kick off. or you might remember the players had refrained from doing so in their opening game earlier this week. love just weather was heard from her onions orders, as the anthem play with the team, singing quietly. fans said security had prevented symbols of support for the protests from being taken into the stadium. so for more on this and the match itself, i'm very pleased to welcome that he has a broke from the other sports, but he has a rounds team singing their national anthem before this. well, this game against wales, despite not doing so in their opening game ea

james bullard pretty hawkish. this is the fed terminal rate. last week about 5%, popping up yesterday. the point to make was there is an uptrend channel that is holding. there is good reason from a pure technical standpoint. i would argue from the standpoint of listening to fed officials that we are going to see this terminal rate go higher and potentially significantly higher if the trend holds. rising rates, higher rates means mortgage rates are higher. the average 30-year rate is back below 7%. nonetheless, i record nine straight months of existing home sales falling. for the month october, down 5.9%. a lot of folks think it is not like 2008. it is not going to enter into the financial markets. nonetheless, at some point folks will take stock of this housing recession. what does it mean for some of the other assets? you can make the case this is an influence on the bear market we have for most of the major indexes at this point on the year. guy: if you have a low rate, would you really want to sell right now? that is what folks are asking th

but for the sudan virus, this is darnell bullard virus. the scientists are still looking for that solution. so it's a very strange strain and it's still giving scientist headache. hopefully the trials will be successful. choice will come before us. there was good lemons, world carpet and cut har, where iran have stung whales with too late goals. i'm. it's ongoing protest in their home country. the iranian national team sang along during their national anthem prior to kick off the players had refrained from doing so in their opening game. earlier this week, loud at a displeasure was heard from iranian supporters, as the anthem played with the team singing along quietly. fansite said security had prevented symbols of support for the protests from being taken into the stadium. so for more on this end, the match itself, i'm very pleased to welcome and that he has a book from the other sports. but he has iran's team singing their national anthem before this. well, this game against wales, despite not doing so in their opening game earlier this

louis fed president james bullard and new york's john williams they need to keep restrictive policies in place for some time. bullard issuing similar guidance saying the fed has a way to go to get restrictive that rising interest rates will likely hold into 2024 in order to gain control over inflation let's talk more about what this means with the markets from david waddell with waddell and associates we know the central bank needs to put the clamp and tamp down inflation. what does this mean for markets now? are markets now in a position where they can say, hey, we know it's going to come and we can rally ahead or is it still a headwind >> good morning. thanks forego ha having me good to see you. i think the pivot everybody is focused on is the fed pivot. the pivot is the inflation pivot. we had it. 9% of cpi and now 7.7%. it is to the down side we will likely do that for a while. when we have inflation decline, they happen quickly. the fed is lagging on the way up they will lag on the way down. my expectation and good news that came out of the last release was they will slow the pac

tonight we've got amat let's get to the judge >>> i'm scott wapner front and center this hour the bullardy his remarks although as carl just said stocks are getting off the map this hour. joining me for the hour michael farr, josh brown show you exactly what the markets are doing here just past 12:00 noon in the east we're at the highs of the session, so we've rallied a bit off the bullard beat down and we called it that becausee

james bullard saying rates have further to rise.nd fed president also spoke out earlier today. >> today, inflation is on acceptably high in the u.s. it is elevated in many other countries as well. kriti: from our insight let's bring in james camp at eagle asset management. always a pleasure to have you on our show. a hearty welcome to you. let's start with the volatility you're saying in the bond market. 8 basis point move today. when we look at the front end of the curve we see 11 basis point move in the two-year yield. 4.47%. how long before his 5% -- before it hits 5%? james: we will see another 50 basis points out of the fed in december. until that time where they get the funds rate above the inflation rate. that is a significant milestone. simultaneous with inflation coming down, although it will go nowhere near the long-term trend estimates. they can get the funds rate at 5% or 5.25%, at which time you will see the peak in the two-year with that. kriti: let's talk about this inversion. we are down about 69 basis points. tradit

louis fed president jim bullard. he said the latest hikes have had a limit the effect on inflation.ge said it will be hard to bring down inflation. we have former fed vice chair and tiaa ceo and cnbc contributor is roger ferguson. people get excited about the pivot coming and you hear the comments and you hear maybe not. what should we take away >> i agree i agree with you completely. i think almost every time i have come on, we talked about a consistent message from the fed. equity markets in particular getting ahead oft to note is one slightly bad inflation reading is not consistent with the clear and convincing evidence that inflation is under control secondly, even measure that we saw was somewhat better, it still starts with a 7. that is a long way from a 2 that the fed is talking about the third point that was already made is there is a long way to go because the labor market, which is where they are most focused, is still out of balance. they are hoping to be able to achieve a soft landing you are hearing more talk of pain and recently one fed president talking about the poss

we heard from williams and bullard yesterday, bullard saying on pace of fed rate hikes, i defer to chair't matter in macro terms how quickly we get. williams said the inflation flight to last into 2024. they're talking about a terminal rate of 5 to 7%. so -- but this is all on biden. this is all on the democrats. this is all on biden's federal reserve. it's all on their shoulders. and on their asses, yes, i said it, 6:08 in the mor morning. maria: we have sound from williams yesterday as he talked about this issue, inflation and the fight to tame it going into 2024. we're going to play that sound coming up in the show. we are just getting started. coming up, the chinese people fighting back against an oppressive regime, draconian lockdowns but the white house is staying silent on the calls to oust s xi jinping. all you need to know of coming up. plus the tiktok threat is on, we discuss how much of an a influence the chinese app has on news on the younger generation and how the ccp controls it. a big week of economic data ahead, october's core pce and november jobs report coming up this w

negative once again now, down 0.2 of a percent the s&p 500 is off by 0.5% and so is the nasdaq as james bullard offered potentiallyish scenarios for interest rates oil is falling energy stocks lower. that wraps it up for us on "power lunch." >> thank you for watching. "closing bell" starts right now. >>> thank you, tyler and contessa stocks under pressure following the hawkish fed commentary and trump in treasury. this is the make or break hour for your money welcome, everyone, to "closing bell." i'm sara eisen right now only one sector higher now and that's technology for a change but it's not the sexy part of tech it's the more boring part like cisco, jumping 5% off earnings nasdaq off half a percent now. the s&p 500 down half a percent and the dow as well. 0.2% amazon, visio, tesla lower today. the worst now utilities, consumer discretionary and materials. big earnings movers, macy's, kohl's, alibaba, the stock is jumping today more than 7% and cisco, as i mentioned, higher after topping earnings coming up on today's show maxine waters, the chair of the house financial services committee, fr

louis fed president james bullard how the with hawkish comments as well saying the fed will immediatesing rates into 2023 and may need to go higher than 5, all of this ahead of the closely watched speech by the fed chair jay powell at brookings on wednesday. let's bring in david zervos, jeffrey's chief market strategy. any of this fed speak come as a surprise, david? >> i don't think so, sar a. you pointed it out in some of your remarks a little bit earlier on the show saying the fixed income market have not opinion in focus much at all. the ten-year note has moved and we are at some of the most inverted levels since the late '70s or early '80s this is really i think a pullback in equities after a pretty hectic run run for not the top, top end of the range but for the upper half of the range that we've been in since june, and i think people are rightly a little bit nervous going into jay's speech at 1:30 on wednesday he hasn't been very friendly for the market lately, so i think it makes some sense to be a little bit cautious. >> and i think what might be a little more nerve-wracking

remember bullard is powell's mouthpiece. i'm not so sure we'll get good stuff out of him this week.is the worst sneak preview. short term paper, the value proposition in that? >> riskless. i can tell you two year yields are at 4 1/2 or close to them they were zero a year and change ago. so from income accounts i'm finally able to do some of that when i was, my income business was a big fat nothing for quite a while as they rigged, manipulated rates down to zero. in junk bonds i was finding junk bonds should have been paying nine and 10% that were paying 4%. guess what happened since then? they're back yielding 9% as prices come down big time. so much better environment for the income investor but i'm not going out long. i'm going short. charles: right. >> when i have two year-year-olds paying zero a year and change ago, paying 4.4 and riskless, you do it for your income people. charles: absolutely. gary, thank you so much, my friend. always appreciate it. >> thank you. charles: coming up my takeaway on merriam webster's word of the year. mean while the ftx contagion continues to spr

>> that was certainly what fed president bullard was saying.ically said, he thinks markets are underestimating the task ahead for the fed. it was very noticeable that new york fed president williams called out the idea that inflation is into something to be complacent about. he said it is still far too high. there were four fed officials that spoke the past 24 hours. all of them made it clear, they are concerned about inflation and rates need to go higher and stay high. when you look at what markets are expecting, they are very much looking for yes, higher, 50 is priced in for december, and then a bit more at the beginning of next year. and by the middle of next year, the fed is looking already to cut rates going into the second half. when you look at the way your forward curves are positioned, so that's a picture that is a very stark contrast to what fed officials are signaling. and of course, we get german jay powell later on in the week, who might bring more of those relatively hawkish comments to bear. rishaad: garfield, have you ever been