disrupt air travel, but there is a latest sign of upheaval in the transportation sector. >>> and charles evans defending the string of rate hikes speaking with colleagues in europe, evans is looking out for another 75 or full 1 point rate hike >> i think we have been very clear in our communications and i'm a strong proponent of the communications and projections and indicate where we think the path should go to justify our projections. the timing of the path is less important than the fact we continue to get to the point where we think we ought to be. whether or not it is a larger increase at the next meet organize continued increase to get there before very long, you know, if you look at everybody's projections, we have all the same spot by march >> frank, evans added the concern for the fed is staying on top of tackling inflation back to you. >> pippa, thank you very much. see you later on. >>> let's stay on the fed with the look at the delivering alpha investor survey ahead of the event tomorrow polling the nation's investors and strategists and cnbc contributors on the fed and central ban

can i suggest maybe charles evans this morning?an suggest what you would like to suggest, tom. tom: jon, i remember you telling me ryanair, on the irish, you said by it at three. and it went three to 18. that is what ryanair did. tom: did you buy it? tom: no, i didn't. it does so with one of the most extraordinary chief executive officers who has been medicated over the last three days and joins us this morning. michael, jon and lisa have some very important british questions. i want to ask you what matters to every viewer listening right now. if we don't fly business class, we won't fly. it is the addiction to business class versus economy which you hold the high ground on. where are we in a couple years with our addiction to business class like new york and paris, $18,000? >> good question, but the market in the last week or two, it is a different business model. physicists appeared on north american atlantic and trans-european as well. people will not pay premium on one or two hour flights. applicant the vast majority, below air

romaine: we heard from charles evans yesterday.loomberg's michael mckee all over the central bank policy across the world. we want to continue this conversation and put it into the context of the fixed income space. jim keenan is joining us now along side: barton -- collin barton. jim, it's been a relatively busy be globally for a lot of sales and activity with regard to investor repositioning. is this something people are trying to front run? jim: we are certainly busy. the new norm is a lot of volatility. there's an enormous about of uncertainty in the market in how the transition will go. it's a complete tug-of-war between a level of inflation or the direction of inflation, corresponding policy and what that means for growth. it will be something the markets will have to grapple with over the next year. i would expect a high level of volatility. as the market starts to foresee some shift in policy or a data point that could project that out there will be a lot of repositioning in a thin market. in august, we saw a lot of the ris

charles evans's comments from earlier this morning in the market, st. louis, and the fed funds rate getting 43/4% and if we switch from stock to bond market and consumer staples stocks taking a hit today and this makes sense, interest-rate sensitive names, the 10 year treasury yield, and and for the 10 year treasury yield, october 2008, around a 14 year high to see if it maintains throughout the day bit this is not justice, government bond in the uk in the euro zone have extended their selloff which has been going on for some time but a reversal of what we saw earlier today. to wrap it up we talked about stocks. consumers, interest rates incident gains, not just consumer staples but utilities are good example because you are dealing with competition interest rates. looks exxon mobil, it is up today. utilities, cms energy, those are lower as well because it is a competition, you have a pretty good yield from these utility names but now you have a higher interest rates. these are companies that borrow a lot of money with higher interest rates. oil is the

yields as well as worries about recession higher interest rates, chicago federal reserve president charles evans expecting rates to hit between 4 1/4 and 4 1/2% by the end of this year we are looking ahead to economic data this morning with durable goods orders out 15 minutes time, the consumer confidence report out 10:00 a.m. this morning, both could be market he movers joining me ironsides macroeconomics partner director of researcher barry knapp thanks for being here end of third quarter dire protections about fourth quarter in 2023 how are you expecting macrostory to change markets to react? >> well, the -- the fed is trying to solve a problem that is not of their own making i would ascribe 50% of -- inflation story fiscal policies monetary policy from this point forward primarily a fiscal problem next couple reports would i expect cpi from 8 to 4 as supply shocks start to recede, energy prices peaked, food prices peaked, goods prices are coming down quite hard as well the more intractable, is a bigger problem, so during that period when inflation falls from 8 to 4 i will expect market to re

we did hear charles evans of the chicago fed say once you get to 3.5% of the fed funds rate, that's where you have to worry about overtightening a bit so some of the faint hints of a softening stance. >> mike, thank you for more peter orszag joins us from lazard. peter, always good to have you i'll start right there with powell and the fed tougher talk on inflation which is what we've been hearing from powell lately. what's your expectation about what happens next year on interest rates and inflation >> well, remember, the art of central banking is to make sure you talk tough and adjust to the situation as it evolves. so i think that's what the fed is doing the bigger concern is the ecb. i think they are overreacting, 75 basis point increase today was probably too much. europe in the face of a pretty severe energy and food crisis has a lot of worry ahead of it and the ecb seems to not be taking that fully into account. >> that's interesting. don't they have to, though, do it to match and keep up with what everybody else is doing, with the euro already below 99 to the dollar? >> yeah. but

nick, jay powell is crystal clear this morning and in the last half hour charles evans saying "overtightening is a concern once rates get to 3.5% range". what's with the mixed mesosangs here? who do we believe -- messages here? who do we believe? >> i'm not sure there's a mixed message. listen to charlie's full comments. he basically said he thinks the funds rate needs to get up to 4%. he thought that might happen next year and obviously others want to get there sooner and if you're data dependent, what does that mean? terms of getting there, and he thinks that the progress or lack thereof on inflation isn't going to change the destination. he said i still think we'll need to get to 4% and it's a matter of how fast. if you were to see softening in inflation in the next couple months, his preference would be to move a bit slower, and i think that's really going to be the big debate at the september meeting. it's not just about 50 or 75 basis points. it's about if you think you need to get to 4%, let's say early next year, end of this year, then the question is really one of tactics. how do you

bullard at 10:10, jerome powell at 10:15, michelle bowman at 11:00 a.m., 11:30, thomas barkin, 2:00 charles evans 2:25 esther george. >>> the dow falling a bit lower from earlier in the show looks like it opened up 250 points lower at this time. the s&p and nasdaq about a percent lower as well. our next guest says he doesn't see a fed pivot on the horizon any time soon. scott, thanks for being here. >> hey, frank, thanks for having me. >> we're doing a lot of talk about the fed and the fed officials speaking i've got to say, a lot of what they've been speaking have been pretty dire, the job market, the expectations there will be job losses one of the things they're looking at is their preferred gauge. it's coming up on friday, but it's a lagging indicator i want to ask you, why aren't fed officials listening to companies like apple, their report's out about fall doing e panhandle and fedex and their dire warning about global supply and demand. >> look, to be perfectly honest, it's because the companies don't come under the mathematical models of the world. they rely heavily on the models and guid

maybe charles evans, the chicago fed president speaking today he heard it, but he's a lone voice amongst the committee. what we need to see right now is inflation come down. that's what the fed needs to see. as professor siegel pointed out, housing which is a major about one-third of the cpi is a lagging indicator. statistics last week show housing is coming down that's not going to show up in the other equivalent of rent unfortunately, it's a nail-biter here watching what the inflation reports are going to do to see if there's any reason the fed will heed what the professor is saying right now they're not going to heed >> you allude to charlie evans, the chicago fed president was on squawk europe this morning said he's nervous about going too far. we've moved expeditiously and there's two more to get to that 4.25 to 4.75 by the end of the year are we saying that absent a fed pause or some sort of other language that suggests that they've done a lot, now it's time to just wait and see what happens? stocks can't hang with that, can't handle it? >> well, let's talk about what's going on ri

comments from chicago fed president charles evans helped drive an early pop in stocks particularly when he said he was a little nervous about the lagging data >> there are lags in monetary policy we've moved expeditiously. we've done three 75-basis point increases in a row and there's talk of more to get to 4.25 and 4.50 by the end of the year. you're not leaving much time to look at each monthly release. >> that rally faded by midday. they had given up sizeable gains. allianz chief economist pegging, as feared, higher yields on u.s. government bonds have eroded what was a 2% bounce in stocks serves as a remind that's true a stabilization of the treasury market is likely to be needed to establish a sustainable floor under stocks, all of which keeps the markets' focus on the fed. we'll hear more from mohamed when he joins us live. bonds are becoming more attractive to investors like jeffrey gundlach who tweeted he's been a buyer of bonds, quote, unquote, recently joining us is deputy cia jeff sherman. great to have you with us. >> hi, melissa good to see you today. >> hi. in a world in w

comments from chicago fed president charles evans helped drive an early pop in stocks particularly when he was a little nervous about the lagging data >> there are lags in monetary policy we've moved

. >>> chicago fed president charles evans said the fed is not ready to take the gas off the pedal. >>and turning attention o overseas bank of england vowing to hike rates further with the plunge in the pound. we are live in londo

chicago fed president charles evans striking a cautiously optimistic tone on "squawk box" euro and reminding us that fed policy does take time to work its way through the system listen >> there are lags in monetary policy and we've moved, you know, exped expeditiously. we've done three 75-basis point increases in a row and there's talk of more to get to that 4.25 to 4.5 by the end of the year. you're not leaving much time to look at each monthly release again, i still believe that our consensus, the median forecast to get to the peak funds rate, assuming -- you know, by march, assuming that there are no further adverse shocks and if things get better, we could perhaps do less. but i think we're headed for, you know, that peak funds rate >> here now with his reaction and what is next for the fed and maybe house market is dick kovacevich, former chairman and ceo of wells fargo thank you so much for having us on i want to get to the fed, but i want to ask you first about what you just heard from diana. when you ran wells fargo, you were one if not the leading mortgage lender. what is 7% mortgag

. >>> as we said this morning, chicago fed president charles evans says he's getting a bit nervous aboutnue to stick to the line that recession can be avoided here, even though i think there are a lot of people worrying that monetary policy comes with a lag and you're not really waiting or pausing to see what the impact of the moves that have been taken already - >> i'm a little nervous about exactly that there are lags in monetary policy we've moved expeditiously. and we've done three 75-basis point increases in a row and there's talk of more to get to that 4.25, 4.5 by the end of the year you're not leaving much time to see each monthly release >> joining us this morning to talk about that and all the fed speak we're getting over the next few days is former atlanta president dennis lockhard. good to see you. >> good to be back >> as this window reopens, do you think there will be more variety in how fed officials speak about the terminal rate, at least, or the way in which the fed is playing this game do you think evans' comments here are material? >> well, charlie evans is just one vo

charles evans saying the vet can fit -- fed could very well do hike in september.t's really about inflation. perhaps a little relief coming from crude prices as we continue to see oil easing. wti below the $83 level. paul: you mentioned the central-bank action out of peru and elsewhere. we did hear from the -- yesterday, signaling a slower pace of rate increases going forward. there wasn't a lot of reaction on the aussie dollar. $67 50 eight cents, trading similar to yesterday. ozzie futures completely unchanged. new zealand trading for a little over an hour. the yen holding steady. as we have been discussing, keep a close eye on that to see if there is going to be anymore depreciation. shery: still ahead, we are following china's inflationary numbers. consumer price index likely edging down as food prices stabilize and nonfood prices are sluggish. first, find out why news and investment management expects a recession in the u.k. in europe, but not the u.s. this is bloomberg. ♪ ♪ >> we need to act now, strongly, as we have been doing. we are strongly committed to t

. >>> chicago fed president charles evans defending the central bank's recent string of rate hikes speaking with our colleagues in europe, he havevans was pressede central bank needed to carry out 75 or 1 hike >> i think we have been very clear in the communications and i'm a strong proponent of the summary of economic projections and the fact we indicate where we think the path of the funds rate ought to go to justify the projection the exact timing of that path to me is less important than the fact we continue to get to the point where we think we ought to be whether or not, you know, it is a larger increase at the next meeting or continued increase to get there before very long you know, if you look at everybody's projections, we all have the same spot by march. >> evans said the main concern for the fed is staying on top of tackling inflation let's go to london now where the bank of england said yesterday it's monitoring financial markets closely. we have that going for us. we will not hesitate to change interest rates to bring down inflation. joumanna bercetche joins us now from outsid

charles evans, the chicago fed president and the fed hose of the london school of economics.s on the nasdaq 100, down .9%. yields higher. i will bring it up online, the bloomberg terminal. the display in the gilt market right now, they have the operation daily down to the middle of october. when you look at guild, what you will notice is that 30 year plus is trading from her when yields are lower and everything counts, tends down to two's. all of these stuff from tuesday tends is stuff they are not doing. tom: i like that. looking at this, sterling 108.75, range bound right. annmarie hordern joins us, washington correspondent. there is a hurricane. george bush junior never recovered from a hurricane. every politician -- give us the tension between the president of the united states and the governor of florida. there on the phone on this natural disaster and other than that they have nothing in common. annmarie: they have nothing in common and it is not lost on anyone that these could go face-to-face in a 2024 presidential election. things are tense. there have not been the ni

here what wall street is watching fre earnings from kroger fed speech from charles he have ev evans.phone is available for pre-order today. all models of the iphone 14. >>> looking at the markets s&p 500 is in an interesting part of a range. that is to say if you look at the highs that we saw over the last couple weeks and lows we saw in june, we're pretty much a hair above the middle of that trading range. 4,006 for the s&p 500. we are roughly at the middle crossroads how we got there over the course of the week with the positivity, if we can maintain it today, has been tilted toward a couple of sectors. that is consumer discretionary and financials rising interest rates playing a part in the financials discussion and little bit more bounce back in terms of optimism about the american consumer playing in the deiscreesk iscrey se sector the energy sector about flat over the last week it has been a laggard as concerns of the economy have come up. >>> check out apple, google and tesla. that story driven by the tesla out performance. up 9% right there. keep an eye on the mega cap stocks

evans. he was charles' neighbour in his halls of residence. take us back to that time.ve chosen this room which was at the end of a corridor, and then i discovered as we were moving towards easter time that prince charles was going to be my neighbour. i think the room that he came to was, as i mentioned a moment ago, specially chosen because it was one of the few rooms in the hall of residence that didn't have a three—way, so there were security reasons, so there was i in the room in the middle with the policeman next door, and there was prince charles. ~ ., ~ next door, and there was prince charles. ~ . ~ ., charles. what kind of neighbour was he? well, charles. what kind of neighbour was he? well. he _ charles. what kind of neighbour was he? well, he was, _ charles. what kind of neighbour was he? well, he was, i _ charles. what kind of neighbour was he? well, he was, i think, _ charles. what kind of neighbour was he? well, he was, i think, good - he? well, he was, ithink, good neighbour- _ he? well, he was, ithink, good neighbour- l— he? well, he was, ithink, good nei

charles, this is his 40, is it t northern ireland? the 1st obviously as well, but i am in the 2015 is sure the hands are all from jerry evans, president of champagne at the time. a man i rumored to have been a member of the aisle re army counselor, and that was really quite a lot of speculation on bad manners passed. he was involved with support and violence throughout supporting violence, but in the end, a man of the people that didn't. so as i say this is about, it was not just a major occasion, but maintaining peace in this country family to be able to help. thank you for them . and her simmons live in a sort of another world he is rebels in ethiopia as know, then to drive agency an air strike as hit the capitol mckelly targeting a university campus. it comes one day after the t p. a left rebel said they're open to a cease fire and will accept an african union lead piece process something they've dismissed in the past. they've been fighting the central government in ottawa for nearly 2 years now. the now russia is acknowledging huge losses in ukraine's melvin khaki reach. and moscow admit fit . forces have been out numbered in the

fully on, on what this new monarchy led by the new king charles the 3rd really made good talk to you as many thanks and dave royle historian evans that let's take a look at what else is happening in the world on al jazeera in just a moment. but 1st, some images from queen elizabeth's 70 year rain. oh, i didn't have to try her life. whether it's been all short shall be debated. the old service. ah ah ah, what i said, you know the queen and as a grandmother, i say from my heart, i want to pay tribute to diana myself. she was an exceptional and gifted human being. ah, ah wade me, we have seen the worst, but also the best of our continent. we have witnessed how quickly things can change for the better. but we know that we must work hard to maintain the benefits of the page world. ah, me ah, the un secretary general ontario garages arrived in pakistan to see flood damage. he called on the wall to contribute more than $160000000.00 to help those affected by the unprecedented floods. more than 1300 people have been killed. more than half a 1000000 people are homeless. let's go live that of his mom about i'll 0 come all hider, is there?

. >> yes, charles was explaining this is the public courtyard this faces evans avenue. and just to the right of where the energy poles are and you see there are people standing there. this is the location of the public art installation. that has related to supply chain has been delayed and current understanding is this is scheduled for next summer. it will be a series of plexiglass, 10 by 10 cubes stacked vertically. a bit of a tower. other than that the foundation work was completed. it is red to go waiting for the art to be installed. >> thank you. michael. >> next slide. will emergency fire fighting water system we have representatives from the puc here. perhaps not. >> i think you all those commissioners have been with the commission for a time. familiar with the former auxiliary water supply system the original high pressure dedicated water system from 1913, we began to readdress. and there were a number of projects under taken to exist in reliable operation. the existing infrastructure was with the focus of 2010. the remaining project in 2010 this must be complete

evan, thank you very much. laura, thank you as well. laura, we'll see you at the top of the hour. laura will be anchoring the next hour here on cnn. charles will be officially proclaimed as monarch. more tonight from cnn's royal correspondent max foster. >> reporter: in a prerecorded address to the nation and the commonwealth king charles iii renewed the pledge made by his mother more than 75 years ago. speaking for the first time in sovereign charles reached out to all religions and creeds. he played a glowing tribute to wife camilla and bestowed his former title as prince of wales to his son william, making kate the princess of wales. he expressed his love for harry and meghan. most powerfully and holding back tears he addressed his mother directly. >> to my darling mamaas you begin your last great journey to join my dear late papa i want simply to say this, thank you. thank you for your love and devotion to our family and to the framamily of nations you ha served so diligently all these years. may flights of angels sing thee to thy rest. >> reporter: throughout the day on friday bells tolled, flags lowered and guns saluted. paying resp