steve liesman is standing by with the fed governor chris waller. welcome to both of you. steve? >> kelly, thank you very much. i am here in washington with fed governor chris waller. thank you for joining us. >> thank you. by the way, i hear birthday wishes are in order. >> thank you. it's not on the agenda. we have a lot to talk about, but thank you very much. can we talk about the inflation dynamic as you see it? how was 2023 in terms of what has been called really the solid progress that was made on inflation differed so far from 2024, how is the dynamic going to work this year? >> i would say 2023, we really did see a lot of unwinding of supply side problems. we also saw a large surge in immigration that wasn't appreciated until much later. and that did a lot of nthings. it had a positive effect on growth, employment, and prices coming down. the first quarter of this year, what we're staring at now looks much more like demand side. so a lot of supply side stuff, except for the immigration, is kind of unwound. so what you're staring at now is much more in demand. that's where

most notable so far, governor chris waller who held rate cut hopes at bay when he said morning he needs to see several more months of good, meaning slowing, inflation records before he's ready to give a thumbs up to any rate cut. still, though, markets are up. bond yield withs down slightly with the 2-year yielding at the moment 4.42. we do have some investors moving to lock in longer dated treasury, the 10- year down to 4.48%. but what may be the strongest near-term catalyst for stocks, nvidia earnings out after the bell tomorrow. shares of the a.i. chip leader were in the red early part of the session here, have punched up just by about a -- actually, flatline at the moment, had been higher. we do have it gaining an empressive 9932% year to date -- 92, 204% over the past year. and while the market may be waiting on nvidia to see what's that going the to do, should it affect the entire market, should investors be waiting on insid ya or be making some moves right now? let's get to the floor shocker joined by goldman sachs'ic bity portfolio manager greg to have toe, he is here on set. ar

chris waller needs months of disinflationary data.nnabelle: holding a key rate with currency markets watching for signs of easing ahead of australia's central bank. haidi: that is the decision, markets online. futures in sydney with an upside, watching names including rio tinto including commodities. aluminum is the one to watch. a 23 month high. kiwi stocks are up as we get ready for the rate decision. the aussie dollar is looking for leeway overtrading in the key will -- kiwi. in particular as we get the two-year inflation expectation holding steady. we've had the shadow board recommending that the ocr have no cuts until 2025. that is overshadowing the meeting. nikkei futures showing optimism in china futures softer. i wonder if concerns over property have been enough. we have one top fund that prefers kiwi bonds depending on what we get, lower inflation could make them signal a pivot according to asset management. annabelle: that is one of the key questions to ask, but u.s. futures coming online fairly lack. as we said in the headl

. >>> we're watching for the fed influence after new comments on chris waller on the upside for the economy and the wait-and-see approach for rate cuts. retail also in the spotlight after twin beats from macys and lowe's. >>> plus, scrapped again. more delays for boeing and "starliner" launch. and later robert f.ken kennedy makes a push for the white house. it's wednesday, may 22, 5:00 a.m. and you're watching "worldwide exchange." thank you for joining us. we get you ready for the trading day ahead. the s&p and the nasdaq at all-time highs and the dow within striking distancing after pulling back slightly from 45,000. the market's in the red right now. moving a bit lower. looks like the dow would open about 20 points lower. we also want to check the bond market ahead of the release of the fed minutes at 2:00 p.m. later today. the benchmark, 4.43. the long bond, the 30-year, remember, this is a road on inflation expectations. the yield has declined in recent weeks. we're looking at energy, specifically oil. biden will release 100 million barrels ahead of the 4th of july. take a look at oil

. >>> we're watching for the fed influence after new comments on chris waller on the upside for the economy and the wait-and-see approach for rate cuts. retail also in the spotlight after twin beats from macys and lowe's. >>> plus, scrapped again. more delays for boeing and "starliner" launch. and late

lisa: i am very curious to hear what happens with chris waller on friday. hey address the idea of where the longer-term inflation rate really is, including with people saying -- jonathan: governor waller set the tone before. interesting to see if he does that this week. equity futures positive. in the bond market yields unchanged on the 10 year. the euro slightly negative against a stronger dollar. coming up, we will catch up with jp morgan's phil camporeale on why nervousness around rates is overblown. ryanair ceo michael o'leary in the building on boeing delivery delays. and stephanie roth on her outlook for slowing inflation. stocks edging higher following four weeks of gains. phil camporeale saying stocks are trading all-time high after reducing the number of cuts in 2024 from six to less than two is a good sign. we do not think the economy it's an imminent cut in rates and we are not coming as an ease to validate our overweight. phil is with us around the table. last time we spoke you were super upbeat about bonds and stocks. has that changed? phil: it

chris waller said the same thing as neel kashkari they all said kind of the same thing.ing down. a big drop could have been a one-off that reverses and you don't want to be in a position to make a decision that you then have to reverse. they will wait. the big debate now seems to be, are we tight enough? laurie logan said last night we may not be. she joins that camp. the question is, do we need to raise rates or leave them where they are for longer? the majority of the committee is, leave them where they are. if we get numbers like we are expecting today, you can do that. jonathan: if you had bill dudley here, williams over there, and you had a roundtable, what would you ask them? michael: you could ask what bill sees as the reasons for why the neutral rate is higher and if they will be sustained. the second part of the question isn't is it higher, but does this last? is it a temporary thing because there are things in the economy that you do not want to overreact to? that would be the issue. john williams, you could ask him what r-star is since he invented the index. b

>> phoebe waller bridge, matt damon, emily, chris maloney, bradley cooper, all of these people, awkwafina'so this. i wrote the part for steve and the craziest thing was, it was like family. i was most scared of his review. i said, steve, would you ever do this movie? and he said "yes," and he came in and gave the greatest brother speech and said, i'm so proud of you. i love this script, but ever since you started writing and directing, i'm so proud of you, and i just started weeping. and i was like, it was supposed to be laughter. >> i thought we were going to have fun! >> we just saw your audition for "the office." >> oh, great. >> speaking of crying! >> no, it was like, of course you got the job. but this is a little known fact that you shot the opening scenes of "the office." >> i did. >> can you give the story there? >> absolutely. i was the -- i mean, my head exploded when greg gave me the job, the first two things i did was jump up on a couch, screamed. second thing i asked was, is jenna fisher pam truly? and i got in a car with my friend kevin and drove to scranton and got out the su

you look at waller and all the fed speak and it is all -- even chris was the one you said he could have it clear that we are on the flat part of the beverage. . i do not view it as dovish at all. lisa: why do you disagree? would you push back at all saying that there is room, especially if you get weakness in the labor market? >> you were mentioning earlier some of the retailers. starting to see cracks in the consumer. delinquencies are going up. monetary policy measured by conventional measures and real rate still remains restrictive. i think you will see continued slowing as we go forward. certainly not looking for a rate cut anytime soon. we went to make sure we are coming back to 2% on a sustained basis, but things can downshift very quickly, as we go forward. >> i think -- jay, i know well, and he is making a legitimate point, but after the nvidia run of the consumer, it is not necessarily -- it is actually very unlikely. more importantly, what the fed is talking about is what happens after the election? you were talking a minute ago about whack-a-mole and target and policies. what