david kelley from jpmorgan, i think he put it best. he said cutting short term interest rates from a peak is a little like hauling a piano down a flight of stairs. the operation is best done slowly and with care. kate, we'll see if jerome powell will see if jerome powell agrees with that. >> yeah. david kelley clearly handles a lot of moving of pianos is what i get from what exactly know criticism i do. love, love an analogy, making it, making it cheaper to borrow money. that is what we're going to see begin today. it is good to see you. thank you. >> thanks, kate. john, david kelley. all i can say is i loved ally mcbeal. all right. this morning, 48 days until election day, donald trump choosing to spend his time and the famously non swing state of new york. so we've got new reporting on that strategy and the complicated attack that stunned the intelligence officials around the world, hundreds of pagers exploded exactly the same time death toll is rising this morning. and we have new remarkable details about how israel pulled it off. >

i talked to jp morgan, david kelley and he told me that this is one of those magical economic proposals that can actually cause inflation and puts you into a recession at the same time, right? so to be clear, you don't want either of those things to happen and the fear is that both of them could happen i talked to douglas holtz, eakin and former mccain and george h w bush adviser. and he told me that this tariff plan is just terrible economic policy. and there is some research out there from the peterson an institute that warns that every day americans are going to pay the price that the typical middle income family would have to pay $2,600 more a year because of the trump tariffs. and notably dana, this does not even factor in the almost definite retaliation we'd have as other the country response to those trump tariffs. so there's a lot to break down and to understand about what the real-world implications are from some of these policy proposals that was so helpful that you, that you did that i know it's just it's given me in the surface because it's so complex and so, so deep when it

a jp morgan, david kelley, who told me this is a really bad idea.e does grabbed it as quote, magical economic proposals that can actually cause inflation and put you in a recession at the same time. douglas holtz eakin, a former adviser to john mccain, george hw bush. he told me this is quote, terrible economic policy that concern is that all of us are going to be paying the price. there's this new research from the peterson institute and they find that trump's tariffs, they would cost the typical middle class family $2,600 a year. and that does not even account for the almost definite retaliation you're going to get from other countries because they're obviously not going to take this lying down now the trump campaign responded by saying that trump imposed tariffs on china and he was able to cut taxes and he would do it again, creating millions of jobs. but the campaign spokesman said so-called economists and experts down at trump's economic plans in the first term they were proven wrong then. and there'll be proven wrong again, we'll see if mac qu

. >> so here's jpmorgan oregon's david kelley. it is one of those magical economic proposals that could actually cause inflation and put you in a recession at the same time, it's a two-year-olds mentality. you punch someone in the nose and expect them not to punch you back? yeah. i mean, look, first of all, let's give credit where it's due. he he sat up there, he showed up. he took while we give it credit teleprompter i'm going to credit for it because because now we know what he is going to do. >> now we know what he says. but here is also what it sounded like when he was asked a pretty straightforward question about what he would do to lower child care costs in this country? >> if you win in november, can you commit to prioritizing legislation to make child care affordable and if so, what specific piece of legislation? you advanced. >> well, i would do that and we're sitting down. i was somebody we had senator marco rubio and my daughter, ivanka were so impactful on that issue. two very important issue. but i think when you talk

that's true and you also have the executive chairman, gary kelley, saying he will step down at the annual meeting in 2025. here's the main question, davidhwest today. they are committed to supporting bob jordan they believe he is the person to lead them through this transition does their commitment to have changes in the directors but not bob jordan, is that enough for elliott to say, okay, we're good for now, we're not going to call a special shareholder meeting? we'll find out over the next several weeks. >> yeah. very good point, phil. we will -- i mean, they are just beginning that dialogue. very hard to say where that will end up your point is a central one. they're still saying they fully support bob jordan and elliott has clearly indicated otherwise. phil, thank you. phil lebeau. that's going to do it for this hour join sara and i in the next hour we'll have the ceo -- she will have the ceo of barclays joining her for an interview later today as well she'll be speaking to brian moynihan from bank of america. our live market coverage will continue right after this. [sfx: wind, rain and rolling thunder] with the vision to see what'