pain from higher borrowing costs to companies and to consumers is likely not over, according to diane swonkist at kpmg in the us, who believes the fed will raise rates again injuly. pauses not at an end. we have seen _ pauses not at an end. we have seen the — pauses not at an end. we have seen the fed play overgrown with — seen the fed play overgrown with words like skip they don't want _ with words like skip they don't want to— with words like skip they don't want to because let their guard down _ want to because let their guard down yet — want to because let their guard down yet in regards to inflation and that's wave is seen — inflation and that's wave is seen emerge across central ttanks— seen emerge across central banks in— seen emerge across central banks in weeks across the world _ banks in weeks across the world th— banks in weeks across the world. �* ., , , world. a reminder that stubborn inflation is _ world. a reminder that stubborn inflation is not _ world. a reminder that stubborn inflation is not just _ world. a reminder that stubborn inflation is notjust an _ inflation is not

diane swonk will be joining bloomberg television at 2 p.m. new york time.g. >> inflation has come down now for 11 straight months. inflation overall, the headline level is at the lower's -- lowest point it has been in two years and we have made the process -- progress at the same time as we have gained 2 million jobs. alix: that was the national economic council director. speaking to me and guide, yesterday on u.s. inflation data and we got ppi data in producer prices forecast more than expected -- prices falling more than an forecasted. -- more than forecasted. good to see you and we love? -- chatting to you. you have cpi on court. what you notice on the economy -- what do you notice on the economy? >> hawkish skip, you have to watch for espn. sounds like a university of iowa basketball. alix: what do we call it? >> i don't know. i think they are dealing from the wrong playbook. alix: what playbook should they have? >> the steel -- burns in logic. this inflation was caused by supply. it was generated by covid and as covid attenuates, it goes down. most man

. >> all right we'll leave it there thank you both diane swonk, and our own steve liesman. >>> my next guest is optimistic, saying it's increasingly likely october marks the low. joining in is urian timer. it's great to see you. you know, in light of the weakening macro back drop, what do your observations actual you? >> the market has been -- whether it was the recession or, you know, the drawdown in liquidity as the treasury replenishes its cash balance at the fed. the market has now been in a state of limbo, if you will. and then, of course followed a mini bubble during 2021, when the fed pushed rates way, way down, and kept them there for a long time. it created an asset bubble it elevated the market above the trend channel, so it's good we fell back into it, but 18 months is a long time, ten months of declining, another eight months of just sitting around doing nothing. june of last year was the momentum low, and october was the final low. so i think the market is just getting impatient. the revisions are starting to get better the estimates could be all wrong, but the consensus e

we will have diane swonk joining us. from the festivities from miami, annmarie hordern joins us. the language that we saw yesterday, and try to make this thing political. to a wonderful exercise in this -- september from the washington post, with lots of pie charts where he chart -- where he tried to figure out how big is maga out there? what are the centrist republicans doing because the pie charts say maga is not as big as a general statement. what is the response to be non-m -- the non-maga -- >> the concern for many of the centrist is what you could see is what we had in 2016, 8 plurality -- a plurality, even if maga is not that big, they're too many candidates sharing the remainder 70% and the former president has a grip on 30% of the party. there are more than 500 days until november and potentially there are rumors up -- of other individuals getting in. len youngkin --glenn youngkin. this is what centrists are talking about and the issue they see, maybe the former president will have to many legal hoarders -- hurdles. the flipside of that is that the former president, this

tom: diane swonk, original and brilliant yesterday.phasize enough the original economics of the lady from michigan -- university of michigan. she was patient on the -- prescient on the economy and of two americas. she discusses the haves and the have-nots, different than most wall street economists. lisa: and how difficult it is to parse through the haves and the have-nots. the aggregate of data points does not tell the story. tom: alan mulally used to get angry with me and say you have to aggregate. there is no other solution. ideas that but it is ever so more every quarter where america is disaggregated to center this -- to say the least. let's go to the ecb, in have any our, economic data. dxy is deceptive. i am going to go to the japanese yen which is weaker in signals that through euro-yen blowing out to a 1.5 three. this may be an audible, but i would say watch china, watched japan and the challenges of weiss is. lisa: japanese policymakers said it was suboptimal, some of the moves in their currency, the question around how they