>> i said the federal reserve is only one rowing the boat here the federal government is making the fed -- that much hearder. >> it absolutely is that i what i was saying they are chasing their tail to one point talking about here i was thinking about this democrats created an entirely new market to spend in that is the dei, the equity, the all the other gender issues that they are pouring millions hundreds of millions of dollars into that new market, an absolute new place for them to spend money 37 if you look at this horrendous spending bill another 1.7 trillion-dollar, now another 1.7 trillion dollars spending hundreds of millions of dollars, on gender initiatives all other things look what is happening to basic american person basic american person doesn't care about that nonsense they care about food on the table maybe able to get a children christmas gift this christmas putting gas in the car, and being able to buy food and medicine, i mean it is absolute nonsense these guys sadly enough through three years in congress never seen individuals more tone-deaf more isolated to the pli

federal reserve, but december hike signals. a change in gear rates are going up by half a percentage point somewhat less than a 3 quarters of a percent increases following the previous for fed meetings. it's just a cooling in the central banks, all our war on inflation and follows data suggesting price rises, slowed in november. however, the fed has indicated further hikes are still on the way well, let's cross over to new york and to our financial correspondent, yann's court and discuss this bit further. yes it, was there anything surprising really in what we heard from the fed up i, i would say there were a couple of things that were quite interesting. i mean, 1st of all, i mean, yes, we do see inflation cooling off a little bit, but obviously it's a bit more persistent than what the federal reserve expected just back in september and that has consequences. so we will probably see of interest rates to increase to a bit further. also than expected in september, it will reach somewhere a good 5 percent, probably in the next cou

we'll ask him, john, if the federal reserve might be going too far. a lot of times you don't see the actual impact of the interest rate moves for months down the road. so, are they going too far with this? that's a question we will put to larry kudlow. welcome, everybody. i'm sandra smith. "america reports" as we roll into hour two. >> john: keep an eye on the fed and the markets, one of the fast-moving stories this hour. also border crisis, one week until the biden administration lifts title 42 and the border patrol warns things are going to get a whole lot worse. a democratic lawmaker from the border pleading with president biden to stop this from happening. congressman henry cuellar is here later this hour. >> sandra: a chinese tech company from doing business in the united states, senator tom cotton says it's a national security no brainer. why hasn't it already happened? senator tom cotton, how big a threat chinese-owned tech companies are to all of us. >> john: russian spies right under our nose, and a story straight from hollywood. >> what the

the federal reserve says they will stave higher for longer.the core is easing financial conditions. we look at the financial conditions index we are at the same levels going all. the way back into march despite 375 basis points of cuts. wasn't mean for the bull and -- stick with us. this is bloomberg. ♪ from one company committed to building a world that works, to three that will focus on a future that does too. this is ge healthcare, creating a world where healthcare has no limits. this is ge vernova, helping generate and move the energy that our world needs. this is ge aerospace, advancing flight for future generations. this is the next generation of ge. >> the center for disease control is expecting charts that doctors use to track children's growth and development including a body mass index as high as 60 as obesity in children reaches 6.1% up from 1% in the early 1970's. the white house is offering free covid tests to all u.s. households. it is part of the biden administration's contingency plan if there is a surge of coronavirus cases th

kriti: federal reserve decision coming on wednesday.hat means light volume when it comes to the stock market. check out the s&p 500, up only 0.6%. even though you have some m&a action there, we will dive into it, but higher volume. a lot to digest in terms of market dynamics. 10-year yield at 3.61. they spent most of the session in the red. this is simply a game changer because it comes after the 10-year auction tailed. you are seeing a selloff in bonds that we did not see earlier. the dollar follows stronger, up 0.3%. interesting to see brent crude not really affected by the stronger dollar, trading at about $78 per barrel. jon: you talked about the lag for the nasdaq. within the s&p, notable weakness for tesla shares right now. they are down 5%. investors are concerned about what the tesla brand is ultimately impacted by the musk twitter story, which we continue to track. you also talk about this busy m&a monday. some private deals, including some software surging, and webber, after a very short stint on public markets. then, the hori

on the button on the east coast, today, federal reserve decision on rates, stocks are down, aheaded intoed what we expect another half a point rate hike announced at 2:00 today by federal reserve, dow industrials right now down 20 s&p down 4 1/4 nasdaq lower by 12 1/4 in cautious trading, we are woikt the november import export data 30 minutes, as fed raises interest rates short-term interest rates have been pulling back to look at 10-year treasury yield 3.513% this morning up 6/10 of a percent stocks finished higher yesterday well off the highs of the morning after that cooler than expected inflation doot dow industrials premarket up 900 at the close you've up 103 nasdaq up 113 s&p higher by 29 european markets ahead of the bank of england and european central bank meetings tomorrow we will have those announcements on rate decisions tomorrow, uk inflation, by the way, lower to 10.7% the cost of living remaining high ft 100 down 25 cac quarante down 31 dax lower by 101. now to border crisis title 42 to end next week more than half a million migrant krournts since october 5 million on joe b

. >> we will see the federal reserve me to this week. what's your expectation as far as the future of rate hikes? >> i think that they will tell us to expect another but the usual caveats. this depends on data. one of the things the federal reserve is learning but maybe not the other governors is to say less about the future if they've learned anything lost two years it's that they are not very good at forecasting where we are going to be. the data is full of surprises and he's starting to realize if you look at the most recent speech it was much more sanguine in the kind of things he was sayingha a year ago. he makes it whatever he wants to be as long as there's 12 people to believe it or a mediator. anna economist says things and then it does what it pleases. as far as the hikes do you think they are a good thing? >> we are raising the rates so fast, we could raise them one percentage point a month he didn't even waitne for six week. we are in a difficult inflationary situation getting very much embedded in the negotiations and so fort

the department of the treasury, the federal reserve board of governors, and the federal reserve banks should designate units of analysts to conduct annual assessments of currency flows in the global payments from. these analytical units should monitor the use, growth, and connectivity of these alternative payment systems. second, congress should consider mandating the drafting of a long term strategy document, updated every 2 to 4 years, to signal the direction of u.s. financial statecraft and the thinking of the future of the dollar. this will not only instill confidence in the american private sector which u.s. dollar per emanates as a priority, it would also provide clarity to our allies and partners on the financial state posture. third, the treasury department should develop policy measures to protect sanction entities from taking advantage of alternative payment systems. there should be predetermined policy triggers. if there is proof that chinese financial institutions cleared and settled transactions with the sanctions organizations through sips, the treasury office of foreign

but this week, you are going to see the fed funds rate by federal reserve get tan to 4 1/2 percent nickise interest rates philadelphia officials are devised a bifurcation win market committee core nation based on print today 6%, they will surely take a pause at 5% only got after this week about half of a percentage point left to go. maybe just get it done with at the first meeting, in -- the new year. then just stop there. liz peek and i were talking about this a conversation over weekend as well with an investor saying, maybe it is they just tolerate higher inflation, maybe just sit back and say, we're going to, you know -- not -- try to bring inflation down to -- say going to be 3% or 4%. just wait the there. because they don't want to crater the economy but if you lessen to stephanie pomboy the damage has been done in terms of -- in terms of the softening, not softening he go but we're expecting many people, a very deep recession in the new year. maria: um-hmm, cheryl you've got more. cheryl: digging into components of report while you were taublging a sxup things i want to point out

conditions the market eases them so, they're making the federal reserve's job that much harder, againpply the dip mentality, because, since you know for the last 20some odd years, the central bank has been there to bail investors out. and their making the fed's job that much harder. and, charles brought this up but used we saw a contraction in have manufacturing this past week, for the first time since the beginning of the pandemic. and that was a lockdowns brought that contraction on. so there is -- there are pockets of weakness you still have easy financial conditions, and you have you know, wage inflation, and you do have goods inflation. and joe biden and company are may be making the fed's job that much harder as well with moratorium on student loan payments, this through the middle next year charles mentioned there is no savings at the bottom, well the top half of americans with college degrees graduate degrees, they don't have to make payments on loans, an they aren't -- those loans aren't accruing any interest. so that inflation is inflating away that, you want to talk about a

now, by way of preface here, we're talking about federal reserve. federal reserve is damned if they do or damned if they don't as long as there's not four million units that we need out there. the work that we did on economic disparity showed two things, lots of regulatory supplies with zone issues and a severe lack of supply in the work force. apparently the construction work force used to average 36 years of age in now it's 42. an aging work force. my question, start with mr. mitchell. i'm going to ask you to be brief because i want to hear from other witnesses. what can the united states congress do to address the supply-- let me say, i get it, i worked with lytek. there's two million units that's good stuff, but apart from tax subsidies, what else can the congress do to rapidly allow for the construction of some four million units in this country? >> absolutely, congressman, i think one of the most important things that congress can do is to continue to make large public investments. i think things that have been targeted in build back better, s

what the stock market has wrong, it is not all about the federal reserve.ling 0.6% shows consumers are struggling. less spending means less revenue which means less profit. less profit means more layoffs. in the end, less spending ends up impacting the job market which hasn't dropped yet. in our job was to position client's portfolio what the federal reserve would do next that would make our lives a lot easier. the fact of the matter is, it is about valuations and earnings, less spending means less earnings. less jobs means less product. and less productivity means less growth. less growth means lower valuations. i think market will finally start to digest lower earnings in the lower multiple valuations sometime in q1 and q2 next year. everyone wanting a pivot, a pivot alone isn't good for the stock market a pivot comes with economic pain. neil: you would think, we especially now gone down to levels that reflect all of that. do we still have a ways to go? >> i absolutely do. we have not seen the job market drop yet. it is still 3.% unemployment. i think we

powell was asked about that, the chair of the federal reserve.said, i do not know, but we have to try. >> when we look at the figures coming out of the u.s. companies, what picture is being painted about whether economic growth is slowing? and how that could impact the rest of the world. >> what you are seeing is corporations hunkering down, getting ready, preparing for what is going to come. they see a slowdown coming in the economy. that is why you are seeing so many firms slowing hiring or freezing hiring area they are not doing any more expansion. they are not investing in their business. everyone is really concerned about what will happen next year. >> samira hussain, thank you for the analysis of what is happening in the u.s. and the global economy. in other news, from around the world, peru declared a state of emergency for the next 30 days. supporters of former president pedro castille continued to protest. the country's main roads are blocked as people take to the street. he was detained for alleged corruption following his attempt to di

despite federal reserve's quantitative easing, the trends are not slowing down. housing continues to be the single largest success for average consumer which accounts for 33% cpi while rental inflation is lessening over 312020 -- an average of $2040 market and continues to be no city in the nation or someone making minimum wage can afford a one bedroom apartment. it could take as long as 2023 for housing changes to be felt by consumers-inflation is likely to last through 2024. federal reserve lacks addressing housing impacts, low housing record competition from corporate cash investors restrict ordinances, supply chain disruptions, rise in building material costs and labor shortages all driving prices higher while playing inflationary measures, the fed's actions did not prevent housing market to enter into a recession. mortgage rates returned and home sales. september 2020, home sales were down 10.2% month over month with the decline most acute in the northeast. investors are lacking, millennial's from charlotte north carolina to boise, idaho. there's a shortage

letting the federal reserve do its job. it's hard to imagine given how hard it was to get that inflation reduction act, but number three, letting the federal reserve do its thing has been the hardest thuk for this white house to watch because of the independence of the federal reserve. there's been some concern that perhaps they have been too aggressive to rate raiz rates. one of the reasons markets are reacting so positively is their hopes that the federal reserve will roll back the pace of breast rate increases and the concerns at the white house, who has consistently maintained they don't believe in a recession is inevitable are going to be closely watching the reserve when acts later this week. >> what are the major take aways from the report to you? >> just to reiterate as you said at the top, inflation came this less than economists had expected. so when you take a look at the month over month figures, prices going growth big .1% between october and november. but again, over the year, it's 7.1% higher. when you look a

write out the federal reserve is fighting by itself. congress and the president are making it harder. they are looking at ways to get health care costs down, ways to get deficits down. back and get some spending out of the economy and reduce our likelihood of a recession. but it is a narrow path to get inflation under control and not cause a recession in the process. host: our guest marc goldwein running us from the committee of a responsible federal budget. let's hear from kansas, rob. caller: i want to know, when russia defaulted on their debt, how did it hurt us and why? that is all i want to know. thank you. guest: russia has recently had some sporadic defaults. i don't know if you are referring to that or the review in the -- the event in the 90's. what it is a global market. anything that affects one market will affect others. the united states is large and rich and russia is small and poor in a financial sense. smaller countries have less but it is not zero. we are seeing this cascading because of a one-time war but if we were to

>> well i think the key thing is is the federal reserve going to stop trying to trash the economy. fed believes that you control inflation by depressing economic activity. raising unemployment, making sure incomes don't go up as much as they were before, and that kind of nonsense. the real way you fight inflation , the way reagan did it in the early 80s was by stabilizing the value of the dollar, yes, and volcker the head of the federal reserve then, brought on a terrible recession in the early 80s that brought prices down but it was what volcker and the head of the federal reserve that did after that recession and stabilizing the dollar instead of undermining it and in the 70s they always undermined it so if the federal reserve then goes about undermining the dollar again, inflation will come roar ing back again. they don't understand the disease which is why we're getting all of this economic malpractice of deliberately depressing the economy. neil: you know, i worry as well, steve, about companies and others that are using this as cover to keep increasing prices. maybe some perf

not the chairman of the federal reserve. looking at our money, it says this note is legal tender for all debts, public and private, and cash is actually the only current truly permissionless peer to peer transaction system. there are a lot of digital systems that are working to rival that. i just ask quickly so we can continue the conversation, maybe starting from right to left, do permissionless peer to peer transactions pose a threat to the financial system? >> thank you for the important question. i think the permissionless peer to peer transfer is, you know, part of the way that the economy works. and we have to find ways where our payment system actually reflects the type of innovation that we have. mr. davidson: is it a fact? mr. redbord: so sorry. i think that it is a major part of the financial system moving forward. permissionless peer to peer transactions. and can he cannot enable that with technology. i think at the end of the day, the choice of what the reserve currency is not going to be government, it's going t

are there not going to support passing an omnibus. >> incredible to see federal reserve is the only oneing to stop inflation the spending out of the federal government continues this morning learning european central bank raised rates half a point happening right now breaking news bank of england also raising interest rates raised earlier today half a point about what federal reserve did yesterday you've got central banks of the world trying to head off inflation but the federal government in the united states continuing to throw more dollars chasing too few goods how we arrive at 40-year high inflation do they not see it that way. >> you are right. i think that they are so focused on taking more of the taxpayers' money putting it into growing big government, that they are really not paying attention to what is happening in the economy at large. people in d.c. want to fund their programs, and by the time the bill comes due on this with our kids and grandkids to having pay for this these program will have out lived usefulness this is a shortsighted way to run a country when you look at f

write out the federal reserve is fighting by itself. congress and the president are making it harder. they are looking at ways to get health care costs down, ways to get deficits down. back and get some spending out of the economy and reduce our likelihood of a recession. but it is a narrow path to get inflation under control and not cause a recession in the process. host: our guest marc goldwein running us from the committee of a responsible federal budget. let's hear from kansas, rob. caller: i want to know, when russia defaulted on their debt, how did it hurt us and why? that is all i want to know. thank you. guest: russia has recently had some sporadic defaults. i don't know if you are referring to that or the review in the -- the event in the 90's. what it is a global market. anything that affects one market will affect others. the united states is large and rich and russia is small and poor in a financial sense. smaller countries have less but it is not zero. we are seeing this cascading because of a one-time war but if we were to

at the federal reserve, thousands, tens of thousands of gold bars, the interview becomes more importantause of chairman powell's speech, he talked about moderating the pace of rate hikes so we could be looking at 50 basis points for the next meeting and that is something we will talk to new york fed president john williams about. powell says more rate increases might be appropriate at the moderated pace and this is why. >> people take more evidence that inflation is declining and by any standard inflation remains too high. >> pc inflation month over month was flat out this morning but year over year, falling 6%, fed members, the labor market imbalance, have to get workers off the sidelines, and here is powell on the jobs that are open in the us. >> right now the labor market is strong. we never had 1.7 job openings, this is a great labor in that sense. too great in away because it is added to inflation. >> the labor market going to be added to inflation, part of the sticky inflation the federal reserve is having trouble getting in front of. we will have more answers at 1:30 eastern time

show the leadership come from the federal reserve? or should it come from a u.s. treasury that has a responsibility to this currency? doctor norrlof. >> i think the leadership should come from the deral reserve. i also want to say that for the c, progress in this area is especially important. because that is really where china can makea difference to other undercut the dominance of the dollar. if the cbc, the chinese seem to going forward, we will see a very strong push towards a convertible -- which will play the chinese currency really making it much more attractive for international investors. i would also like to highlight that for the cbdc, it is not just a china issue. it is a general issue. according to the atlantic council research, there are about 104 countries that are currently ploring cbdcs. and i think that the real opportunities for the federal reserve leadership in this critical area. >> thank. you mister chairman it's wanted to pause it the question across the board because i'm still trng to come two groups of the idea that what has historically bee

wednesday, the federal reserve meeting, they downshifted to a half-point rate hike as expected, but the the terminal rate to 5.25% of next march or may. they increase the rate of unemployment they are forecasting to 4.6%, we think it could be closer to 5%. they took gdp growth estimate down one half of 1%. we think of that number is going to be marginally positive. thursday, retail sales, much weaker than expected. christmas season is coming in a lot softer, probably half of what it was a year ago. you have a situation where the economy is slowing, but the federal reserve has to remain vigilant because inflation is still a persistent problem. after 17 point 5% rally from mid-october to mid-december, the stock market is down 7%. the s&p 500 over the last week or so. we think that trend continues to go south, the best guess is we will, at minimum, retested the october lows that we saw looking out over the course of the next couple months. kriti: one of the conversations in the equity market is the idea that earnings are going to catch up to a lot of the stock market. the idea is not price

how the federal reserve will respond to these numbers.ple of weeks, payrolls coming in and in and our five mins from now. the estimate is 200,000. in a moment, we will see payroll and rages -- wages. the upfront's right now with the wage figure. >> i agree totally on that. is about wages. there are some interesting research notes this morning. we go the other way with the whisper number, and they say what will we do if it is too tender 220 or 230? how will they react? it is a very smart question. here the wages, and what does that mean for the federal reserve around the table in the middle of december? we have a lot to go through before we get to the end of the year. payroll is out in an hour in five minutes, and you have the cpi report for december 13. then the federal reserve on december 14, and i will throw vcp as well. december 15. take the rest of the year off. >> will have to see that. it doesn't really matter? not for me. i believe after the 14th. futures are down. from new york city this morning, good morning. his payroll friday.

by way of preface here, we're talking about federal reserve's. and if they do, don't damned if they don't as long as there's 4 million units we ll need out your r. the work we did on my committee and economic disparity showed two things lots of interference with supply associated with local zoning relations and all sorts of other issues and also a severe lack of supply in the workforce. apparently the construction of workforce used averaged 36 years of age so you have an aging workforce. i'm going to start with mister mitchell but ask you to be brief as i want to hear from our other witnesses. what specifically can congress do to address the supply and let me say to, litech, 2 million units, that's good stuff. the parkfor tax subsidies, what else can congress do to rapidly allow for the construction of some 4 million units in this country ? collects i think one of the most important things congress can do is continue to make good public investments. i think things that have been targeted are billed back better specifically billions for the housin

wage inflation that the federal reserve will continue to have to fight here.w,, pce inflation the fed watches closely personal consumption expenditures index at 6% in october. so, historically, short-term interest rates, fed funds rate needs to be at or higher than inflation. to tame it. so we're looking at short-term interest rates when the two-year treasury is only slightly above 4%. maybe needs to go up about 2 percentage points from here. . >> a great point cheryl has more. cheryl: quick i want to say food story prices for meats rising 2.3, prices for meats, again also want to give yous revisions for october they revived almost every read for october higher as well in this report those numbers, now, month-to-month october .3% was .2, they revived up 8.1 year-over-year for october and month-to-month core for october, now .1%, so, now we are finding out in this report, october producer price index numbers were more than we originally thought that gives fed a lot to chew on ahead that a meeting next week. >> for sure carlos gimÉnez your thoughts about what ca

they could move stocks in a big way either way that critical inflation read as the federal reserve isg of the year former fed governor robert heller is here all of this on tuesday, december 13th you are watching "worldwide exchange." >>> welcome or welcome back. good tuesday morning i'm brian sullivan thank you for joining us let's get to your money. things are looking good. stock futures in the green nice rally across the board. all averages up more than 1% dow futures with a the follow through on that with the s&p and nasdaq and dow futures all higher >>> let's get started with the headlines happening now including the breaking news with the arrest of sam bankman-fried. silvana henao is here with that and more >> brian, i'm back ftx founder and former ceo sam bankman-fried has been raiarresd in the bahamas the arrest coming one day before he was scheduled to testify before the house financial services committee the indictment will remain sealed until later this morning, the charges could include wire fraud and wire fraud conspiracy and securities fraud conspiracy and money launderin

today the federal reserve is set to raise interest rates again. the move is coming despite some better than expected news about inflation, including the prices . we pay on everything from groceries to close a bcs elizabeth scholesy is here with the details. elizabeth good morning. morgan good morning. the cost of borrowing money is about to get even more expensive , but the federal reserve is expected to start dialing back its aggressive rate hikes. with the federal reserve's that to hike interest rates for the seventh time this year, promising new signs that red hot inflation is cooling off. consumer prices rose 7.1% in november from a year ago, the slowest pace since the end of last year. americans costs declining for gas airfares used cars and medical care. make no mistake prices are still too high. we have a lot more work to do, but things are getting better headed in the right direction. inflation report is welcome news for the fed as it's expected to raise interest rates today by half a percentage point . that's a historically big move , but

that the federal reserve is not likely to continue raising rates. the news, eli lilly forecast for 2023, no matter what you think about inflation, there is still reality of a slowdown to consider. maybe that's weighing on these guys. impossible to say. let's go to gerri willis, who has been picking all of this apart. gerri, what have you got for us? reporter: neil, the big headline this hour, president biden touting today's inflation numbers you were just going through. they are down slightly but still at decades high. he says we won't be back to normal until late next year. listen. >> can you say when you expect prices to get back to normal, mr. president? president biden: i hope by the end of next year we're much closer. i can't [inaudible], i convinced they're not going to go up. reporter: easing energy prices leading to that positive report, down 1.6% month to month. gas prices, the biggest contributor to that decline, even so, year-over-year, energy prices are still up 13.1%. of that pain being felt by households using fuel oil, up 65.7% year o

investors get an early christmas present from the federal reserve, as it signals it may ease the pace of interest rate rises — sending wall street soaring. the market seems to like the fact that the inflation will be coming down substantially over the next 12 months. they're seeing a little bit of a light at the end of the tunnel. also coming up... "i didn't ever try to commit fraud." crypto tycoon sam bankman—fried apologises for "a lot of mistakes" in his first public appearance since the $32 billion collapse of ftx. plus, trading blows — unfair subsidies for us firms could "split the west", warns france's president macron — ahead of talks withjoe biden. and prices are soaring around the world — but what's the most expensive city to live in? we'll get the results of the economist's annual survey. we start in the us, where shares on wall street have surged after comments from the head of the federal reserve that the pace of interest rate rises could be about to ease. jerome powell told a conference at the brookings institution in washington that the fed was "slowing down" — after fou

there is also the looming threat of a recession that is putting m more pressure on the federal reserve to cool the economy but not over do it. we have the details. >> boris and amara, the hope for a goldilocks job number, not too hot and not too cold. we did not get goldilocks. we got hot. job growth slowed but the slowdown has been glacial. you almost need a magnifying glass to see it. now, some sectors did lose jobs. retail, transportation and temporary help. all down in november, but otherwise, there was a lot of demand for workers. leisure and hospitality continues to recover from covid adding almost 90,000 jobs in one month alone. health care, government, and construction, all added jobs. the part of the jobs report catching the attention of economists and investors is wages. coming in, the thinking was that wages would cool off. encouraging, because that would take pressure off inflation. that didn't happen. they heated up. context, roughly quite as hot as the pre-covid pace suggesting very strong growth for workers. at the same time the supply of labor is shrinking at the worker

randall s kroszner , austan goolsbee will join the federal reserve team. don't want to take a lot of time, we could do an hour on the economy. this is the guy who wrote the micro economics bible was steve levin of freakonomics and others. he is steeped in micro economics. what will that voice mean to the fed? dr. kroszner: you can see from his comments that he has emphasized the supply side of the economy. focused on that and said may be the fed should not be doing as much because it is a supply issue in the fed can't dress that. -- can't address that. lisa: how do you game out the supply side when china and reopening is the surprise for next year? dr. kroszner: that is one of the issues. are we going to see a whole bunch of changes that will relax supply-side constraints. if you can't figure out the demand side because price pressures come from where supply and demand come together. lisa: what are you seeing right now that the market is not in terms of the stickiness of inflation and whether we have seen peak inflation or how quickly it can come down? dr.

when new york federal reserve john williams told me inflation remains the number one economic issue.y i think this is going to take a couple of years. my hope will be at 2% inflation goal by 2025 but importantly i expect to see a pretty significant decline and inflation next year as supply chain issues improve and receive a slowing economy and the economy getting better and balance. >> that the couple years of economic pain for americans as a federal reserve chairman has described it. were expecting a half 8% on the rate hike next week but the numbers indicate more smaller rate hikes for longer into next year are needed to get the interest rates above where inflation is. many economists say that it's the government spending that is pushing against the federal reserve and trying to get inflation back down as quickly as they would like. stuart: thank you very much. gas prices are now down to the national average $3.31 for regular. that is lower than it was this time last year. asked buddy patrick de haan joins us now. will we see the national average for the regular drop below $3 a gal

what's your assessment what you've heard from the federal reserve chairman today?ink they've realized that they are late. they have taken that peak rate up to 5.1%. so they're telling us they're going to do another basis 75 points. and what's most striking jeff is when they met three months ago, and provided us that projection, not a single federal officials thought we would need to go above 5%. today, just three months later, 17 out of 19 believe we should go above 5% and it just shows you that they're playing catch up. geoff: well, you say the fed is late in addressing inflation. and you've also said that the fed has contributed to undue market volatility. how so? >> because it has been very slow in characterizing inflation initially. so maybe the whole of last year they told us it was transitory. don't worry, it will go away by itself. you could look through it and then in november, they change their mind rightly so and said it's not transitory but they didn't move in any meaningful way. so the market has had to adjust to that and we've had quite a bit of volati

. >> mary daly is president of the san francisco federal reserve bank. she just gives -- she discusses inflation and the overall state of the economy. >> good afternoon. thank you all for joining us. thanks to all of you to all of you tuning in for the live stream. thanks especially to mary daly, president of the federal or -- reserve bank

let's start with the federal reserve.we are focused on the way chairman frames risk management whether there is a focus on over tightening or under tightening in 2023. what do you think the biggest risk is for this federal reserve? >> i think the biggest risk is if they under titan. i sense a strong message about to get inflation down. that is the number one priority. anything they have to continue to send that message. the risk is, they were probably over tighten. and then break down to write i do not think they can afford to continue to send that message. lisa: how does that inform your view of whether to go along with some of these longer duration bonds versus perhaps pair back, especially after the enthusiasm we have seen of late? kathy: we were pretty enthusiastic a while back about where the 10 year yields hit 4% plus, plus the spending duration. we like extending duration on valleys -- on rallies. increases in yield, i think we will have a rough ride. so much -- has been priced into the market. our long-term view i

the ecb thursday and the federal reserve on wednesday. euro-dollar 1.0563.% on a seven-day losing streak. wti crude at 71.50. we can close to 60's earlier. tom: we are fortunate to have with us will kennedy for any number of reasons. he is covering our hydrocarbon coverage out of london. he made every penalty shot in his youth in joins us. will kennedy, let's go to the society and public of it, between cold weather and strikes, how frozen is the london and united kingdom economy now? is it something of a crisis or partly december? will: i think people are going to start christmas early and stay-at-home for the next 10 days, obviously work from home and get to the christmas. -- through the christmas period. there will be an economic hit. plan for hibernation, i think. tom: writing today about something i focused on, we have all this fancy newburgh surveillance talk with the war going on. after the war, can we repair a european relationship with russia? will: javier thinks it is likely and thinks that economics and proximity me the gas will flow eventually. i

caroline: we were talking about a real macro field to the markets and the fact the federal reserve is often the only game in town peered now elon musk himself can be a macroeconomic commentator, and he laid a few, shall we say, trails, bread comes thing look, you should be worried about debt if using the fed and about his debt on the twitter step? >> interest rates are going higher. when you look at twitter and you look at the takeout, that does come with massive debt load, with pretty high interest rates that are going to continue need to be paid comes of that the main question, is elon musk selling shares to buy the debt? to invest more in twitter? to help cover some of those interest payments? no windows and no one really understands other than elon musk, but there are some questions given how tied these companies can be, given where they are and where they are trading, and again, with the selling pressure we are seeing so far this week for tesla stock in particular. caroline: many call him an entrepreneur, visionary. he seems to have to be an investment banker at the moment. thank

this week federal reserve chair jerome powell said the demand for workers far exceeds the supply of those available to work and that is for a multitude of reasons, including those who may beside lined because of covid-like symptoms to retirement-age workers leaving the workforce. chairman powell says that those workers account for more than 2 million of the 3.5 million labor shortfall altogether. >> that's really interesting, skyler henry, thank you. >>> an air force project long under wraps is a secret no more. in a display fit for hollywood, the pentagon showed off the new long-range b-21 radar in palmdale, california, last night with rising tensions with china, north korea and russia. >> the b-21 raider is the first strategic bomber in more than three decades. it is a testament to america's enduring advantages in ingenuity and innovation. >> the first flight test is expected next year. >>> tonight there are new concerns about the state of mental health among servicemen and women in the navy. in the wake of four apparent suicides. cbs' david martin spoke with one of the affected familie

we are expecting to soon get the november cpi, right before the federal reserve meeting. can you make a prediction on where consumer inflation stands at the moment? >> sure. so it peaked out at 9.1% year-over-year in june. it was 7.7% year-over-year in october. we think it's going to be about 7.4% year-over-year in november, so it's still coming down. i think it'll continue to come down. we are still seeing a lot of inflation in shelter and rents but elsewhere, the supply chain disruptions are kind of over and we even think food prices maybe about to flatten or turn down a bit so it's gradually coming down. liz: yeah, it's interesting though. there are so many people who have looked on any given day on a sell-off like the one we're seeing at the moment where the dow by the way down about 510 points, and they say oh, now i think things are cheap and then we have another day liked to and, i mean, you can't catch the bottom, can you? >> well that's exactly right. you'll never know the cheapest day and you shouldn't look for it. don't ask yourself what's the best price i coul

edward: thinking about farmers, you don't think about the federal reserve but the federal reserve haso made it difficult with the things they have to do to handle inflation, haven't they? # jowski yeah, looking at federal reserve and even the land bureau management, there's a big push for federal land take over family owned farms. so what happens when the federal government takes over land is it just sits there. they don't do anything for it, they're continuing to bring in beef from other countries and brazil up 57% and mexico up 12% and i'm asking the biden administration how are you supporting american-grown and supporting us as family farmers and ranchers and future of food security here in america. edward: what do you need and what's your message for the president and what are you asking for? >> my message is to bring in family farmers and ranchers from across this country. there's a lot of vocal men and women in the country that want to be in washington dc, that want to fight on the front lines. we've never had the opportunity to be invited by the white house, many presidents, no

it is telling investors the federal reserve will raise rates.gher than expected jobs report will have the fed rethink this idea that the pace is about to slow down. wages one important issue. the other is the participation rate. we talk a lot about this rate. the fact that fewer and fewer people are participating in the jobs market. they are not looking for a job. they are not going on interviews. they are at home. the reason is because they are living off of their savings or all of the stimulus that is still coming at them. remember, a number of states are sending inflation checks out. there is more stimulus, more money chasing too few goods and that is going to continue to make inflation elevated. so good report, job creation strong in november. at some point most people expect a weakening and slowing economy to catch up with jobs. we won't see this kind of job creation every month. the wages and participation rate indicate a different story. those are the stories the fed is watching. >> dana: two things. i want to play for you call for number

waiting a major decision from the federal reserve whether interest rates will go up again to try to rein in inflation, the smallest since march, but some critics say the higher rates will have unwanted side effects. >> sandra: they worry the fed may go overboard. what does it mean for you, your family, your wallet, larry kudlow will break it down. >> john: begin "america reports" this wednesday, expiration date for one of few tools helping immigration officials handle the surge. great to see you. >> sandra: great to be with you. one week away from the end of title 42, and overwhelmed border communities are now bracing for an onslaught even more migrants and drugs in the aftermath. kevin mccarthy with a dire warning. >> projections 13 million more people will cross illegally the next two yours under the biden administration. he won't even go and tour the border. >> sandra: arizona is one of the states on the front lines. officials seizing more than 1.5 million fentanyl pills just over the last few days, at just one port of entry. >> john: tens and tens of millions of dollars. large groups