and therefore obviously the federal reserve can take it a bit easier. i mean, we could have a lengthy debate why inflation is coming down as it really because of the interest rate increase it or is it also, for example, because some energy prices have come down quite a bit and that without the doing off the federal reserve, but what i find interesting is also what say paul said about the future because he entered at more increased fits. so not just one increase but maybe increase it. meaning that the next set meeting in march, we might be another interest rate increase that maybe another one in may. either way, the reaction on wall street was quite a bit especially tech stocks and then not start compet gained about 2 percent here in the red session. it's, i wrote that this has been walking, is trying to get inflation down, but also not tanking. the u. s. economy was the feeling. now whether or not this state is going to go into recession this year. i would say rob the jury is still out there. i mean, the federal reserve itself, it's saying that it sees

i mean, the federal reserve itself. it's saying that it sees the path for inflation to come down further without threatening the economy to go into a recession. but we have to wait and see if that's really going to be true or not. i mean, almost on a daily basis, you'll see reports of more layoffs here in the united states. a power on wednesday was saying that for him, the labor market is still too hot. so obviously, the federal reserve will increase rates higher to even soft the labor market. more and that in turn could still theoretically lead the country in the recession, even if that's not the intent of any body inside. so a bottom line, i would say the jury is out there. if we will see a recession further down the line or not. okay, yeah, it's always a pleasure, yann's culture in new york for us. thank you. now where the fed goes other central banks usually follow. many of them are facing the same challenge that bringing down to inflation without killing off their economy. and their task is an urgent one. as househ

board, does the chairman of the federal reserve board speak first or say what i think.r last? >> different chairs are different. i tend to do what my immediate predecessor does, or i do, i speak last on the economic go round. and everybody talks about what is happening in in their district if they're reserve and i give my comments at the end and then i speak first on monetary policy. soy you've said the inflation target is 2%. why not 3%? 3% could be tolerable, really, more most of organized history, 3% is considered okay. why do you want 2%? >> 2% is the global standard and that is our objective, 2% as measured by the pce index and that's not something we're looking at changing. that isn't going to change. >> that's not going to change. >> not going to change, no. >> okay, so you need to get the 2%, and your goal to get there is by what period of time would you like to get there? >> we saw that we're using it over time. if you look at our forecast, we expect 2023 to be a year of significant declines in inflation and it's our job to make sure that's the case, but i woul

michael mckee standing by from the federal reserve.s is bloomberg. ♪ kriti: this is "bloomberg markets." i am kriti gupta. 40 minutes away from the federal reserve decision, followed by a news conference from chair jay powell. all eyes on washington. michael mckee joins us from the federal reserve. mike, thank u.s. always for joining us. walk us through what we can expect. michael: not much doubt the fed will be raising interest rates and the bet on wall street is 25 basis points. they talked about a going into the quiet period, the idea that they want to scale back a little bit so they can make sure of what is going on in the economy and not push it into recession. they are getting close to what they said in a december would be there terminal rate. they have it at 5.1%. we are 4.5 right now. the question is how do they signal that they are getting close, or do they signal that they are getting close to the e nd? each statement the last couple months said that ongoing increases in the target rate would be appropriate. do they drop the

the federal reserve as 296 again? the federal reserve as clearly. _ 296 again?again? the federal reserve as clearly, very clearly - as clearly, very clearly identified inflation as the number one priority and the number one priority and the number one priority and the number one risk to the us economy and they are going to, i have no doubt that they are going to do everything they can to make sure that they bend that curve on inflation in a meaningful way and until they see that inflation continue to come down quarter after quarter, month after month, i think that they are going to continue raising interest rates and keep us in the united states in a very tight monetary environment. so they have a 2% target as you suggested, we are a long way from 2% which means we're going to be in a tightening period for quite some time, throughout this year for sure. , ., , , for sure. 0k, chris campbell, thank you _ for sure. 0k, chris campbell, thank you so _ for sure. 0k, chris campbell, thank you so much, - for sure. 0k, chris campbell, thank you so much, good - for sure.

o goldman sachs expecting three more hikes from the federal reserve, the nasdaq snapped a 3-day winning is it streak yeern markets under pressure this morning eurozone looks like this ft 100 down 16 cac quarante down 33, dax right now lower by 115. in asia overnight red across the board hong kong biggest weak spot hang seng down 1 1/4% breaking news only here chinese communist party is coming at america from land and air. i have learned in the rio grande valley alone border agents allowing up to 30 chinese nationals a day to enter america with notice to enter entering with no questions asked after paying 35,000 dollars a head for dangerous drug cartels more coming up president biden breaks silence on three unidentified objects shot down offers little assurance to people claiming u.s. got trigger happy missing larger china spy balloon a week earlier allowing it to travel throughout the country a week sending images of u.s. nuclear installations to beijing the president claims three small objects were not related to the china spy balloon program but shot down nay more details all morning

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

every central bank would tell you that, it is why the federal reserve and others have been aggressivei think it is likely we will see a pause as we get to roughly 5.25%. our outlook has not changed. if you think we live in the old world, you would expect a market selloff in the economy, a deceleration in the economy the second half of the year. that is why the market is expecting easing. whether or not we see that is going to dictate tracks in the labor market the next six months. jon: before we wrap things up, we talked less about the balance sheet realities. in terms of how the fed navigates on that front beyond moves on interest rates, you are watching that closely as well? joe: certainly. i think it was long overdue that we withdraw liquidity from the system. i have been surprised by the recent momentum in the market. if anything, it is counterproductive to a central bank trying to cool policy. but, the markets can be somewhat fickle. from an investor standpoint what is a clear positive is the have more real rates that are positive across the term structure that is a foundation fo

while the federal reserve may be exasperating what affordability crisis. there are a number of actions that congress can take to address the growing cost of rental oil also attacking the key underlying factors tune sure adequate affordable housing into the future. for immediate impact, congress can protect renters from burdens of rent increases in homes with federally backed mortgages, tackle corporate profiteering in the housing sector, and make investments in helping families support housing. for the longer horizon, congress can make public investments geared towards boosting the housing supply and work with the municipalities to adopt new forms of zoning regulation that would enable an increase in supply of affordable housing. the federal reserve's actions to combat inflation or driving up rents and exacerbating a housing crisis that threatens the well-being of millions of families across the country. congress will need to act to ensure that families have access to quality and affordable housing. in the long run, public -- boosting housing supply will b

jerome powell, chair of the federal reserve talked recently about efforts by the central bank to tackle inflation including recent rate hikes. he also discussed to effect of the pandemic on the economy and how other countries are managing inflation. this is about 40 minutes. i have your attention? [clapping] ok. thank you. so as you know our special guest is the chairman of the federal reserve board who has now completed five years as chairman as of two days ago. your fifth year. and now been on the fed board for almost 12 years. so jay, thank you very much for being here. why don't we start with an easy question? so you made a speech last week commenting on the fmoc's decision to raise the fed discount rate by a small amount, relatively speaking, 25 basis points. some would say small. at the time it wasn't clear that the jobs report would be as strong as it turned out to be subsequently. had you known that the jobs report was going to be as strong -- [laughter] would you have done 25 basis points or something different? chair powell: david, thank you for that question. thank you -- [la

federal reserve, if they do, darned if they don't. as long as there is not 4 million units they need out there. the work that we do my committee on economic disparity has shown two things. one, lots of communities concerned with lots of local zoning regulations and other issues. also the severe of a lack of supply in the workforce. apparently the construction work force used to average 36 years of age in 1985. today it is 42. we have an aging workforce. i will start with mr. mitchell. i'm gonna ask you to be real real brief did i want to hear from other witnesses. what, specifically, can the congress of the united states do to address this of fly -- let me say this too, lihtc. i get it. i work with my tech. there is actually bipartisan support for increasing lihtc. 2 million units, that is good stuff. apart from tax subsidies, what else can congress do to rapidly allow for the construction of some 4 million units in this country? >> absolutely, congressman, i think one of the most important things that congress can do is continue to m

so as you know our special guest is the chairman of the federal reserve board who has now completed five years as chairman as of two days ago. your fifth year. and now been on the fed board for almost 12 years. so jay, thank you very much for being here. why don't we start with an easy question? so you made a speech last week commenting on the fmoc's decision to raise the fed discount rate by a small amount, relatively speaking, 25 basis points. some would say small. at the time it wasn't clear that the jobs report would be as strong as it turned out to be subsequently. had you known that the jobs report was going to be as strong -- [laughter] would you have done 25 basis points or something different? chair powell: david, thank you for that question. thank you -- [laughter] thank you for inviting me here today. it's great to be here. so we don't get to play it that way, unfortunately. we have to -- i'll take it this way. so the message we were sending at the fmoc meeting last wednesday was that the disinflationary process, the process of getting inflation down, has begun and it's begun

the federal reserve sees ongoing increases as appropriate the fed is still en route to a level it calls efficiently restrictive level of the funds rate one dovish commentary here, inflation has eased somewhat, it still remains elevated the fed is signaling a new focus of the extent of rate increases. not necessarily the pace it says determining what it now says is the extent of increases, that word had been pace previously it's not thinking about it, it's how far it goes at this point. job rates have been robust the unemployment rate is low all language from the prior statement, the four new voters replacing the prior four out there. kelly, back to you up a quarter still thinking about ongoing increases, heading to a suf sufficiently restrictive level >> that was the word, on going >> reporter: means they have more to go i guess that's pretty clear. and they're not backing off this idea of going to a sufficiently restrictive level. they don't feel they're there yet. >> steve, thank you. we'll come back to you in just a moment markets are reacting about as poorly as you might expect alth

. >> reporter: federal reserve raises interest rates. they add the statement inflation has eased but remains elevated. the federal reserve left the language that the committee anticipates ongoing rate increases in the target range will be appropriate to get back to the 2% target. the fed changed the wording in the next sentence. determining extent of future increases they will take into account effect of tightening. the word effect. instead of determining the pace of increases where the change was. that could leave the door even open for a possible pause later this year. this was the pivot on covid. we're seeing from the administration just like from the administration, coming up in the statement the federal reserve says they will take into account a wide range of information in their assessment for future increases but removed public health as a specific assessment when they take that into account. that could be a nod the fed maybe sees the pandemic as over. now the fed statement also increased the importance of the effect of the invasi

what will the federal reserve to, i mean, we've seen it after those figures to got published, we saw a spike in bed that we will not just the an interest rate increase in march, but also another one in may. and even the 3rd one in june. so that's where the better than at this moment, but it is also not entirely off the table that we might even see in interest rate and then your future of 5 and a half, or maybe even up to 6 percent from the 4 and a half to 4.75 percent where we stand right now. so with that report, especially also with the latest strong numbers on the labor market, there will be more interest rate increases where it stops really depends on the next set of data that we will get from the labor market. and from a c p i. to me personally, it was a bit of a surprise that the market took it rather calmly. this report, especially when you look at the dollar, it did not really move that much and also was st only slight last year in the to say session or a young quarter following the inflation story in the u. s. thank you. let's go over to some of the other global business sto

what does this mean for federal reserve policy? what policy, what does it mean for interest rates? which of course have global consequences. as surest him, i mean that so where does all comes down to it? so what will the federal reserve to, i mean, we've seen it after those so figures, circ a got a published or we saw a spike in beds that we will not just see an increase threads increase in march, but also another one in may. and even the 3rd one in june of so that's where the bed stand at this moment. but it is also not entirely a off the table that we might even see in interest rate in the near future of 5 and a half, or maybe even up to 6 percent from the 4 and a half to 4.75 percent where we stand right now, so is that reports, especially also is the latest strong numbers, some on the labor market, there will be more interest rates increases where it stops really depends on the next set of data that we will get from the labor market and from a c, b i to me personally, was a bit of a surprise that the market took it rather calmly. this a report, especially when you look at the d

does the federal reserve no longer see the pandemic as weighing on the economy? >> that's the general sense and i personally understand well that it's out there. but -- that covid is still out there but it's no longer playing an important role in our economy and, you know, we kept that statement in there for quite awhile, and i think we just knew we'd take it out at some point and there's never a perfect time, but we thought that people are handling it better in the economy and the society are handling it better now. it doesn't really need to be in a -- in the fed's monthly or post-meeting statement as an ongoing economic risk as opposed to health issue. >> i wanted to go back to another thing that fed vice chair brainard said and she doesn't see signs of a wage price spiral and i'm wondering if you agree with that? >> i do. db of interaural. you don't see that yet but the whole point is once you see it, you have a serious problem. that means that effectively in people's decision making it's really salient and once that happens, that's what we can't let allow hap

so today the federal reserve gets data from all over the country. are you convinced you have the best collection methods or do you think it is not as modern as what wallst street gets? >> most of the data that we get we don't collect the data on employment or most things, most of that is just government data and a lot of that is high quality. what we get is the reserve banks putting together the beige book and also coming and sharing the anecdotes, what they are hearing, what is happening each district is different you have agricultural districts and energy districts. so that i think our anecdotal hall of information we get through that network i don't think anybody else has that. >> so you can end up in bernanke for example. >> i still talk to alan greenspan. >> when you are dealing with of the colleagues on the fed board and disagreem, with that. i'm the person that is to make the final decision and this is what we should do. or you don't quite do it that way? >> itt is a process of reaching agreement. i hear what people say and tell them what i t

it's not one-to-one tides, set by the federal reserve. the fed is a big reason by borrowing costs have increased so much, and a reason home sales activities have fallen sharply. the national association of realtors noted that the pace of home purchases in december was just above 4 million. we haven't seen a number that low in many many years. >> inflation is slowing. gas prices are declining. groceries still stubbornly high. a lot of that due to the hike in eggs. although with bird flu potentially easing, the eggs are expected to go down in price soon. what does this mean for the broader economy, though, brian, about whether we're going to have a soft landing or if we are still in for a recession. does this indicate anything for us, news of this quarter point hike? >> as you mentioned, food prices are remaining high, although maybe there are some signs that those numbers could come down in the future. we have to remember that we look at overall inflation, we look at goods, for example, we have seen a lot of price declines in durables, ele

need for more rate hikes yesterday that is what we continue hearing from federal reserve, watch thisy, expecting expect that we will continue to increase federal funds rate we have to bring inflation back down to a sustainable -- to 2% goal, an in order to do that need to bring demand and supply into better balance to achieve that. maria: so, so katrina what does that mean to you in terms of rate hikes in the future what are your thoughts about lael brainard taking this new position nor joe biden's top economic advisor does her presence mean more stimulus. >> economic policy, you know is always laws, fed is going to continue to be focused on inflation. and, you know as we look forward, at this year, you know what it would take for this market to finally normalize because us we are expecting more volatility, we are expecting that the rate hikes, are going to continue at least you know this point looks this way, but in order for us to truly get ourselves to market normalization earnings positions have to take place because in our evaluations they are away too high until they come down

jonathan: the federal reserve decision coming up this afternoon.ood morning for our audience worldwide. this is bloomberg surveillance. futures are a negative third of 1%. are we looking for 25 in this federal reserve? tom: the real version we saw yesterday is -71 beeps. it is a great set of guests to set up the optionality now, what will chairman powell say about his choices? his degrees of freedom out to entering meetings out. jonathan: the financial conditions we have seen over last month. lisa: he could talk about indicators he is watching. there was a story about super court inflation. this is a new frederick -- super core inflation. there are ways they can tweak it. will the markets listen to him? jonathan: he says tom, it is continuing to look like a soft landing. he says to eci which data is coming down. he said none of the indicators come the recession committee normally suggests we are in a recession at the moment. tom: the basic idea of what is the history of disinflation. it is largely what is called stochastic, it keeps moving lower. t

jerome powell, chair of the federal reserve recently talked about efforts by the central bank to tackle inflation including recent rate hikes. he discussed the effect of the pandemic on the economy and how other countries are managing inflation. from the economic club of washington dc, this is about 40 minutes. >> can i have your attention, please? can i have your attention? [clapping] ok. thank you. so as you know our special guest is the chairman of the federal reserve board who has now completed five years as chairman as of two days ago. your fifth year. and now been on the fed board for almost 12 years. so jay, thank you very much for being here. why don't we start with an easy question? so you made a speech last week commenting on the fmoc's decision to raise the fed discount rate by a small amount, relatively speaking, 25 basis points. some would say small. at the time it wasn't clear that the jobs report would be as strong as it turned out to be subsequently. had you known that the jobs report was going to be as strong -- [laughter]

david: what is the salary of the chairman of the federal reserve board?ir powell: it is around $190,000. i believe. david: if you need to sell something, what do you do? you have to clear it for 45 days? chair powell: that's right. if we have family expenses that exceed my salary, we have to sell. david: do you think that is a fair salary for the job? chair powell: i do. [laughter] david: how do you coordinate with central banks in england, japan or china? do you have regular conversations with them about what they are doing? chair powell: we do. i meet six times a year in switzerland with the heads of many central banks. even the small and medium-sized ones. in addition among the major central banks i have regular dialogues going with most of them. we are talking about what is happening in the economy and how are you thinking about policy. that kind of thing. it is important that we keep those discussions going, particularly in a crisis. you need to know each other and trust each other. david: the biggest challenge you have now is being able to keep a st

i think federal reserve changed the game.ast fomc press conference, jay powell mentioned inflation 13 times. if they had the press conference today he wouldn't mention it the all. how do you navigate it? what do you tell people how to navigate against this new financial reality, markets can go crazy, go haywire, not based on fundamentals of the companies themselves, or economic backdrop but unelected bureaucrats making these decisions? >> right. that is the biggest risk. without question the biggest risk we have is federal reserve, global central banks. that is the big one. that is why diversification more important than ever. we believe in physical gold and silver in diverse nationca. bonds, six month, one year bond 5% short-term rates. that is the risk though. that is again why so many people are out of markets. if the federal reserve ever goes catty they change their mind we know the game is over, that is the big risk but as investors are job to make money for our clients and pay for retirement somehow. again with proper d

david r: the federal reserve data from all over the country. are you convinced you get the best data? would you think it is not as modern as what wall street gets -- or do you think it is not as modern as what wall street gets? chair powell: we don't collect data on employment or most things. a lot of that is government data and it is very high-quality. what we get which i think is better and different is what i mentioned and that is the reserve banks putting together the beige book and coming in and sharing anecdotes, what they're hearing. each district is different. you have agricultural districts and energy districts. just the hall of information -- haul of information we get through that network, i don't think anyone else has that. david r: you consult with your predecessors? one is the secretary of the treasurer now, but ben bernanke? chair powell: i talked to ben bernanke and secretary janet yellen. david r: when you are chilling with your colleagues on the fed board and you disagree, do you say i am the chairman of the fed, i am the pers

trying to message the disconnect between the bond market and the federal reserve that the federal reserve has it right i think the bond market has it right. >> why does the bond market have it right manufacturing is in a recession. >> we've had several recessions in the economy chips have been in a recession and advertising and housing is in a recession there are lots of categories software has been in a recession. retail is in a recession it makes sense if stocks start to move before we hit a bottom in whatever that category is, stocks move higher they predict the future. they don't do a book report. >> let me ask you this, the last part of this block, so you bought carmax, right that's new for you why did you buy that gm told a great story about expectations for auto sales. the stock was up 8% the other day. why kmx? >> the largest seller of used cars is only 2% of the market. the stock was down 60% plus because used car sales were in a recession last year having been in an enormous bull market for the prior years all through covid, right everybody knows about used car prices and how yo

kriti: it is important to note that the bank of canada hike rates before the federal reserve did and i think we follow the bank of england when they were starting their dining regime. -- tightening regime. what kind of president does this set for the months we see ahead? derek: tiff macklem has indicated, although he has been early to rate hikes and they are -- pausing before that -- the fed. canada's economy is different. the fed will carve its own path and canada has a more interest sensitive economy -- a lot of mortgage debt. canada is something of a bellwether for those kinds of economies that have had housing bubbles or richly valued housing markets and how they respond to that big increase in borrowing costs. kriti: derek decloet, we thank you as always and we are seeing the bank of canada released the minutes. joining us now for a broader view is -- and we got dictate from canada and let's bring it to the stake -- to the states. we will bring in amy wu silverman. we keep talking about all the volatility brought on by fed speakers and i am looking at a fixed with 18 handles. wh

we didn't have the modern federal reserve back then.e didn't have anything like supply china issues like we -- splien chain issues like we have today, sourcing things from china, from vietnam. there are still certain things you can't stock or find in the store. there are aftereffects of this great pandemic that happened. so we don't know how much of it was peculiar to the pandemic and the reopening versus how much of it could be ascribed to extremely stimulative monetary and fiscal policy in the year 2020. we saw tax cuts. we saw rate cuts take it down to zero. we saw all sorts of speculation and n.f.t.'s and property speculation, second and third homes. to separate that from pure economic activityhost: the presg the jobs report is signaling that his economics agenda is working. guest: of course, you want to take a victory lap with that. he can say in spite of all the rate hikes, my economy keeps chugging along. ,, -- yes, there was stimulus. it did not have to do all that much with inflation. as it was infrastructure spending, there wa

you see the federal reserve rate increases. eight meetings in a row, half of those have been 75 basis points. the federal reserve has never moved this quickly slamming on the brakes for the economy. again we'll get some more headlines as you mentioned out of that conversation that jay powell, the fed chairman, is going to have in about 30 minutes. back to you. neil: thank you for that, edward. let's go to david wagner, portfolio manager, also got larry glazer, mayflower advisors managing partner. david, begin with you then. the markets on tenterhooks waiting to hear what mr. powell has to say. it is an unscripted for mat. he is asked questions. obviously things will come up with relations in washington but do you think he will eschew the whole split called stuff? >> i don't think he will touch base on that at all to be fully honest. the big question what jerome powell will be attacking today, will there be push back from market reaction to the february 1st commentary, the february 1st fomc meeting? he took kind of a mini victor

we didn't have the modern federal reserve back then.e didn't have anything like supply china issues like we -- splien chain issues like we have today, sourcing things from china, from vietnam. there are still certain things you can't stock or find in the store. there are aftereffects of this great pandemic that happened. so we don't know how much of it was peculiar to the pandemic and the reopening versus how much of it could be ascribed to extremely stimulative monetary and fiscal policy in the year 2020. we saw tax cuts. we saw rate cuts take it down to zero. we saw all sorts of speculation and n.f.t.'s and property speculation, second and third homes. to separate that from pure economic activityhost: the presg the jobs report is signaling that his economics agenda is working. guest: of course, you want to take a victory lap with that. he can say in spite of all the rate hikes, my economy keeps chugging along. ,, -- yes, there was stimulus. it did not have to do all that much with inflation. as it was infrastructure spending, there wa

>> investorsing figuring out fast federal reserve is going to continue this string of rate hikes dowustrials now down 260 points this happened in a hurry on numbers, stephanie pomboy if you can go through this report and talk to us about what is most market moving in your view, and why this reaction in terms of stocks selling off in the face of this with worse than expected producer price index number this morning. >> well, i am trying to figure out what description is opposite of goldilocks what we're looking at looking at a federal reserve driven by the headline inflation numbers, to raise rates higher, to, you know, the detriment obviously, of the middle class, the housing sector autos, et cetera. and, ultimately corporate earnings, but i think the real story here is that we really have a situation, where everything you talked about on policy front and a crime, and this ohio train derailment, that adds to the to negativity the consumers already feeling consumer sentiment is deep in recession territory you layer on social issues uncertainty lack of information, and communication co

michael: at our february 1 meeting, federal reserve officials

the federal reserve is making a decision on rates yesterday. what did you take away from the decision? guest: that they are slowing down the process of interest rate increases. they moved aggressively in 2022 and they are starting to see signs that the inflation that hurt so many households is slowing down but they do not want to declare victory yet. they will probably raise rates at least one more time this year. we might see an end of it by the middle of the year. host: when you take a look at the fed and how it does these things, what is the process? where does the board fit in, how does the process work? guest: it is complicated and it is like the old tanker analogy, it takes time for it to turn around. our 19 and officials involved in these discussions, and the original 12 -- the original 12 federal banks around the country, and then seven governors, 12 of them kind of rotate to make a decision. and they have to reach a consensus. it takes time for them to reach a consensus and for them to become convinced that the data is moving one way o

the federal reserve not done yet. technology and earnings stocks led the losses.he nasdaq was down 119, about 1% and s&p lower by 25, two thirds of 1%. let's check interest rates. yields are ticking lower. the 10 year yield right now pulling back by one and-a-half basis points at a level of 3.630%. as we look you head to federal reserve chairman jay powell's comments today at the washington dc economic club at 12:30 p.m. eastern. european markets look like this. in the eurozone the ft 100 right now is trading up 44, cac is up 1 and-a-half points, the dax index in germany lower by 16. in asia overnight mostly green across the board. japan was the weak spot. nikkei average flat on the session, the others up fractional hey. "mornings with maria" is live right now. ♪ i'm every woman. ♪ it's all in me. ♪ anything you want done baby. ♪ i do it naturally. maria: well, senators on capitol hill are preparing for thursday's briefing on on the chinese spy flight and america's next steps with regard to communist china. president biden is claiming his administration is ready t

the federal reserve chairman was concerned about core inflation moving sideways.you think both of those have peaked? >> i think it's far too early to declare victory and even think about peaking. we're in the early stages. you see the data in many sectors is volatile. we have china reopening. we just have to be thoughtful and look at the data and information and be cautious about declaring a victory or a peak earlier than we've seen real evidence that we're there yet. so my mind is 100% on bringing inflation back down to 2% over time. right now i see some positive signs but far from a victory. >> yeah, one last topic and charles is itching to get in here too. we're seeing layoffs in the tech sector now and they're seeping, it seems, into other sectors and some retail layoffs. are you concerned now that these layoffs are going to become more widespread? >> you know, there are -- you have seen high profile announcements of layoffs as firms rebalance to bring their payrolls back in line with activities but what i'm see asking a strong labor market. just a really stro

so what the federal reserve is looking at is these are big numbers. you only need 150,000 to break even. but we're seeing the trend down the past four months. that's what the federal reserve once you and i don't want that we don't want to lose our jobs. but the federal reserve wants us because that will be fewer people feeling this inflation. so we'll we'll, we will continue to see fewer jobs being produced because the cost of hiring now is really expensive. all right. very good. we have to leave it there. george and chatty. morgan stanley family wealth advisor always appreciate your time and insight, sir. okay folks. thank you. thank you. well, the fbi conducted another search of president biden's property today , the third since classified documents were found at the president's former office in november. white house spokesman ian sams says they went to, um the beach house and no classified marked documents were found that 3.5 hour search was planned and coordinated with the president's attorneys. it comes nearly three months after the president's p

the consumer prices index is putting a bit of policy pressure on the federal reserve. actually some rain in the forecast over the next few days, which may come as a bit of a shock to places such as benson, 0xfordshire, pershore, worcestershire, and bramham in yorkshire, because these areas over the last four weeks have barely seen over a millimetre of rain. now the rain clouds are gathering, they're out there in the atlantic at the moment. this one will come in through thursday. but we need to shift this one first. it's been held at bay in an area of high pressure, but that high pressure is going to weaken a little bit, allowing that weather front to trundle in. by the end of the night, start of wednesday, that rain will be in across western scotland, northern ireland but it will be a mild enough start to the day. but east of scotland, england and wales, temperatures still low enough for some frost around. and the eastern counties of england, some dense patches of fog — that won't last as long as the fog did on tuesday. we'll also see the rain in northern ireland quick