but the other thing going on is the federal reserve board is buying the debt now. that's interesting. is it because that means is one arm of the government is spending the money, another arm of the government is issuing debt and another of the government is buying lots. now, there's one other part of this chain where this the federal where does federal reserve board get the money to buy the bonds? well, they print it. they print it. and what that policy is is called that's called kind of nationalizing your debt. and what worries me is that that cycle that i just described, that's what's countries, argentina and venezuela and bolivia and, you know, and zimbabwe. do you know, there's a i don't have my wallet right. but, you know, $1,000,000,000,000 zimbabwe currency know, you think, oh, my god, i must be rich. this is trillion dollars. it's worth about $0.36, you know, so you depreciate the value of your currency. and that makes me nervous. and incidentally, i felt there's one other step in this chain when the federal government is buying all the debt, it's issuing m

an unofficial capacity and quick story, he called me and asked would you like to be onthe federal reserve board you know i never thought of it before . you don't say no to the president so then i had to go to the governor do, i knew what the federal reserve board did but i wasn't sure of the responsibilities but what happened was as soon as i was nominated all of a sudden, i didn't even know the time when the president asked me to do this that i would have to go to senate confirmation and my advice to people was you have to go through senate confirmation, say no because you're under a microscope and all of a sudden these reporters were calling girls i dated in college and you know, i have no skeletons in my closet, they found a lot of them so i finally one quick story about that though is i call the president a few times and said mister president, this isn't going well. and i don't want to embarrass you so i said i think i should probably resign, step aside and he was the one who kept saying, no. i want you to keep going. you're a boxer, it's like you're going to paul, get back in the ring. the

quick story is on this he called me and asked me to do, get on the federal reserve board. i've never actually really thought of it before, and you don't say no to the president when he, so then had to go what does a federal reserve governor do? i knew what the federal reserve board does what it was a blue shirt the responsibility of all the governors. but what happened was as soon as i was really nominated all of a sudden all these, and it didn't even know at the time when the president asked me to do this that i would have to go through senate confirmation. my advice to people is if president ever ask you to do job and yet to go through senate confirmation, say no. because you put under the microscope. all of a sudden, literally these reporters were calling girls i dated in college, you know, did he ever mistreat you? you know, look, i'm just saying. i have skeletons in my closet and i found a lot of them. just one quick story about that though is i i called the presa few times and said mr. president, this isn't going well, you know, and i don't want to embarrass you so i

where does the federal reserve board get the money to buy?y rented and what it is is nationalizing your debt. the cycle i described countries like argentina and mexico and zimbabwe do, i don't have it right now but a trillion dollar zimbabwe currency, it's a truly dollars, worth about 36 cents so depreciate the value of the currency makes me nervous in his there's another step the federa' government buys it that it issues more money and what happens to the value of the dollar when they put the money? it was on and it's one reason we have inflation, spending and borrowing too much. >> barring trillions afraid the chinese will continue to buy out bonds. i apologize for the ignorance of this question but to the chinese own a great steak of theit american government? >> a tricky question because some would say because if you owe the bank $500, you are in trouble. if you owe them 5 million, the bank is in trouble so to some extent, why are the chinese buying our bonds? they have confidence americans will repay them and they think -- saying they ar

the federal reserve act dictates, on the federal reserve board, supposed to be nonpartisan. pendence back and hope a gop win can accomplish that. neil: i had no idea you were referring to the federal reserve act. let me get your view on this because you are just as brilliant. what are we getting wrong or what might republicans get wrong if they overplay their hand? what do you suggest? what would you like to see? >> we are going to see gridlock. if the republicans control congress, they will make sure president biden is not going to get anything that he wants. the way the republicans can overplay that hand, they are controlling congress and nothing gets done which the market will like a lot, voters may see that as you guys have congress, you are not getting anything done. we get into 2024 the democrats are going to have something to run on saying the republicans didn't get anything done. we need to get back into power, people have a short memory. they may buy into that. neil: they say markets are anticipating this republican win, buying on the rumor and sell on the fact, don'

so the federal reserve board -- >> i'm sorry. ue. >> so the federal reserve board has been quite aggressive in trying to bring inflation under control both by increasing the interest rate and -- which would slow down economic growth and ultimately have a negative impact on prices. and through their signaling that they're very serious about keeping inflation under control. and this statement that they're putting out there and this, you know, quick increase in the interest rate, it's going to have an impact on expectation which is being fed into inflation, into wage increases and so on. it's not just that by increasing the interest rate the fed is going to try to achieve to slow down the economy. but their statement are done so that people's expectations about inflation are going to be kept under control. >> so, professor, when we talk about short-term prices like for diesel fuel, heating oil are still really high. and the grocery store, it's really even worse with massive year-over-year increases in the price of milk, eggs, butter,

>> they never yell, yelling is just in the federal reserve board room, it is extremely polite.nder greenspan, more than today it was very stilted which we would go around the table, each person spoke and you were not supposed to interrupt the other guy or gal as they were speaking, it was more freewheeling than that. it is not raucous by any definition, extremely polite. jack: we leave the heavy lifting to the federal reserve to tackling inflation, that's because politicians don't make tough choices, raising taxes, cutting spending. in a perfect world would those be better tools to help tackle inflation? >> i don't know if they would be better but there are two tools to use and interest rates could be less volatile, using something other than the interest rates. i point out in my book that the first time fiscal policy was used to fight inflation was under lyndon johnson. it was also the last time. took a long time to convince johnson, took a long time for johnson to convince congress, they raised taxes in 1968 to fight the vietnam inflation it is not -- jack: i will get a littl

she was nominated by president trump to be on the federal reserve board which is where she deserved to be. she came within one vote in the senate and by the way we have mitt romney to thank for that for not having judy on the arfed but someday you should bethe federal reserve board chairman . [applause] >> so the kind of play off of what steve forbes just told us, where you think we need to go in terms of monetary policy . >> thank you very much and i think if you're asking should the federal reserve have the ability to manipulate the cost of capital that is really an essential question. because in a capitalist free market economy, i can't think of a more informed rice then the interest rate on loanable capital so if youwant one price to be determined by supply and demand , and accurate price goals you would think that would be the most important. but for reasons that david was explaining, since october 2008, when the federal reserve fundamentally changed the way it manages the interest rates, started paying interest on reserves. and that's now the primary way, is no longer open market

. >>> the federal reserve board meeting today and the expectation on wall street this morning is that they will raise interest rates another 3/4 of a point. that would be the fourth consecutive super size hike in the fed's quest to contain raising interest hikes. they are worried it will push the economy into a recession. former treasury secretary larry summers says, fear is misguided. the fed is not doing enough to bring down the prices. >> the much greater risk is of not doing enough because i look at economic history and i see there are many times when the fed didn't do enough so inflation reaccelerated. i can't find any times in the last 60 years of economic history. >> his best guess is items rose by 5 1/2%. >>> did police miss a chance to head off a deadly stampede? >>> plus, new rules that prevent people from throwing out dirty socks and old mattresses. >>> first, candidates fighting to get the support of the black voters at the polls. >> you don't think the outreach is the same? >> absolutely not. they say one thing butut when y look at the policies, they're not reflected. ♪ m

if you go back and look, in the 1970s, that's exactly what the federal reserve board did in the 1970s. they would fight inflation by tightening credit, inflation would get better, they could take their foot off, and it would pick right back up again so, his problem is he needs the economy to be lousy, and it's hard for an economy dominated by 92 million people between 26 appan 42 to stop doing what they're doing. >> it's a tough balancing act. he said the housing inflation bill will continue into next year what's your thoughts on this specific sector going into 2023? >> you heard him say, we have a shortage of houses right? so what we love about common stock investing is, we want to own a business that meets an economic need. there's a huge need, and he talked about how much prices went up last year. that was a temporary price bubble, but it was not a building bubble. people are still in a coma about '06, '07, '08, '09 and the circumstances caused by that you look at a ten-year treasury, the mortgage rates should be substantially lower, even with what's happened, and there's a bright

david, mona, and jim, as well as steve and rick, thank you all very much let's bring in former federal reserve board governor, also cnbc contributor, professor, a lot of things. frederic, welcome. in my notes, it says given this, you say, it is premature for any talk of slowing the pace of rate hikes because that will weaken the fed's credibility that it will do what is necessary to contain inflation. you've listened to a lot of discussion you've read and seen what the fed has said have they fallen into the trap you outlined in your note? >> not yet, but i do worry that it's premature we're still at relatively low interest rates compared to inflation. that's the key and also that the fed got behind the curve up until recently. i have to tell you, i think they handled it extremely well in terms of really turning 180 degrees. made very major mistakes, which i've been talking about for almost a year and a half, but they have now got their act together the problem here is that when you look historically and you look at cases where inflation gets out of control, you've got to raise rates to levels which

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

. >> the economists are suggesting the same, including some members of the federal reserve's own board, number two, lael brainard said there maybe time to take a pause. other chairmen and board governors have suggested the same, it's important not to over-correct. what are your views here? >> i think it's important to put it in a broader, historical persp perspective. that's not really high rates if you ask your parents or grandparents. a lot of the work that the fed is doing is undoing the extraordinary work we did to try to put the economy back its feet after the pandemic so it's a big shift back to normal. probably as of today we're probably right around normal. right now the question the fed faces is how much does it actually want to tighten to move rates beyond normal and work harder to really slow things down. >> catherine, we focus so much on the big headline figure, but car prices are starting to slow down, supply chains are starting to open up and ease. when do consumers start to see the impact? >> not soon enough i think that's unfortunately the answer. you have seen mortgage

joining us now is judy shelton, a senior fellow at the independent institute and a former federal reserve boardrestoring order to the current system" and you make points that i haven't heard made and that is that chair powell seems all too willing to kind of fall on his sword and take responsibility for the price instability and that we're seeing for the inflation that we're seeing and said, yeah, it is our fault we stayed easy for too long and we were wrong about transitory he's kind of covering for fiscal irresponsibility but he's not mentioning that they had to keep rates to keep paying for all the spending that we were doing. >> exactly yesterday opening statements included the same thing he had said at the september meeting that is he started out by saying price stability is a responsibility of the federal reserve. and in a way i think that does absolve the white house and congress, he's saying it is not your fault that we have inflation, we're responsible it may come across as being quite chivalrous, but i think it is artificial that there is a clear disconnect because when voters go to t

format but is it that michael barr took office as vice chair for supervision of the board of governors of the federal reserve system july at 20 to 44 year term. it also serves as as a membef the board of governors. todd harper was sworn in to serve a full term as the financial credit union administration board chair of july 2020. martin gruenberg has been the acting chair of the fdic board of directors since february of 22. he's been confirmed to serve as chair and chairman of the fdic and is the service at the fdc since 2005. michael hsu became acting comptroller of the currency in may 2021. mr. barr if you begin your testimony. thank you. >> thank you very much chairman brown, ranking member toomey and other members of the committee. thank you for the opportunity to testify today on the federal reserve supervisor regulatory activities. as vice chair for supervision my priorities to make the banking system safer and fair. the banking system is costly evolving so regulation and supervision must address to respond to new and emerging risks. reforms following the global financial crisis have helped the united

in peterson of the conference board, chief economist. we have federal reservefficials up and down with rates for longer. the fed -- the data continues to back that up. we're going to break that down with david kostin of goldman sachs, next. this is bloomberg. ♪ if your business kept on employees through the pandemic, innovation refunds could qualify it for a payroll tax refund of up to $26,000 per employee. all it takes is eight minutes to find out. then work with highly qualified professionals to fill out your forms and submit the application. go to innovationrefunds.com to learn more. ♪♪ energy demands are rising. and the effects are being felt everywhere. that's why at chevron, we're increasing production in the permian basin by 15%. and we're projected to reach 1 million barrels of oil per day by 2025. all while staying on track to reduce our carbon emissions intensity in the area. because it's only human to tackle the challenges of today to help ensure a brighter tomorrow. >> they are counting the first 250 basis points as if that was a tightening of monet

in my research on the federal reserve, they report to a board of trustees, that includes foreign banksi wanted him to go into what that really is because they are calling the tune and they are not really of us. i would like to know how come our inspector general can only go to a certain point when they try to audit anything. the second thing is, our involvement with ukraine and the president. he wants to make the ukraine greater israel and have some sort of zion oil company. we keep sending money over there because israel is involved. who will do an audit. host: maria in new jersey. to the federal reserve. who does the federal reserve report to? guest: the federal reserve reports to congress. the federal reserve is given independence by congress. they passed a law saying the federal reserve can run monetary policy, but that that'll reserve has to come back to congress -- the federal reserve has to come back to congress and report how it is doing achieving the dual mandate congress gave it. congress said we want a federal reserve that is technical adequately -- that is technocratic lay

board. it comes back to the federal reserve. they continue to raise rates. they are going on a fast pace.go up, that means the dollar goes up and the only relief we've seen in the market recently is the fact that the dollar has gone down in the last week, you've had a bid for stocks. the large cap multi nationals are largely dependent on a weaker dollar. 40% of s&p 500 ref knee is offshore. -- revenue is offshore. maria: are you on the other side of the trade? ryan is saying, look, consumers are strong. i want to buy stocks. he's been right. are you on the other side. >> i'm not on the short side. i'm not as a bullish as ryan on that. i think there's a real problem. it's not about top line growth anymore. when you're in a value market like we are right now when the cost of capital goes up that means investors want food on their plate in the form of earnings, dividend, and/or cash he flow. delivering on subs and top line growth is not going to cut it anymore. >> there's a lot out there. there's profits out there. it's just not in tech or names that were big in the pandemic. maria: do you w

federal reserve and serves as the bedrock of our economy. without price stability the economy does not work for anyone. >> reporter: the board is raising a benchmark rate .75%, the sixth increase of the year is an attempt to cool off the economy. rising interest rates are having some effect. mortgage rates doubled over the past year and are now at a 20-year high. that's causing home prices to fall. and the average interest rate that has fewer people visiting lots which is helping build more supply. >> now that the inventory's starting to normalize, the used car prices are starting to come down. >> reporter: prices for many other items continue to rise, including necessities like food and electricity. that's why economists predict the fed will keep raising rates in the coming months. it could ease the size of increases. >> it there was a mention that the fed may kind of take a deeper breath or maybe not raise rates by as much in the next series of meetings to see how those interest rate increases are filtering through the broader economy. >> reporter: the fed's ultimate goal is to see the current inflation rate of 8% come down to just 2%. bradley b

federal reserve. it serves as the bedrock of our economy. without price stability, it does not work for anybody. >> reporter: the board is raising a benchmark rate, the sixth increase of the year, an attempt to off the economy. rising interest rates are having some effect. mortgage rates doubled over the past year, and now , at a 20-year high. that's causing coal prices to fall. but prices for many other items continued to rise including necessities like food and electricity. is why economists predict the fed will keep raising rates in the coming months, but could ease the size of increases. >> there was a mention that the fed may kind of take a deep breath or maybe not race rates by as much in the next series of meetings to see how those interest rate increases are filtering through the broader economy. >> the fed's ultimate goal is to see the current inflation rate of 8% come down to just 2%. bradley blackburn, cbs news, new york. >>> stocks taking a big dive after the fed's announcement today. the dow losing more than 500 points or about 1.5%. the nasdaq losing more than 3%, and the s&p was off 2 1/2%. >> if you check the piggyback and y

i don't trust it will be properly done, you're not gonna have the federal reserve running coal centers. it's on board banking centers, than the actual token that moves the money. fraud, risk, alert, services, call branches, ar and, see are a. properly done it's a problem. improperly done, you will have an issue. >> miss frazier, my remaining, time increase capital requirements, vice chair barr suggest he wants to review this. what would that do to your customers to repair supply chains? your ability to repair capital and fix inflation? >> given that we passed our stress test, which would be a test of whether we have sufficient capital, which is important for safety and stability, and the question becomes when you increase capital above that limit that could have a very detrimental effect on one's ability to land right at the point when the capital markets are shutting down. >> thank, you i yield back. >> gentleman's time has expired. the gentleman from missouri, mr. cleaver, also the chair of the subcommittee on housing, community development and insurance, is now recognized for five minutes. >> than

in my research on the federal reserve, they report to a board of trustees, that includes foreign banksnted him to go into what that really is because they are calling the tune and they are not really of us. i would like to know how come our inspector general can only go to a certain point when they try to audit anything. the second thing is, our involvement with ukraine and the president. he wants to make the ukraine greater israel and have some sort of zion oil company. we keep sending money over there because israel is involved. who will do an audit. host: maria in new jersey. to the federal reserve. who does the federal reserve report to? guest: the federal reserve reports to congress. the federal reserve is given independence by congress. they passed a law saying the federal reserve can run monetary policy, but that that'll reserve has to come back to congress -- the federal reserve has to come back to congress and report how it is doing achieving the dual mandate congress gave it. congress said we want a federal reserve that is technical adequately -- that is technocratic lay run

board for you. the dow is in the red about 115 points. >>> the federal reserve is on track to boost its benchmark interest rate again to fight inflation. the jump would be the fourth consecutive hike on that size. they're hoping this could be the final move. we will watch closely to see if they signal a possible shift to slow rate increases next month. >>> it has been less than a week since elon musk took over twitter. there is an exodus of executives, advertisers, and hate speech is up. everyone is asking, what now? that is our focus. usa today columnist is here with a look at what is next, and the biggest technology story of the year. hello, what you have to say about this? >> so, so much. you know all of the chaos and confusion, and the on-again, off-again debacle? that has just gotten worse. in just a few days and twitter, elon musk has fired most of the top managers, and the entire board. he tweeted and deleted a very hateful conspiracy theory, from unknown fake news site about the attack on paul pelosi. he knows charging eight dollars a month for the blue checkmark verification , and he has threaten

they have been down for the most part across the board as we wait for the federal reserve's meeting ont rates, jones down about a third of a percent the s and p 500 down about a half of a percent, the nasdaq as well, about half of percent, and still below that, 11,000 mark. toyota is reducing its production after four straight quarterly profit declines and an ongoing chip shortage the automaker says it now expects to produce a half a million fewer vehicles than it initially planned. toyota says material costs have increased as the global chip shortage continues the company also under scrutiny from some investors and environmentalists over its slow transition into fully electric vehicles. toyota currently only has one all electric vehicles on the market. banks in the u. s processed a record number of potential ransomware payments last year. that's according to a report from the treasury department says banks and other financial institutions reported $1.2 billion in potential ransomware related payments in 2021 that is nearly triple the amount from a year before more than 50% of the rans

but in the statistics across the board with hundredssands of products, we are starting to see it come down to the federal reservefoot off the pedal until they see it in the print. and there are two more important reports that will be released next. the monthly jobs report comes out tomorrow and the consumer price index one week from today, but, he says, if those signals calling academy it could indicate a better handle on inflation. in today's dollars and cents. it has only been two days since new york's new, transparent transparency law went into effect, and it looks like companies are already trying to skirt the rule. now the new law requires job postings in new york to list the pay for the job. however some postings have wildly large salary ranges. for instance, one cloud job gives a range of $125,000 to $211,000 publishing position goes from 50,000 to 180,000 for the exact same position. a wide range like that is probably going to be presumed to not be good faith unless you can justify in some way why there would be such a range looting the law really sends a clear message about their culture and their lack

the board and the fdic recently invited comments on an advanced notice of proposed rulemaking to enhance regulators ability to resolve large banks in an orderly way should they fail. the federal reserve is evaluating an approach to review acquisitions. mergers are often a feature of vibrant sectors but the advantages that firm seek to gain through mergers would also be weighed against the risks that mergers can pose to competition, consumers, and financial stability. i know other priority is monitoring the risk of crypto asset related activities. crypto asset related activities requires oversight that includes safeguards to ensure that crypto companies are subject to similar regulatory safeguards other financial service providers. we are also working to understand financial risks related to climate change. at the fed, our mandate in this area is important but narrow. and we are focused on our supervisory responsibilities and our role in promoting a safe and stable financial system. to that end, the federal reserve recently announced a pilot climate scenario analysis exercise designed to enhance the ability of supervisors and firms to measure and manage climate related financial risks

board. the dow is in the red. stocks are opening a bit higher this morning, as we wait to hear from the federal reserve. >>> leadersy are prepared to pass legislation that would prevent a nationwide real strike. president biden says a work stoppage during the holiday in december would disrupt shipping and deal a heavy blow to the nation's economy. the house will vote on a tentative agreement that the administration helps to negotiate between the real companies and unions. this will raise wages, but lacks provisions for paid medical leave. many prounion liberals expressed their discontent with this agreement. >>> black friday and cyber monday set records on paper. inflation takes its toll. it t sh tting asonat r fos of the wired wedny. jennifer jolly joins us live with those details. good morning. i hope you got some shopping in. it looks like you did. >> i absolutely did. perhaps a bit too much. i still have some left to do. high inflation and excess inventory means the rules of holiday shopping are different from seasons past. many of the top deals are going on. retails call this entire week cyber week. if you hav

board. look at futures stateside and also key into the futures space as we look ahead to the cpi number and what it means for the federal reserve. you have jp morgan saying that if that inflation print comes hot, you could see a 6% drop for u.s. stocks. just wanted to reflect what was happening in hong kong. that has drawn our attention as well. hs tech currently down the percent. the euro-dollar now back below parity. recently -- briefly checking in on crypto for the likes of bitcoin and ethereum. bitcoin is above 16,000 700 -- 16,700, but many within the sector saying that volatility is likely to continue. within the context, there has been significant selloff to date. let's get to mark cudmore. you have been looking at the fed and the question of core inflation, the stickiness or not of that inflation print. mark: yes, good morning. it is the stickiness i am worried about. many of people are focusing on the idea that we might have seen peak inflation. that is consensus and i would not argue that. headline inflation is likely to be lower very soon. unfortunately, we are not out of the woods for the inflation problem. in fact,

with that, liz, i'm on the board of a crypto company, the reason that investors like cryptos is because they are not held by government. they are alternatives to the federal reserveentral bankers and fiat currency. we'll see how all of that einvolves. this is a megascandal that is right at the doorstep of the democratic party. elizabeth: steve moore, come back soon. great to have you on. good to see you. >> thanks, liz. elizabeth: we have a new charge from a gop senator, senator lankford. he is saying homeland security is again trying to widen its censorship of what it deems disinformation. and serious allegations staying on it, how the bidens became millionaires simply selling access to the biden family name around the globe. the gop says now it is 50 nations. more than four dozen nations this is a top investigation for the house. we asked you on twitter your thoughts. more than 3/4 of you thinking yeah, this should be the top priority for house oversight. follow us on twitter @eveningedit. be a part of our next poll. track us, follow us, watch us. we're doing some pretty good stories. we hope you're happy with it. we'll be right back. kevin! kevin? oh nice. kev

story and the federal reserve kicking off the two-day policy meeting today pricing in a more than 88% chance of a 75 basis point move tomorrow joining me now is former vice chairman and boardring roger ferguson he is also a cnbc contributor. >> good morning, seema >> mike wilson says the fed is nearing the end of its rate hike cycle. do you agree >> i do not agree with that. i agree with the market expectation that the next move is 75 basis point tightening this week. i expect 50 in december and 75 on the table and i expect two more times next year maybe 25 basis points. i think we are not nearing the end as maybe other people think that to be the case. >> what data points or economic reports will you look to give you more confidence that the fed is nearing the end of its rate hikes? >> well, recognize that the fed is singularly focused on inflation. looking the incoming inflation reports is very important. there will be a couple of those before the next meeting in december in addition, what is driving that concern is a very tight labor market we will see several reports around that going forward as well i would be looking at those two areas. i would say right now while in

board parents outraged over a new scandal. i'm elizabeth macdonald. "the evening edit" starts right now. ♪. elizabeth: welcome to the show. let's start with your money. stocks ricocheting to the downside. the federal reserveaised interest rates again. federal reserve chair powell warned more rate hikes are likely coming until that 40-year high in inflation is contained. democrats led by senator elizabeth warren slammed the fed in a new letter. edward lawrence in washington with more. reporter: liz, what stood out to me in addition this being the fourth consecutive meeting of 75 basis points interest rate hike is the federal reserve chairman saying we're not close to ending the increases but he left open the door to a smaller rate hike. listen to this. >> i would also say it's premature to discuss pausing and it is not something we're thinking about that is really not a conversation to be had now. we have a ways to go. and last thing i will say, it is that, i would want people to understand our commitment to getting this done and not making a mistake of not doing enough or the mistake of withdrawing our strong policy and doing that too soon. reporter: he says the fed will take into account the lag time it

lisa: across the board, the key issue is that central bankers are confirming that. we have gotten taught from the federal reserveg the same thing, we are going to tighten too restrictive. we will not stop because of pain. tom: there is a risk here that they are already super restrictive in this goes to your world without making a joke about it. we look at the two, tense version and you are looking at the three months, 10 and version the signals the restriction. lisa: when you look beyond that, to the people who don't see gloom. inflation is rolling over. we are seeing signs of that. it is just such a motley picture. consumers are pulling back but they are still spending. how do we get a sense of where we are heading? tom: we just put a banner up, there is a 70 point difference between the two quarters. can you aggregate america into a blended recession or can we say, parts of america are in substantial recession? lisa: and how much is that clouding the information we are getting. we see retail doing really well. tom: brent crude under $90 a barrel at 88. pacific rim china, maybe they won't come back? lisa: i am

federal reserve as ever in the mix. david: third day of gains with onshore china. it is offshore in hong kong that has outperformed the broader chandler -- china rally. it's an up arrow story across the board. stocks are up. also this yield story. we repriced it out, now we are re-pricing it in because the fed has reminded us they have not changed their tune. if only we listened to the fed. we are also getting numbers coming throughout of japan. core inflation came out nearly 3.6%. gdp numbers out of macau. oil closed below $90. brent, to be more specific. it is also about the yield story on the chinese mainland. yvonne: the biggest slump since 2016. a little more of that injection of the critique from the pboc. obviously they are watching this very closely. it seems like most people are saying we have seen some upward movement in yields but nowhere what we are seeing globally. we are not going to see material rebound. rishaad: also getting reports that the chinese authorities report on liquidity. this is again another window into what their concerns are about things like companies being lent money, then giving it to the banks themselves at the same interest rate, and it being a balance sh