emily: jeffries tax act there leader. thank you for stopping by. -- jeffries tech sector leader.hank you for stopping by. election betting is inching closer to a reality. big plans to allow americans to trade on which party will win congress in the midterm. this is bloomberg. ♪ emily: now with the midterms inching closer, you might be able to bet on them and make we'll money. it has been years in the making and now the cftc is wearing a plan that could let people place as much as $25,000 on which political party control congress. that is the proposal from the productions market operator call sheet. the first regulated exchange for trading on events. the cofounder and ceo joints me now. why do you want to get into election betting? >> that is a great question and thanks for having me. election markets or elections more broadly are the -- one of the single biggest sources of -- in the country. our mission is democratizing access to hedging tools. tools in instruments that allow people and small businesses to hedge -- which relate to their day-to-day. there is nothing that exposes p

jeffries, from new york, the democrat caucus chair. mr. jeffries: i thank the distinguished colleague for yielding. schedule next week, on wednesday, the house will meet at 12:00 p.m. for morning hour, 2:00 p.m. for legislative business with votes postponed until 6:30 p.m. thursday, 10:00 a.m. for morning hour and 12 p.m. for legislative business. on friday, the house will meet at 9:00 a.m. for legislative business. next week we will be considering a continuing resolution to fund the government. we know the fiscal year concludes on september 30, something we have to get done. and our expectation that we may consider to reform the stock act and consider bills on suspension of the rules. complete list of suspension bills will be announced by the close of business tomorrow. and additional legislative items are possible. >> i thank my colleague. and we have seen movement in the senate and i understand there is activity over there. do you have an update on number one, when we might see that legislation in the house, but more importantly when we

jeffries: as the member designated by chairwoman eddie bernice johnson and representative troy carter, i inform the house that these members will vote yea on s. 4785. the speaker pro tempore: for what purpose does the gentleman from indiana seek recognition? >> madam speaker, as the member designated by mr. baird of indiana, i inform the house that mr. baird will vote yea on s. 4785. the speaker pro tempore: for what purpose does the gentleman from new jersey seek recognition? >> madam speaker, as the member designated by ms. ann kirkpatrick and ms. melanie stansbury, i inform the house that these members will vote yes on s. 4785. the speaker pro tempore: for what reason does the gentlewoman from florida seek recognition? >> as the member designated by mr. diaz-balart of florida, i inform the house that mr. diaz-balart will vote yes on s. 4785. the speaker pro tempore: does the gentleman from pennsylvania seek recognition? >> madam speaker, as the member designated by mr. lawson of florida, pursuant to house resolution 8, i inform the house that mr. lawson will vote yes on s. 4785. th

i want to bring in brent from jeffries.e were talking earlier about the personal cost when it comes to mark zuckerberg's wealth. when are you going to decide if this pivot was worth? -- worth it? >> it is still years out, emily. they said the road to the metaverse is going to take multiple years. it is not just facebook. it is the whole tech system that will drive us forward to -- forward. remember, you have the economy pulling back. the first thing you do when the macroeconomy gets tougher they cut their ad dollars. all social media, snap, twitter, you go across the board, they are all feeling the pain as the global macro dimms. there's a double whammy. the metaverse investment combined with the headwind of the macro. for many in tech, it is a tough road ahead. obviously, a lot of stocks are embedded in bad news. where we are finding in this market is the more bad news that keeps coming, the stocks are not embedding it of time. they drift lower. that is across tech. this is not just a meta-issue. that continues to be a big

new york representative hakeem jeffries serves as chair of the house democratic caucus. over the weekend he was in des moines to talk about president biden's legislative accomplishments and to encourage voters to vote for democrats in the upcoming midterm selections. >> thank you so much. good afternoon, iowa. on the polk county democrats in the house right now. are you ready to send cindy back to the united states house of representatives? are you ready to flip a red seat and turn it blue with admiral franken? are you ready to send detrick to the state house here in des moines? what an honor and privilege to be here in iowa. thank you, sean, for extending the invitation and for your leadership of the county democrats. i thank all of the volunteers and workers for the things that you do to make sure that we're moving this could have been and the state and this country in the right direction. i'm so thankful for my friend and colleague cindy. she is a tremendous representative on your behalf in the united states congress. she speaks up for you with power and passion and p

several democrats say they would expect her to try and then if she doesn't you could see hakeem jeffries. he could emerge as the first one to lead a political party in congress and i would say adam schiff as the underdog as he does have national name recognition and he's holding meetings and calling people. >> to the republican side of the island on the house, the headline of your story in the wall street journal, kevin mccarthy brought back to power. you write is closer than ever to becoming a speaker. though the path he's taken is a risky one. why risky? >> kevin mccarthy has tried in 2015. he has since set his sights on unifying people that didn't like him. so jim jordan who was threatening to challenge him in 2015 is now an ally and he has tried hard to unite all the wings and branches of the republican conference. however that it's hard when you have tried to make friends with everyone and try to push them through onto bill or some sort of must pass legislation. it's just difficult when you try to bring people together in a republican congress that is not necessarily unified on a lo

. >> democratic caucus chair chief jeffries was the keynote speaker at the state forum hosted by the polk county democrats of des moines iowa. he talked about president biden's legislative agenda and the urge urged attendees to support iowa democrats running for house and senate seats. >> thank you sandy, so much. good afternoon iowa. on the polk county democrats in the house right now. are you eeready to send cindy back to the house of representatives? are you ready to send a recipe and turningblue? are you ready to send dietrich to the statehouse here in des moines ? what an honor and a privilege . to be here. and iowa, thank you so much for extending the invitation and for your leadership at the polk county democrats.i thank all the volunteers and workers for the things that you do that make sure that we're moving the county and the state and this country in the right direction. i'm so thankful for my friend and colleague cindy asked me. she is a tremendous representative on your behalf in the united states congress. she speaks up for you with power, and passion. and defends your

so, i have, jeffries is supposed to run it. i've spoken with the people at jeffries. not deny this. they know they have an uphill battle selling it. there is no date specific when this thing will be sold. you can't do the stock sale then you know starting to talk maybe chepter 11, i don't know. they need capital. it's a tragic story. i covered this a lot. i was there during the madoff thing. i saw what people did. subject of a story that i wrote who killed himself right before the story came out this is not fun to cover. this is not a fun story but you know, you got to cover it. it is part of what we do. liz: charlie, thank you, charlie gasparino. we have the closing bell ringing in four minutes. we know there is a lot of uncertainty in the world right now and particularly with the market which tends depending on the day gets a lot of volatility if fed says one thing, one fed head says another. how great would be during this time to have a low risk investment with a steady income? this fantasy might become reality. this "countdown" closer has the name of a etf exchang

jeffries: mr. speaker, i ask unanimous consent that the resolution be considered as read and printed in the record. the speaker pro tempore: without objection, the resolution is agreed to and the motion to reconsider is laid upon the table. for what purpose does the gentleman from north carolina seek recognition? >> mr. speaker, i ask unanimous consent to address the house for one minute and revise and extend my remarks. the speaker pro tempore: without objection, the gentleman is recognized for one minute. >> mr. speaker, the purpose of this institution can be synthesized into one word. represent. but can we as a hallowed and time-honored body truly sit here in this sacred chamber and say with a straight face that we are fulfilling this calling? mr. cawthorn: this body has through inaction or, frankly, malicious action, made many crises worse. at the beginning of this congress, our border was in shambles. can we honestly say the institution has improved even slightly the situation? at the start of

jeffries. the speaker pro tempore: the gentleman is recognized for one minute. mr. jeffries: thank you, chairwoman lofgren and vice chair cheney, for their distinguished leadership on this incredibly important issue. i rise in strong support of the presidential election reform act. our democracy is fragile. democracy is not a spectator sport. democracy is not a self-executing proposition. democracy does not simply run on autopilot. it requires all of us to remain engaged, particularly because we are confronting a diabolical adversary who is determined to undermine the principle of free and fair elections. undermine the rule of law. and undermine the peaceful transfer of power. certainly our democracy is not perfect. but it is worth saving. and that is why it's so critically important that we act with the fierce urgency of now to defend the republic against tyranny, protect the principle of free and fair elections, and continue america's long, necessary, and majestic march toward a more perfect union. i yield back. the speaker pro tempore: the gentleman yields back.

jeffries downgrading international paper saying cardboard box demand is slipping and that could signal weakening economy. and as we head to another break, a look at the stock of the day, fedex cutting its sales forecast by half a billion dollars. the ceo says he expects a worldwide recession. we will beig bk. rhtac >>> welcome back to "power lunch. the packaging companies like international paper and packaging corp. are getting hit by a double whammy a downgrade at jeffries, that analyst cites slowing demand for container board which is viewed as a proxy for the economy joining us now is the analyst behind the call. phillip, welcome, good to have you with us. >> thanks for having me today. >> you're downgrading both of these ip and pkg to underperform i assume that's because you see a slowing economy, number one, and number two, basically an idea that they have a lot of inventory that they bought that they've got to work through, right? or that they sold, rather. that's out there >> sure. it's all that, right i think it shouldn't be a surprise we got some pretty clear demand singles wi

jeffries: as the member designated by chairwoman eddie bernice johnson, representative ka ha in a and representative kilmer, i inform the house that these representatives will vote no on the hice amendment. the speaker pro tempore: for what purpose does the gentleman from new york seek recognition? >> mr. speaker, as the member designated by representative bush of missouri and representative rush of illinois, i inform the house that they will both vote no on the amendment offered by representative hice on h.r. 30. the speaker pro tempore: for what purpose does the gentleman from indiana seek recognition? >> mr. speaker, as the member designated by mr. baird of indiana, i inform the house that mr. baird will vote yai -- yea on amendment number one. the speaker pro tempore: for what purpose does the gentleman from california seek recognition? >> as the member designated by ms. conway of california, pursuant to house resolution 8, i inform the house that ms. conway will vote yes on the amendment. the speaker pro tempore: for what purpose does the gentlewoman from texas seek recognition?

one replacement potentially is hakeem jeffries. he is 52 years old.er three also say we're not done yet and they happen to be like nancy pelosi in their 80s. part of the question is, there were efforts like a few years back in 2018, can you get all three of them to step aside. that is hard to negotiate because of ego, ambition. >> yeah, for sure. the young guns we're talking about, jeffries, schiff, what are we really talking about here? i just think as we think about this, to me this is not really that much about nancy pelosi. this is about the bigger things, the ideological divides, the generational change. the voters demand for generational change. when you look at pelosi herself, she has been a history-making speaker a couple times. also for a lot of americans, especially american women, the iconic photo of pelosi in the blue dress staring down donald trump. nobody has been a bettter strategist against donald trump. but she is 82 years old. yes, if they lose, there would be a push. but if they won, there would be a push too. >> and she may want to

jeffries. this will recognize community partnerships and refuge education programs of the national wildlife refuge system. it spreads itself across 568 national wildlife refuge and protects land, water and wetlands. these important lands serve as important homes for over an array of species 700 birds and 220 mammals and reptile and a.m. fibbian species. this is crucial to encourage millions of tourists and generating and creating jobs. re-authorizing these volunteer service allows the service to provide transportation, uniforms, lodging, subject cyst tans and training for those who choose to volunteer on these projects. during the march hearing on the bill, we heard from mrs. browner from the national wild live refuge association and friends and advocates about the outside roles that volunteers that keep it running as well as serving with local communities. the fish and wildlife service testified in support of the and the national resources reported the bill to the house by unanimous consent. i

did either be understand that we should turn these jeffries over page one, you know, and the western headroom and he will be broken. and it is, and you can avoid a boat and it will never be like it was before it when they got there. and when you buy battlefield, that history, the coldest, to know it is the battle field for our people that each for big historical, russia for freight, russia, the badge we use, the war is rate ship or future generation for our children. and she great children . when we happen to save them from enslavement from opal experiments that are aimed at me mean dreams are souls. and we find today's sold, that is nafrica being ever again that russia, our people in our language, our culture can be just canceled from history, can feel it. that's today. we need to consolidate all our society. and this consolidation should be based on the sovereignty on the breed them on creativity, on our values, are humanity, mercy, compassion. i would like to conclude my address with the word. so the truth pantry, it yvonne lean, yes, shit, my origin. and i see if i consider russi

jeffries: as the member designated by chairwoman eddie bernice johnson, i inform the house that she will vote yea on the previous question. the speaker pro tempore: for what reason does the gentleman from new york seek recognition? >> mr. chairman, as the member designated by mr. rush, i inform the house that mr. rush will vote yes on the previous question. the speaker pro tempore: for what reason the gentleman from california seek recognition? >> as the member designated by ms. conway of california, i inform the house that ms. conway will vote no on the previous question. the speaker pro tempore: for what reason the gentleman from florida seek recognition? >> as the member designated by mrs. boebert of colorado, i inform the house that mrs. boebert will vote no on ordering the previous question. the speaker pro tempore: for what reason the gentleman from indiana seek recognition? >> as the member designated by mr. baird of indiana, i inform the house that mr. baird will vote nay on the previous question. the speaker pro tempore: for what purpose does the gentleman from tennessee seek re

thee messaging chair hakeem jeffries had this to say making his election pitch for democrats. >> we have an incredible track record of accomplishment, the american rescue plan and infrastructure investment and jobs act, chips and sci-fi, gun safety legislation for the first time in 30 years, the inflation reduction act where we've been able to act in a decisive way in terms of addressing the climate crisis, put our planet on a sustainable path forward, strengthened the affordable care act, lower healthcare costs and dried in high price of life-saving prescription drugs for millions of americans. that's a tremendous track record of accomplishment. that proves the point that when we say we're going to put people over politics and fight to lower costs for better paying jobs and for safer communities, we mean it because we have done it. we are going to continue to do it. at the same time whatever decisions the american people have to make over the next few weeks o are not a referendum. it's a choice. it's a choice between democrats who are putting people over politics, p and extreme maga rep

joining a group from new york that is going to the office of the congressman from his state, hakeem jeffries, what will you talk about ? we will talk about stets sponsors, e-e designation, and about genocide , those are not easy questions, not easy topics, but we will talk to find how we can cooperate to help ukraine together, how many of you are in the new york group of people, 17 people is a big group i hope that we will all get into the room. but this is the power. we show that you want 20 offices in total. i think that a whole male will cover about 140 offices, and maybe 150. forgetting activists and legislators are one of the ways that an average person can influence american politics, they say. real decisions are made behind closed doors iryna matviychuk oleksii osika voice of america lithuania was one of the first countries to recognize russia as a state sponsor of terrorism american congressmen, my colleague oksana bedratenko asked lithuanian parliamentarians from the opposition and leading parties about their meetings with american legislators, armed aid to ukraine, and whether they

jeffries saying perhaps yield curve control has gone too far. if japan remains accommodative to negative policy rates -- meanwhile the former head of the country's currency policy telling bloomberg japan is ready to intervene and currency markets at any moment if needed and doesn't need to wait for a green light from the u.s. to support the yen. dani: thank, juliette saly in singapore. some of the key things we're going to be watching out for today. u.s. housing data is due out. economists forecast existing home sales dropping. big bank ceos including jamie dimon and brian moynihan are scheduled to testify before congress to hearing about holding banks accountable. we are expecting jamie dimon to warn about the economy should there be more restrictions placed on banks. the big one, 7:00 p.m. u.k. time is the fed's rate decision. investors have fully priced in a third consecutive 75 basis point hike. some traders are betting on a four point hike and it's all about the dots. coming up, it's all about the dots for us. we will continue our coverage

but i think you got to look at someone like congressman jeffries, who is in leadership now. that are questions about steny hoyer and jim clyburn. democrats want to move up. will there be three more positions or will there be a race? will hoyer and clyburn be challenged? i do think there's some up and coming members to watch, like congress king charles iii king charles --congresswoman jayapal. those stories haven't yet emerged. everyone is waiting for the election, but they'll be positioning themselves between now and the election on both sides for leadership contests to see, hey, can i count on your vote if i run for this position? that's a big, big storyline, and that really blows up. that's a big post-election story. it's less of a preelection story. but once they're back for the lame duck session, and remember, there could be a runoff in georgia. the senate could be in the balance at that time. there's a lot going on actually after the election. you can argue there's more going on after the election than there is before the election. >>let's hear from gordon next up, kans

but i think you got to look at someone like congressman jeffries, who is in leadership now. that are questions about steny hoyer and jim clyburn. democrats want to move up. will there be three more positions or will there be a race? will hoyer and clyburn be challenged? i do think there's some up and coming members to watch, like congress person jayapal. those stories haven't yet emerged. everyone is waiting for the election, but they'll be positioning themselves between now and the election on both sides for leadership contests to see, hey, can i count on your vote if i run for this position? that's a big, big storyline, and that really blows up. that's a big post-election story. it's less of a preelection story. but once they're back for the lame duck session, and remember, there could be a runoff in georgia. the senate could be in the balance at that time. there's a lot going on actually after the election. you can argue there's more going on after the election than there is before the election. host: let's hear from gordon next up, kansas city, missouri, republican line.

ultimate bottoms of banking crises, so that brings a stretch today, but it does appear according to jeffriesthe market is still trying to grapple with the current inflation crisis. they said on a psychological basis, that is the most recent playbook. with everyone being so quick to jump into this position, they say this is being a bit overdone. >> coming up next, we discuss the global risks of geopolitical futures. he thinks that the military crisis could lead to the end of the russian federation as we know it. this is bloomberg. ♪ and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. >> we are ready to stand in support of ukraine sovereignty and territorial integrity. if that means more sanctions, we will think about it. haidi: the spanis

jeffries. the speaker pro tempore: the gentleman is recognized for one minute. mr. jeffries: thank you, chairwoman lofgren and vice chair cheney, for their distinguished leadership on this incredibly important issue. i rise in strong support of the presidential election reform act. our democracy is fragile. democracy is not a spectator sport. democracy is not a self-executing proposition. democracy does not simply run on autopilot. it requires all of us to remain engaged, particularly because we are confronting a diabolical adversary who is determined to undermine the principle of free and fair elections. undermine the rule of law. and undermine the peaceful transfer of power. certainly our democracy is not perfect. but it is worth saving. and that is why it's so critically important that we act with the fierce urgency of now to defend the republic against tyranny, protect the principle of free and fair elections, and continue america's long, necessary, and majestic march toward a more perfect union. i yield back. the speaker pro tempore: the gentleman yields back.

you just heard hakeem jeffries say we don't know if anybody is gonna talk about this before the midtermsus as cities burn, precincts burned in the summer of 2020 and now everybody is change the life. i don't care where you are, you could live in timbuktu but people have change their behavior. crime is gone up, people come through the border, fennel comes through the border, criminals escape, where a third world country now. i don't think it's a message i think it's either you get it or you don't, just a cub. it's the democrats who are into the social justice nonsense as opposed to law and order consequence, people who want everybody out of jail no matter what they did. and then they say that stuff just happens when there's a murderer. i'm not going to pontificate. [laughs] >> [laughs] >> the last thing is this. if you want to be safe, you pay your tax dollars to be safe. if your politicians are not keeping you safe then you have to fire them. because you paid them. fire them. >> what if you don't pam. isn't that what san francisco is doing? >> everybody at this table pays their taxes. up

jeffries: snegd chairman meeks and representative qua hanna, these members will vote yes on s.3157. the speaker pro tempore: for what purpose does the gentlewoman from new york seek recognition? >> as the member designated by mr. jacobs of new york, i inform the house that mr. jacobs will vote yea on s.3157. the speaker pro tempore: on this vote the yeas -- the speaker pro tempore: on this vote, the yeas are 363 and nays are 52, 2/3 being in the affirmative, the rules are suspended and the bill is passed and without objection, the motion to reconsider is laid on the table. pursuant to clause 8 of rule 20, the unfinished business is vote on the motion of the the gentleman from from new jersey and suspend the rules and pass h.r. 1557 on which yeas and nays are ordered the clerk: h.r. 1457, a bill to re-authorize and return volunteers and for other purposes. the speaker pro tempore: the question is will the house suspend the rules and pass the bill as amended. members will record their votes by electronic device. this is a five-minute vote. [captioning made possible by the national cap

stuart: democrat congressman jeffries claims republicans running scared ahead of the midterms. >> theyre running scared. the positions of extreme amag a republicans on the economy, on democracy, on reproductive freedom, on social security, on medicare, on a whole host of issues, has been exposed, and the american people do not like what they see. stuart: is the gop running scared? >> the polls are closing, we know as you move closer to election time, there are issues they are having to navigate. every house district is so nuanced and specific to that community they've got to run smart. on how they thread the needle. a congressman talks about number of issues but we have new fox news polling that shows on every issue we asked about, whether it is the economy, it is good or workable, 80% say it is fair or poor, immigration and foreign policy, even the climate agenda, his party, has got to be raising themselves but no doubt the polls have tightened. they have to be smart about this. stuart: of republican pollster says the gop should not go for a full ban on abortions, that would hurt repu

jeffries has just upgraded wynn and las vegas sands to a buy and increased the price target but, of coursel a lot of headwinds here. they have a surprise competitor, and you have also these questions about whether covid restrictions will still follow that zero-infection policy >> contessa, appreciate that lindsay, i wonder what you make of this theme. trying to read china industrial policy has been confounding this year >> yeah, you know what, this is a positive news story for these companies, especially like a wynn and a las vegas sands it gives some clarity to what is a very complex story the news does benefit these companies and i think what investors need to think about is this is a longer-term trajectory it will be positive for these companies, a win in las vegas sands with over 70% of the revenue coming from the region so i think it's a positive story. but i don't think we're going to get to prepandemic levels before 2024 so i think it's still a long road ahead to your point >> contessa, appreciate that it was a big story in action today. chip stocks are falling again today. down for

at jeffries. welcome. why are high growth names and high-tech names whether mega tech or smaller so prone to major sell-offs when interest rates go up? >> thank you for having me i think there's concern that there's risk that the businesses are slowing. many of them acknowledge the weakness but when there's one rat in the kitchen there could be another we think there's more room for number cuts across tech. you have to let the storm pass through. i think many in the tech industry are just late late to call out what they're seeing we have had multiple companies through tech earnings season say everything is fine you just look outside. see the clouds on the horizon and european and the u.s you can see what's happening in the backdrop in demand falling the industry is notoriously slow for acknowledging it i think many investors understand that. concerned there's another round of cuts that will come we think into 2023 that could be the black ice for tech industry where they clear the deck and so we highlighted

jeffries downgraded it they cited capacity issues in container board. of the reasons was also problems with exports from china because of the zero-covid policy if you're a u.s. investor in one of these companies, exposed on the consumer side or the production side, what do you do? >> well, unfortunately, i hate to say this, there's not much that can be done in the short-term i think we're all in a wait and see game to see just how things will happen on the backside of the 20 -- of the congress. i think unfortunately we'll close out the year with a lot of headwinds in china and you have to bite your nails and hold on until we get into 2023 where we're hoping to see some of the policy reversals that we're seeing in the development and property sector and the tech sector these things are taking time to really have an impact. but let's hope in 2023 we'll start to see that turnaround in china. >> yeah. i know a lot of business leaders are looking past that conference to see if maybe xi changes his tune on these policies thank you very much. >> thank you very

representative clyburn and steny hoyer and then the younger one who seems to have the inside track is hakeem jeffriesidered moderates in the party. i think you are going to see a fourth candidate from the radical wing come forward and we will see who wins. it will be very interesting. i don't think the top three are going to give the radicals the same deference that nancy did. >> pete: interesting. >> rachel: interesting to see if one of them takes the lead what with will happen to the squad. maybe it will be aoc. >> pete: maybe, comrade cortez might throw her hat in. you never know. rachel, i will see you very soon. thank you so much. great insight. >> rachel: you got it. >> pete: coming up pastor pete delivers a sermon. let's see if i can get an amen. ♪ ♪ astepro starts working in 30 minutes. so you can... astepro and go. with my hectic life you'd think retirement would be the last thing on my mind. thankfully, voya provides comprehensive solutions and shows me how to get the most out of my workplace benefits. voya helps me feel like i've got it all under control. voya. well planned. well invested.

. >> but we do have a potentially confirmatory bit of news jeffries piece about packaging where theyasically say there's a massive inventory, international paper. >> they go to sell >> yeah. they go to sell. but carl, i want to distinguish the u.s. economy from china and europe u.s. economy is doing okay china is self-inflicted because they won't even let moderna give them the vaccine, and look, putin figured so big -- when you talk behind the show, i mean, putin is responsible for a gigantic amount of decline in this world's economy >> yes, he is. >> one man >> more than we perhaps anticipated when he began his incursion, began his war against ukraine. >> what do you make of doug this morning toying around with the idea that buffett makes a play here folds it into some burlington businesses, spends a third of his cash at 20 times >> no. i think that you want to see -- this is a fat company. >> fedex yeah we'll go back and forth here in terms of market participants and what they think is percent execution related versus macro, but there's no doubt there have been execution issues her

and i thank the progressive caucus and caucus chairman jeffries and speaker pelosi for their work as well. the invest to protect act will invest in small and mid-sized police departments with fewer than 2500 sworn officers. first, it will invest in officer safety, de-escalation, domestic violence response training and offset pay for those training. second, it will provide grants for departments who recruit new officers and finally -- the speaker pro tempore: the gentleman's time -- mr. gottheimer: will you yield 30 more seconds? mr. nadler: i yield the gentleman an extra minute. mr. gottheimer: thanks. the speaker pro tempore: the gentleman is recognized. mr. gottheimer: it will help departments provide mental health resources for their officers and include strong accountability measures. going forward i'll continue to fight for additional equipment and training our officers need to protect our communities. the bottom line, are you can't cut or defund your way to safer communities and police departments. it's about investing to protect. we must always get the backs of those who risks

the fed's mentality and potential of future rate hikes joining us now is annetteta marcow ska with jeffriest the top of the show, i don't know if you caught it, i was looking at the dot plots from september 21, last one year ago man, they were wildly off where we are now not one fed member saw rates above 0.75 at this point last year so how much faith do we have in the fed forecasts this time around? >> that's a good point and it's sort of why i made the point that i don't see much value, certainly beyond next year, but i sort of see the sep as the floor, the minimum level of rates, where risks probably skewed to the upside so i expect the median dot next year to basically move in line with the markets, come in about 440, which is what was implied by the forward curve late last week and i would say that the risks are still that they would have to continue to revise them higher >> how much higher could they go before the economy buckles which i think is what they want, to a point it's the only way you're going to bring down inflation, is by slowing down demand, right >> absolutely. and the p

jeffries is calling into question the five-year target. in the past that the strength of its brand has really kept the momentum strong both on sales and margins. i guess the question is valuation. by the way, we'll have the ceo, calvin mcdonald, on right after the results and bring you some of that sound. what do you think of where the stock is trading >> the valuation has been compressed quite a bit it does have a lot more growth runway in terms of market share and it's a smaller market cap. it's down in the 28 times forward earnings range but lower than it spent most of its history at i think it's a good test of the somewhat higher end consumer that has been very much a theme. recently people feeling as if you want to emphasize those consumers, those brands that cater that direction so we'll obviously see on that front. and i always keep looking at the store expansion potential. it seems like there's really still a lot to go there. but the market has been pretty stingy in giving credit even to the retail and consumer names that have done

jeffries, cutting a pair of paper stocks to underperform international paper, packagingcorp of americare both sharply lower you can hear from the analyst behind that call next hour on power lunch. and don't forget, it's also iphone 14 launch day and there are people that still line up outside of apple stores to buy the new phones. go figure. that's not helping shares of apple today. that stock is on track for its third down week of the past four and its worst one since june it's, a rough run for eever eeverybody >>> brian, thank you so much here's what's happening at this hour, everyone ukrainian president zelenskyy says evidence of atrocities have been found at a mass burial site discovered in an area recently freed from russian occupation. mark milley said war crimes cannot be hidden after he was informed of the burial site. a u.n. human rights team will investigate the deaths of the people whose bodies were found there. >>> paypal says it will not renew its big sponsorship deal with the phoenix suns unless owner robert sarver cuts ties to the team the nb suspended and fined sarber a

. >> democratic caucus chair chief jeffries was the keot

and some banking and regional names are getting a bump jeffries, fifth third, and zions and regionalsby the way -- regions financial -- those are some of the stocks we just talked about on this very fine show with gerard cassidy, by the way. if you listened to gerard two days ago, maybe you made a little money all right, now let's step out of the markets for a business and get a cnbc news update with tyler mathisen tyler? >> thank you very much two bus loads of mifgrants from texas have been dropped off near the residence of vice president kamala harris. aide workers who were waiting for them at union station in washington had to scramble to help the new arrivals who were caught up in efforts by republican governors to shift immigration issues to democratic areas. >>> florida governor ron desantis flew another group of migrants to the wealthy massachusetts island of martha's vineyard officials there are working to provide food and shelters for the new arrivals desantis' democratic challenger this fall calls the flights inhumane and wrong >> i didn't know he would stoop to this kind of

new york representative hakeem jeffries serves as chair of the house democratic caucus.er the weekend he was in des moines to talk about president biden's legislative accomplishments and to encourage voters to vote for democrats in the upcoming midterm selections. >> thank you so much. good afternoon, iowa.

you have two, akim jeffries is currently democratic caucuschair and adam shift who's been in charge of the intelligence committee . they have started talking to people, having meetings . weighing out the groundwork should nancy pelosi decided she didn't want to be the caucus anymore . she did make a deal for years ago that she would only do two more terms as speaker but that deal was never codified into house democratic rules. so there is little room here and it is wild but it truly seems like it's anyone's game. if policy wants to stay severaldemocrats said they would try . and then if she doesn't you can see akim jeffries could emerge as the first black man to lead apolitical party in congress .and i would say adam shift is seen as the underdog but he doesn't have national name recognition and he's holding meetings . >> to the republican side of the house, the headline of your story in the wall street journal, kevin mccarthy's front have to power. the right she's closer than ever to becoming speaker, a job iswanted for years although thepath he's taken is a risky one . why risky ? >>

if she does not, you can see hakeem jeffries emerge as the first lack of man to lead a political partyn congress -- black man to lead a political party in congress. adam schiff also has national name recognition and is holding meetings. host: and on the republican side, the headline in the wall street journal is kevin mccarthy fought back to power. right he is closer than ever to becoming speaker. the path he is taking is risky. why risky? guest: kevin mccarthy tied in 2015 and has since set his sights on unifying people who did not like him. jim jordan is now an ally. he has tried hard to unite all the wings of the republican party. he wants to leave. he has tried to make friends with everyone and tried to push them under a spending bill or some sort of must pass legislation. it gets difficult when you have tried to bring people together in a republican conference that is not necessarily unified the republican congress does not like increasing spending. it is going to be hard for many republican to deal with joe biden. we going to see a kevin mccarthy who does not have a relationship

jeffries, for five minutes. >> thank you, mr. chairman, for convening this very important hearing. mr. mulvaney, it is good to see you. welcome back to the people's house, even if it is virtual. you ran the office of him and for president trump before becoming his chief of staff, is that right? >> that's correct. i think i ran omb for two years from february of 2017 to december of 2018. >> it's fair to say that many republicans only care about the debt and deficits when there's a democrat in the white house? cripes i think it's fair to say that not as many republicans care about the debt and deficit as i want them to. i was walking down the hallway early in my days in congress, what we all referred to as the old bull -- i can't remember his name. oh, you are mulvaney, one of those fiscal hawks. you all came around a little bit with newt, with reagan, and you left, and i'm here. you will leave and i will still be here. there are republicans who love spending money just as much as democrats do. >> i think that's consistent with what you once died, which is my party is very interested

here is a tweet from representative hakeem jeffries who says, we will never forget the thousands of innocentost that day or the sacrifices of the brave americans who fought overseas to keep us safe at home. here's a tweet from representative barry loudermilk who says, on the anniversary of 9/11 let's member the lives lost and continue to thank our brave first responders who run into danger to help keep us safe. a tweet from the house republican caucus that says, 21 years ago our nation was forever changed. today we remember the thousands of lives lost senselessly in the september 11 terrorist attacks and we honor the brave service members and first responders that selflessly answered the call to serve. we want to know what your memories of 9/11 are. let's go to jeffrey calling from parkersburg, west virginia. good morning. caller: yes, am i on? host: yes, go ahead. caller: i lost my sister jacqueline young on the 89th floor. this is a sad day for our family and my mom was never the same after that. god bless america and all the families that lost loved ones. host: abby calling from frederick

speaker pelosi, leader hoyer, claireman meeks, -- chairman meeks, chairman nadler, chairman jeffries,y dear friends and neighbors, debbie wasserman schultz and lois frankel and the late alcee hastings. thank you. thank you to the back row hecklers. scott and ami, pete and derek, stephanie and dan and kathleen. and to josh and elaine, debbie and dean, brad and kathy, thank you for always being there for all of us. the republican colleagues who i served and fought with, who helped me bring the partisan gap, ranking member wilson, my fantastic partner on the middle east subcommittee, representative chris smith, my partner and co-chair on the anti-semitism task force, representative gus bilirakis, also from florida, with whom i launched the congressional hellenic israel alliance caucus with me. and french hill who worked with me to launch the congressional task force on american hostages. i thank them. and i thank mario diaz-balart abwho has so often fought with e and representative wasserman schultz to champion human rights from caracas to havana to teheran. and so many former colleagues

joining us from the sidelines of the jeffries asian forum is simon powell.on, we spend a lot of time concentrating on big macro seems like a strong u.s. dollar, inflation, high energy prices. what are we missing? simon: recent inflation, take a long-term view. demographics, and aging population. that will keep inflation in check. if you look long-term term, china's population will shrink by 40% or 50% by the end of the century. we are seeing shrinking populations in developed markets. this is inherently deflationary. long-term i think deflation is the story. the question for investors, is how long will inflation last? paul: let's look at china in a moment. i want to focus on shorter-term impacts of inflation we are seeing at the moment. particularly, for some younger demographics like generation z. what is your interpretation of their resilience? simon: we just did a big survey here at jefferies on gen z globally. if you key takeaways. number one, john -- gen z is at emerging frontier market story. when you look at gen z across the world, almost 80% is in as