jerome: that is the main question.e have seen yields skyrocket higher given the uncertainty with regard to the progress the fed will make to normalize policy. what we have seen is the market extrapolate out a good deal of the hiking cycle of the normalization of monetary policy. markets pricing in eight or nine hikes for 2022 and another four-ish for 2023, that is well priced from where we are in the market cycle, given the hawkish sentiments jerome has given us to suggest there is a 50 basis point hike on the horizon. what is the evolution of that policy and what does it go from here? there are a couple factors to consider. we have had a 100 basis point hike in the 2-year note. where we sit here today, we see a lot of price depreciation in a short order. that volatility should be expected is the process normalizes. unless there is a major recalibration where we think the fed will go and it overshoot a potential terminal rate well into the threes, we are fairly priced. you think about the total return of bonds, there a

these comments from fed chair jerome powell about aggressive rate hikes.ill not say cut again by accident although i wish that could happen. the dow is down 312. we'll be right back. you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire alright, so...cordless headphones, you can watch movies through your phone? and y'all got electric cars? yeah. the future is crunk! (laughs) anything else you wanna know? is the hype too much? am i ready? i can't tell you everything. but if you want to make history, you gotta call your ow

jerome powell has been -- jerome randall has been playing basketball in ukraine for years, but he has have created a lot of good relationships with people in ukraine, players and people who don't play basketball. it is tough because they have families, kids, everything, and then they start sending me pictures of where they are and it is more underground. it is hundreds of people underground just waiting, scared to even go inside their house because they feel more safe being underground. tv, it is almost like they prepare themselves for this in years to come, so it has been there for years. i couldn't imagine actually being there. i couldn't imagine dealing with that. i feel like as a country wit the sport, and everything we have, i don't think we can kill something like that. >> the warriors hit the road after blowing a 21 point lead to dallas last night. the ducks have dropped five of their last games. steph curry saw a lack of energy and efficiency that he needs to get fixed. >> this is the most important part of our season and if you get out there, you have got to impact the game,

jerome powell has been -- jerome randall has been playing basketball in ukraine for years, but he haso fleet. this is a bond that goes beyond basketball. >> it hurts because i have created a lot of good relationships with people in ukraine, players and people who don't play basketball. it is tough because they have families, kids, everything, and then they start sending me pictures of where they are and it is more underground. it is hundreds of people underground just waiting, scared to even go inside their house because they feel more safe being underground. tv, it is almost like they prepare themselves for this in years to come, so it has been there for years. i couldn't imagine actually being there. i couldn't imagine dealing with that. i feel like as a country wit the sport, and everything we have, i don't think we can kill something like that. >> the warriors hit the road after blowing a 21 point lead to dallas last night. the ducks have dropped five of their last games. steph curry saw a lack of energy and efficiency that he needs to get fixed. >> this is the most important part

beth: jerome scott became my mentor because he was playing an advisory role in some of the work i wash. jerome: getting a better sense of how people grew up in appalachia and me growing up in the ghetto of detroit really set the basis for us to have something good. beth: there's so much commonality, which i think proves a lot about the work that we're both trying to build. jerome: and so i think our friendship will do a lot in terms of showing to the other folks in our lives that a friendship like this can happen and that, if we look outward, we might be able to see where greater and greater numbers of black and white people have the basis for a friendship, but also a basis for political relationship. beth: people often want to write us off. they look at the south and appalachia as what's wrong with the country. i know we can be some of the fiercest fighters for racial and economic justice in the country. it's time to make a choice. we have everything to gain. love and solidarity. beth. soledad: later, civil rights icon dolores huerta on her fight for farm worker rights. find out what

federal reserve chairman jerome powell fielding this question on capitol hill this morning. listen. >> do you see the possibility at least of putin or his oligarchs using digital payments and other alternative payment methodology to avoid these sanctions? >> i saw that crypto transactions are spiking in the ukraine and in russia.

neil: and now jerome paul is talking about being more aggressive -- jerome powell is hinting at biggern? >> well, i mean, he's actually probably even behind the curve if you look at interest rates shooting up again today. and to carol's point, the government and biden could be doing something to solve this, you know? instead of blaming big oil, blaming businessmen, you could be stopping spending and stopping, you know, doing something with the regulation. they're contemplating price fixing and spending more, and that's only going to exacerbate the problem and inflation for all of us here on main street. neil: it sounds, carol, real quickly, like this inflation thing sticks around a while, a lot longer. >> yeah. i mean, i'm in the camp that we see something that looks like stagflation where we get a little bit of a sputtering of the economy, maybe not a full recession, but that we do, you know, even as this russia-ukraine situation, we have these structural issues that, unfortunately, i think are going to take a very long time to work out. sorry to be the bearer of bad news, neil -- nei

jerome powell said that the inflation monetary framework is not responsibility for the sharp surge we are seeing in consumer prices and he gave the examples of the previous tightening cycles and saying that you could achieve a soft landing. bill dooley says he disagrees with both of those assertions and that the weight of the fed has set itself up he sees a recession as inevitable. shery: that is being priced in the equity space. we had a boost after we heard from russia as well that they wanted to de-escalate the war on ukraine. we did not get to that cease fire with negotiators still talking about ukraine and aware hope words are. we continue to watch for any time signs -- for any signs of hope. biden saying he will wait and see how russia acts from now on. haidi: let us get more on the ukraine talks and the latest developments. jodi schneider joins us now. jody, where do we stand when it comes to these negotiations? there are concerns that this latest overture from moscow may be tactical. >> the concern this is more talk then action or hope of action as antony blinken has said. the

as for jerome randall, fascinating, i spoke with him for about 20 minutes and we will post the entireout the future of ukraine, he has dual citizenship after spending years there. he is looking for a place to play, he will play one more year , hopefully in a spot that is pulled -- safe. it does not look like it will be ukraine anytime soon. >> a really interesting perspective. >> coming up tonight and 8 -- abc 7:00 -- abc 7 8:00 it is bachelor. thank you so much for joining us. >> for all of us here we appreciate your time and hope you have a nice evening and we see you again for abc 11 news at 11:00. meet brett from apartment 2b. he's not letting an overdraft alert get him stressed. he knows he's covered with zero overdraft fees when he overdraws his account by fifty bucks or less. overdraft assist from chase. make more of what's yours. ♪ from the alex trebek stage at sony pictures studios, this is "jeopardy!" here are today's contestants-- a strategic projects director from boston, massachusetts... a student from las vegas, nevada... and our returning champion-- a piano teacher and

. >>> this morning, federal reserve chair jerome powell will testify on monetary policy and the economy. before the house financial services committee. live coverage begins at 10:00 a.m. eastern on c-span3. online at c-span.org or watch full coverage on our free video app, c-span now. >>> renters from across the country testified to a senate committee about their living conditions and what they described as predatory practices by property owners and management companies. >> we talked about what housing looks like in this country. before last year, this committee was -- it's the banking, housing and urban affairs committee. it was too much about banking and wall street and too little about issues that matter to people's lives, particularly housing. we changed that. we talked about how hard it is for people to find a home where they can afford the rent. leaving one in four renters paying over half their income every month for housing. that was before the pandemic. we talked about the way the long, shameful legacy, how that shameful legacy has affected renters and inspired homeowners today

i did some research with my friend jerome pan, and we discovered that industrial fishing has a parallel world, a shadowy world of corruption, slave labor, death, and shameless profiteering. it's a business with a network spanning the globe and all its oceans. a mafia like organization, in which an estimated one in 5 fish are caught illegally in addition to posing an ecological threat. it's a story that also involves human tragedy. ah, well we're going to meet a legend at the see a man who has taken refuge in france due to harassment and threats from certain countries as a result of his campaigning for the protection of the oceans. founder of the non governmental c. chevy conservation society poll watson is the scourge of illegal fishermen. he spent decades hunting them down across all the seas of the world. i pra, i welcome morton, and you and i commit to one of his highest profile triumphs was hunting down the thunder and a legal spanish trula intercepted in april 2015, following a spectacular chase from the antarctic to the coast of africa. this is the thunder, which is a fishing the

we have an unprecedented level of disclosure of what jerome powell is thinking. am awaiting him--i am waiting for him to put out a mood board about what he is thinking. he has waited and delayed on inflation, we are not sure he is going to end up. he has put himself in a corner and if he is behind the curve, people will be extremely concerned. there will by inflation sensitive assets, if he is ahead of the curve, we will have a position. it is a tricky position that they are in. >> the economy seems to be changing in form. you mentioned in your notes, the u.s. has fundamentally changed. >> if you look at the multiple factors, the great resignation that seems to be continuing and the nature of work in terms of hybrid or on-site. you have a bifurcation of what worked looks like. those who can work from home and those who cannot. the majority of our goods are made in china, we continue to have these massive supply disruptions. that is causing a lot of u.s. businesses to wonder if i need to onshore my supply chain? >> always great having your insight. plenty more to

day 2 of fed chair jerome powell's testimony on capitol hill. he faces the senate banking committee. mike mckee joins us now. how will jerome powell be reading these numbers that i just read out? give us some smart analysis of what is going on here. mike: if you look below the headline, we don't know whether it was omicron-caused or something to do with the economy slowing down overall. people are getting less money from the government. the supply and delivery times and inventories are not good numbers. it suggests there are bottlenecks causing inflation, and that leads us to jay powell and what he is going to think and talk about, since he has kailey's permission today. he said he will raise rates 25 basis points. he is in favor of it. what the chairman wants, the chairman is going to get. this is a message basically to the hawks on the committee saying you are not marginalized, we agree there is an inflation problem, and we can talk about it if things don't improve. inflation likely to fall this year. that is a statement made in yesterday's te

next, jerome powell testifies before the house financial services committee.committee holds a hearing on the rise in carjackings. then, the russian invasion of her native country of ukraine. >> c-span's washington journal. every day we are taking your calls live on the air, on the news of the day and will discuss policy issues that impact you. sunday morning, the latest developments in russia's invasion of ukraine. then, i law professor on the january 6 investigation, and the upcoming supreme court confirmation hearing. max boot discusses russia's invasion. washington journal on c-span, or on c-span now, our free mobile app. >> next week, the house and senate are in washington to work on passing a bill to fund the government before the friday deadline. the senate plans to vote on a postal service bill and consider the nomination of the texas sheriff as director of u.s. immigration and customs and smooth, on tuesday, on c-span3. directors testify on security threats facing the united states. then, the senate foreign relations committee discusses the russian inv

>> jerome powell said the central bank would move more aggressively than expected to curve inflation. he made his remarks at the national association for economics in washington, d.c.. >> federal reserve chair jerome powell said the central bank may move more aggressively than expected and raising interest rates to curb inflation. he made these are marks of the national association for business economics annual economic conference in washington d.c. >> good afternoon. alright, you are a well behaved crowd. for those of you who were not here first thing this morning, i am dave i am the president, for those of you who were here this morning, i know the world is changing quickly. but i am still the same person i was. much too many people chagrin i am sure. so, almost two years ago was our last in person version of this event. and at the time we were talking about the election, tariffs, brexit, when i did not really contemplate the fact we might be viewing that as the good old days. that seems to be where we are. want to make some comments and thinking some people at all the roundtable ch

. ♪ announcer: the acting chair of the federal reserve, jerome powell, is back on capitol hill thursdayecond day of testimony on monetary policy on the economy. this time before the senate banking committee. watch live at 10 a.m. eastern on c-span3, online at c-span.org, or our free video app, c-span now. ♪ announcer: c-span is your unfiltered view of government. funded by these television companies and more, including sparklight. >> the greatest town on earth is the place you call home. at sparklight, it is our home, too, and now we are facing our greatest challenge. that is why sparklight is working around the clock to keep you connected. we do our job so it is easier to do yours. announcer: sparklight supports c-span as a public service, along with these other television providers, giving you a front row seat to democracy. ♪ announcer: next, a house to bid on the resolution supporting the people of ukraine. the resolution was introduced by the foreign affairs committee chair. and congresswoman victoria spartz. who was born in ukraine, when it was part of the soviet union. ise today i

probably an understatement and probably wondering what jerome powell does next. here is charles payne. charles: hopefully we can give them some insight, thank you, my friend. i'm charles payne. this is making money. breaking right now spring is here, folks. it came early for the stock market which staged a remarkable rebound last week. one that will go down in the record books. the question now, is that the bottom? our market pros will break down the market to decide and how you should be positioned. plus has a potential mutiny at the fed actually changed jay powell's mind? federal reserve chairman sounding hawkish at the national association of business economic conference. will he walk the walk or walk the plank? what does a bloomberg writer think you should be doing to quell inflationary pain? let the pets die, stop driving. by the way, try lentils instead of meat. i will ask gary kaltbaum if they should just stop printing money. all that and more on "making money." ♪. ♪. ♪ it is spring again, i can hear birds sing again ♪ ♪ see the flowers -- charles: spring

i love that jerome powell.nd he got browbeat by the administration at the time and the fact that the market went down 19.9% from basically halloween, boo, until christmas eve of that year >> i think the fed has got to sort of bite the bullet and not care what the market does. it's not their mandate we seem to think it is -- >> the horse is out of the barn on that. that ship sailed long ago, to mix all of my metaphors together here. >> maximum employment and inflation, right not the market and that's to guy's point, somehow in 2018, they were hijacked by the market i think that time is over now. they got to do -- even if the market doesn't like it, too bad. >> if it really said, forget about the market, we don't care, they would have hiked already, i would think. they would have hiked in january. they would have done -- why not, bk >> i think karen is right, the dynamic has changed a lot. we have a different administration where main street matters more than wall street right now. i think the fed doesn't care a

jerome powell says he backs a basis point rise in inflation.he bank of england, money markets are banking on more than 100 in june. china may also move on the mlf rate and an official considers what was an aggressive growth target on the year. >> the biggest collective assessment of a changed world since russia's invasion of ukraine. the fed is likely to steal the limelight. the focus will be on the details and how jerome powell views the impact of the war in ukraine. the term will may be starting for markets. over the past four major tightening cycles, we never started the process with a correction in stocks and the yield curve this close. for those hoping for powell, there may not be sympathy for officials punishing russia. those are the major events in your week ahead. let us bring in our next guest who says we are in a collision pass of two storms. karen is global head of macro research. it is good to have you with us, we are seeing this inflationary weight in the real economy and a deflationary wave in markets. deciding where we go from he

seems to be leaning towards the jerome powell camp. the fed seem to be responding to criticism behind the curve. they have not acted fast enough to contain inflation. in the space of a week, we have gone from commentary over incremental rate hikes to a big move by chairman powell. fed officials weighing in behind him so by all accounts, a lot of the expectation is for bigger moves by the fed and that of course will lend itself to more market volatility. dani: thank you very much. that is enda curran, our chief asia economics correspondent keeping us up-to-date on the latest fed speak. let's get the latest on the were in ukraine and president joe biden and european allies are expected to announce new sanctions against russia when they meet in brussels on thursday. joining us for more is bloomberg's european correspondent, maria tadeo. biden promising more actions but europeans remain split. what sort of outcome are we expecting from this meeting? maria: it is a whole diversion of intentions. he says we are going to see more sanctions an

haslinda: jerome powell speaking earlier on the ukraine risk. let's discuss more and bring in freda amir. they manage 46 billion dollars in assets. she has a positive stance on equities. good to have you with us. it is all about commodities. take a look at the bloomberg commodities index. about 9% in the last few days. more than 120% in the last two years. at some point, commodities prices will be weighing on the outlook and market sentiment. >> yes. good morning. i think definitely come out we have seen commodities prices, especially oil at an all-time high. reaching $110 a barrel. especially with the russian invasion of ukraine. i think yesterday, what really came to the investors in the market was the federal reserve chair comparing remarks to the 25 basis point hike at the next fmo seat -- fomc meeting. definitely, this is a move by the fed to temper inflation and get that in check. look at all-time highs since the 80's, quite a basis point hike. i think it is really to get inflation in check. haslinda: even as you try keeping inflation in c

at 8:00 a.m., we get a number of central bankers speaking on a panel, including jerome powell and andrew bailey. this comes as a backdrop of a shrinking pool of yielding data. do these central bankers pushback? are they saying things are overvalued and we need to take the frog out to bring down inflation? do people respond or simile say things are going to be fine if you get inflation down and we can keep playing ball? at 10:30 a.m., we get a sense of how the u.s. is doing in terms of stockpiles of crude. we get oil inventories. i am watching this for the gas prices we have seen roll over. we have seen a little bit of a rollover. we see stockpiles go up or are we seeing a lack of liquidity and idiosyncrasies come as many have said? it is day two of the equality summit. the panelist i watching most closely, the san francisco fed as well as the u.s. secretary of commerce. does she come out and talk about further alliances fortifying certain relationships to supply us with commodities to get around russia? how much is that a focus is the u.s. starts to remove certain tariffs particularly wi

jerome acts next, d w. oh, we're good to go beyond the obvious. well, as we take on the world 8 our, i do all this is we're all about the stories that matter to you. with whatever it takes, 5 policeman follow me. pain. do go here. we are, your is actually on fire made for mines. ah ah, a spectacular swarm. hundreds of birds flit through the sky in perfect synchrony. we speak to a photographer of starling murmur, ations later in the show.

the fit had kept borrowing costs me of 0 to help you economy recover from the panoramic. chairman jerome pal says, further rate hikes and likely in the near future. well, cassandra sorta is following the story for us, cassandra, there's a lot to keep up with, especially when we take a look at this gauge of future hikes that suggests another 6 all this year. yes, it sounds like a while, but they'll be coming at the same time as the already scheduled federal reserve meetings. so we just had the meeting this week, the march meeting this week. the next ones in may and the rest are split up over the summer fall with the last one in december. and yes, 7 total rate increases. this one in the next 6. that sounds like a lot, but it's estimated that this would bring the rate, the short term rate to between 1.75 and 2 percent. and that's really still on the lower end of the average federal reserve rate over the last 2 decades. so this is completely a shift from the near 0 rates that we've seen in the united states since the start of the coven, 1000 pandemic. but it's a gradual decrease of the heat.

and on c-span3, federal reserve chair jerome powell testifies about the economy before the house financialvices committee. everything is available to watch at c-span.org or on c-span now, our free video app. ♪ >> c-spanshop.org is c-span's online store. browse through our latest collection of c-span products, apparel, books, home decor and accessories. there's something for every c-span fan. every purchase help support our nonprofit operation. shop now or anytime at c-span shop.org. >> in his first state of the union address, president biden outlined his economic agenda, including efforts to address inflation and rising energy costs. he also talked about the u.s. response to the coronavirus pandemic and russia's invasion of ukraine. >> madame speaker, the president of the united states. [applause]

and whatever jeff jerome -- jerome powell does isn't going to solve the problem we have in the energydy at low points. here in the u.s. we've hampered production and done everything we can to push energy prices higher. do i want to own energy stocks? yes. do i own them? yes. do i want to buy them right here if i haven't owned them yet? not early, but i still think you should have some in your portfolio. i think the outlook for energy is still very strong, but i think that creates a real problem for jerome powell. he's not going to fix housing inventories or energy prices by raising rates. remember, higher energy prices take money out of our pockets. raising interest rates can slow down the economy and take money out of our pockets too. so chances of policy mistake very, very high here. maria: yeah. well, lee, look, jay powell said that he would call for a quarter point hike at this month's meeting. the meeting is march 16th, as you know. there was a debate going into this meeting about whether or not the fed would be able to pull this off, right? stephanie pom boy is going to join us

the fit had kept borrowing costs the 0 to help you economy recover from the panoramic chairman jerome pals says further rate hikes a likely in the near future. well, cassandra sort is following this story, forrest cassandra, there's a lot to keep up with, especially when we take a look at this gauge of future hikes that suggests another 6 all this year. yeah, 6 sounds like a while, but they'll be coming at the same time. as the already scheduled federal reserve meetings. so we just had the meeting this week, the march meeting this week. the next ones in may and the rest are.

. >> jerome powell talkers message royals markets.he fed signals it may raise rates at a much faster pace. haidi: vladimir putin may be narrowing his war objectives pursuing charity in east ukraine as president biden warns moscow is weighing a cyber attack against u.s. >> china faces its worst aviation disaster in more than a decade as investigators seek clu es on what a cost china eastern plane to plunge from the sky. a quick look on wall street with all about jay powell today, roller coaster ride for stocks. bonds getting crushed again after powell made it clear that he and his colleagues will do whatever it takes to bring inflation down, the most aggressive on rate hikes. it's interesting because stocks started tumbling after powell made his remarks. you can see the s&p futures have just turned positive marginally but the day started on a bed, on a good foot, got bad and got better. golden dragon index started the day on a rather negative footing after the pboc declined to cut the loan rate. you saw tencent and baidu and alibaba in

fed chair jerome powell says the war in ukraine may accelerate china's move to develop alternatives toollar dominated international payment system. in the second day of his testimony, powell reaffirmed the likelihood that the fed would raise rates later this month. less than six weeks ahead of the french presidential vote, emmanuel macron has announced he is running for reelection. the incumbent is the favorite to win, with all polls show heading hemp -- showing him leading in first and second rounds of the election. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani? dani: thanks so much. juliette saly and singapore. coming up, food prices soar. we look at the implications next. this is bloomberg. ♪ >> a little bit unexpected byproducts of the ukraine war, it is looking like supply chains -- it is not going to help at all with supply chains. >> russia is a very important supplier of weight, of corn -- of wheat, of corn, of corn, sunflower oil to the global markets. >> oil

limiting or even stopping in imports of from a russian commodities against federal reserve chairman jerome pals saying to day that he will seek a quarter point rate increase in the coming weeks. will that help? well, i mean, definitely it won't do the trick curt, immediately as tiffany hit would be a 1st a baby step. i mean, recently was breed expected that by a mid to march, we might even see a 50 or base as point an increase of interest rate. so that seems so less likely was all the turmoil going on with the war in the or crane. i mean, what the federal reserve tries to do is if money gets more expensive with multiple interest rate increases, so you're what it is sort of a cool down the economy a little bit at this point, cooled down a demand and was that it was such a taking pressure of a price or so that's the basic idea, but that's going to take time and won't happen just because the federal reserve changes. there are interest rates that policy was in the next couple of months in florida and new york. thank you very much. bull and economically battered russia can in theory, still turn

bank had kept borrowing costs near 0 to help the economy recover from the pandemic. fed chairman jerome powell also says, further rate hikes on likely in the near future. and james sweeney joins us from new york as always, james 1st rate hikes in 2018. what does this say about the state of the u. s. economy? well, to no surprise that the price is for many months the fed height, its interest rates $25.00 basis points. the 1st increase in 2018. and if you're asking, what does this mean about the state of the economy? well, it looks like the fed, it's finally taking those 1st steps needed to curb the highest inflation reed since the 1980s look, inflation is not going anywhere anytime soon. in fact, the central banks projections today also said that they expect inflation to remain elevated thing that we should end this year at 4.3 percent. and that's way more than the feds 2 percent annual target. and inflation is so high already. and one rate hike is a good start, a good much needed start. but if you want to know what this particular read high can possibly several more means for the us eco

i think jerome powell will make it clear that he will be advising 20 five basis points.he market today is claiming. what we have in mind is 20 five basis points at each meeting until the summer, which would make it a total of 100 basis points, then the fed pausing. we will also have actions in november and the u.s., and central banks don't take decisions during elections, but that will give the fed the time to reassess the situation. as you have rightly mentioned, food inflation is high. we get to a strange situation in the u.s. where food inflation is higher than dining out inflation so this will dent people's ability to spend. the starting point is still the u.s. consumer, which is well off, thanks to the support measures during the pandemic. the starting point is not one were people have a lot of debt, where houses are coming down, so we are in better shape today compared to the last time when you had inflation rising up, which was basically 2010, post-lehman brothers experience, so they will have to take that into consideration. i think 20 five basis points is what s

. >> wednesday federal reserve chair jerome powell will testify on monetary policyand the economy before the house financial services committee . live coverage at 10 am eastern on c-span three or watch free coverage on our free videoapp, c-span now . >> house minority leader kevin mccarthy and other top republicans priest

jerome powell expected to raise rates.hat assumptions are you making in terms of fed rate trajectory and how will that impact the movements? >> we expect the fed to increase rates by 25 basis points at the march meeting. we think the next three meetings will see a 25 basis point increase at each meeting, with 100 basis points by the end of the year. we think they will pause in the second part of the year as the effects of the interest rate hikes take effect. we see investors price in rate hikes early on, so we tend to see a movie and decisioning in a move lower in price is ahead of a potential rate hike. gold is still taking its cue from real yields, correlation at the highest in over a year, the fact there are concerns about inflation risk and heightened geopolitical tensions has offset concerns around potential rate hikes and has pushed gold heise is -- prices higher, so we believe prices will continue to extend gains. it is not unusual for gold prices to edge higher after rate hike. in fact, we can see most of the downs

so the books don't make you optimistic about whether jerome powell will succeed. ris ing prices forget about how the fed reacts to them, do weigh on consumers, they stop paying for a lot of these goods. it's one thing to pivot from chicken to turkey to tofu, but it's quite another one when you run out of those options and shutdown. how likely is that? >> right. you know, one thing to look at i've been looking at very closely is just real income growth and since wages haven't been going up as fast as prices, then real income growth right now is in the sort of minus two or minus three range depending on which measure you use and you know, in the end, there's an income account and a product account in gdp and if the product accounts declining two quarters in a row you call that a recession well if the income is declining then the product accounts going to catch up to it eventually and so i think we really are looking at a very high recessionary risk at a time with super-high inflation and it's an incredibly unfortunate mix as you say, but i think that if we don't get

inflation is running at a 40 year high and jerome powell said it would take longer for it to return tohe target of 2%. the u.s. central bank projected rate increases at each of its six remaining policy meetings this year, which would push the rate to 2% by the end of the year. global stocks have mostly rally wednesday with hong kong bouncing back from an earlier plunge, they are finishing up 9%. shares accelerated their rise with the dow closing session highs up nearly 4%. in europe, indices rose sharply with paris and frankfurt closing up 3.5%. trading resumed in london this wednesday after more than a week of suspension, but chaos continued. the metals exchange was forced to halt after minutes of trading because of technical issues. prices went down beyond the new trading limit put in place to limit volatility. the war in ukraine was already driving up prices. increasing costs for many businesses including here in france. for the moment, they have enough stock. prices have been rising. >> last offer i had this for 140 euros. that's a huge increase. reporter: with the firm back on its

you were talking about jerome powell increasing interest rates.on. and the big question is what these two countries are going to do in terms of oil production down the line. with it, they will be able to alleviate some of the pressure we've seen in the markets. >> all right. watching that very closely, eleni giokos joining us from dubai. many thanks. thank you for being with us this hour. i'm rosemary church. our breaking news coverage continues after a short break. stay with us. i recommend nature made vitamins, because i trust their quality. they were the first to be verified by usp, an independent organization that sets strict quality and purity standards. nature made. the #1 pharmacist recommended vitamin and supplement brand. we gotta tell people that liberty mutual customizes car insurance so you only pay for what you need, and we gotta do it fast. [limu emu squawks] woo! new personal record, limu! only pay for what you need. ♪ liberty, liberty, liberty, liberty. ♪ are you a christian author with a book that you're ready to share with the wo

remember those comments from chairman jerome powell, he said central bankers would move expeditiously to curb red-hot inflation. even hinting at raising the federal funds rate by about 50 basis points. the market overall has looked for 25 basis point raises. this is the benchmark ten year treasury yield to 2.39%. that was the highest level that we have seen since may of 2019. as yield rise prices fall. financials moving up with these bond yields right now. a lot of questions and a reversal of thinking if you will about the comments from jerome powell yesterday. it will also be rising yields and put a damper on demand as companies like nike have to navigate potholes. we want to get to the floor so scott pullman and tim anderson. i will start on a couple of things. the thinking on the market fascinates me. yesterday they had a massive selloff over the comments by powell. we look at goldman sachs said rethinking 50 basis points rate hike in may and again, one in june. both months. that's pretty aggressive. today it seems that mark is saying wait a minute. powell's comments believes the e

kailey: to what extent do you think jerome powell is talking up this hawkish narrative, allowing theto price reflective of that to give himself the flexibility if needed, but also give himself the leeway to not take it that far? ian: i think that is precisely what is occurring at the moment. you are seeing the fed put the classic trial balloons out there and say what if we did go 50, is that going to materially impact risk assets, are equities going to selloff as a result. one could argue that powell is asking the markets' permission to do 50. given the fact that conditions have not tighten significantly, credit seems to be doing fine overall, it seems as though investors are saying we are content with 50 in may, and that is an important feedback loop, and that is the feedback loop we have seen many fed chairs take over the years, and i'm not surprised to see powell doing it, and i think it make a lot of sense in this environment. jonathan: do you think be high in the two-year yield will be higher than the high in the 10 year yield this year? can i get a feel for my view? ian: i thin

jerome powell made the announcement following his latest meeting with the federal reserve. he said to expect additional interest rate spikes to occur before the end of the year. shortly after the news conference, jerome powell's nomination to serve as fed chair for a second term was favorably approved by the senate banking committee. >> good afternoon. i want to begin by acknowledging tremendous hardship ukrainian people are suffering as a result of russia's invasion. the human toll is tragic. financial economic implications for the global economy and u.s. economy are highly uncertain. achieving monetary policy goal congress has given us, maximum price stability. today in support of these goals, they raise policy interest rates by one quarter percentage. the economy is very strong and against the backdrop of an extremely tight labor market and high inflation from a committee anticipates ongoing increases in the target range for the federal funds rate will be appropriate. in addition, we expect to begin reducing the size of our balance sheet. economic activity expanded at a

haidi: jerome powell speaking earlier on the ukraine risk, energy commodities are surging.et's discuss with the ing chief economist and head of asia-pacific research. big jumps when it comes to call producers, across the commodities complex in particular. for countries like china and india, what are the implications? >> there are a number of channels through which this conflict can have impact. if you look at the direct trade of countries in asia, one of the best news for us is there isn't that much. we don't do a lot of direct trade with russia, korea, vietnam are three of the countries that do the most. we're talking about small numbers. russia is just one supplier of energy across the region. we have a couple of net energy exporters as well, you took about coal, australia is in that market. on some basis you can say it's a game, but you have to be clear we don't see any economic winners. the report you mentioned earlier about $1 trillion knocked off global gdp, no one feels good about themselves. haidi: having said that, we heard from powell that he is confident going ah

su: jerome powell raising the key interest rates.r of a half-point hike. >> it is clearly time to raise interest rates and begin the balance shrinkage. as i looked around the table, i saw a committee that is acutely aware of the need to return the economy to write stability and determine to use our tools to do just that. su: president biden says he will send drones and antitank missiles to ukraine as part of the new package to help the country fend off russia. it follows an address to congress by the ukrainian president. >> remember pearl harbor. the terrible morning when your sky was led. just remember it. remember september the 11th. su: the united nations tried you know has ruled -- the international court of justice found ukraine had a plausible right not to be subjected to military operations. if russia does not abide by the order, the top court has the ability to refer to the security council. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 count