jerome schneider of pimco.utures down 0.8% on the s&p come on the nasdaq, negative by more than 1%. target heading south and further south. down 22.6% in early trading. this is bloomberg. ♪ ritika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. shares of target fell more than 20% in early trading. the discount retailer cut its profit outlook, saying a surge in costs during the first quarter shows little sign of going away anytime soon. targets fuel and freight ill was $1 billion more than expected. additional hits came from higher pay for warehouse workers and lockdowns driven by overstocked inventory. the eu considering whether to use proceeds seized from russian oligarchs to help rebuild ukraine. the eu will also propose issuing joint debt. ukraine's foreign minister told his european counterparts that the bill could reach $1.1 trillion. a tightening european banking transformed the investment bank at ubs and then battled santander over its botched attempt to hi

useful elements of that in jerome powell's press conference talking about inflation as a problem.here may be two point moves, it could be more than that but i think that is in the right direction. it is quite a change. haidi: no one is using the term transitory anymore. look at the drivers of the price pressures, the lockdowns in china, how they are dealing with covid, the situation when it comes to the russian invasion of ukraine under the pressures there, is there a chance some of these pressures could ease off depending on developments? >> the problem with these other developments is they do raise prices. gasoline prices especially. that is a distraction because the problem is not russia, it is not ukraine, the problem is in itself in terms of prices, it is temporary. longer-term movements which we are clearly seeing before the russian invasion of ukraine. it is so easy to be distracted by the special advance -- events in the news all of the time. i think that is where the source of the issue is and where the source of the solution has to be as well. >> i have been wanting to a

he is in the same campus jerome powell.e got an interesting nuance from him because he thinks the fed should frontload the heights , 50 basis points at first, but before december, he thinks they will have started to do may be beast a few 25 basis point hikes to get to the neutral rate, 2.2 product percent to two point have percent -- 2.25% to 2.50%. this, after some dinner remarks in a question and answer session with an audience. he wants to get the neutral by september and thinks the economy is in good shape. he thinks inflation, that the great the fed watches will be down to 3% or lower in 2023. he says he can see lots of scenarios where maybe that will not happen in the fed will have to do more, but i would say we got a somewhat dovish statement from someone who has been at the fed for a couple of decades. he has been at the stance before, right? and this is where he is at now. rishaad: kathleen hays. john woods is still with us. credit suisse. i have to ask you something, you hear all these voices, what did you make of

powell's problem so good luck to you, jerome powell.se. the price of a hot dog itself has risen 47% over the last year, biden isn't mentioning that and didn't want to make news today? president biden looked a little old, he was coughing, having trouble getting some of the policy news out. i wish he had made some policy news. that he talked about lowering taxes, curtailing spending, deregulation, things the president could do he didn't mention at all, didn't want to make news at all and that is what he said today. cheryl: those are marks of the white house a few moments ago but the president didn't say much. >> he wrote an entire op-ed in the wall street journal the kind of didn't say anything and what he didn't say was completely untrue in some cases. he gave a statement where again the take away was i don't have anything to say, there' s nothing i'm going to do. i will lay this at the feet of the fed and that was it, kind of surprised those were his only comments on something that is weighing on everybody's minds and wallets. cheryl: i

check -- jerome powell. getting a positive charge of them market? why? guest: you would see a very aggressive policy moved by the fed and the markets having relief. that was a relief rally. it was just after 2:30 p.m. when he was asked if the fed would consider an even larger increase of 3.4% rather than the already large half percentage point increase. he ruled it out for now. she doesn't say -- what happened is over the last six or seven weeks since the last meeting, investors have begun to think the fed had become far more aggressive. some in the market are calling them a little bit ahead of themselves. market expectations are really important for monetary policy. it is not just with the fed does , it is what people think the fed is going to do. for example, mortgage rates have grown up two percentage points in the start of the year. the fed has only raise interest rates by three quarters of a percentage rate and until yesterday, they only raged -- they only raise percentage points a quarter of a percenta

he has been meeting with federal reserve chair jerome powell and treasury secretary janet yellen at the white house to discuss how to tackle inflation, which is at a 14 year high of over 8 percent. biden assured power that he would have freedom from political interference. the fed as expected to raise interest rates to ease price pressures. revolution for more, let's bring indians carter in new york. yes, inflation is a big issue in the u. s. what has president biden been saying? well, and actually already on the monday there was an up at in the wall street journal from the president, and he outlined a couple of ideas, some how to bring inflation down at 1st of all, he mentioned that it's the primary task of the federal reserve. actually to help with inflation, but clearly he can put too much pressure on the independent board. then he had some and other ideas that he mentioned, for example, when it comes to gasoline prices. so all prices in the united states that he already opened up the strategic a reserves. well actually that hasn't really done the trick. i mean, prices haven't used a

preparing to meet with the fed chair, jerome powell and joe biden's secretary.re some other economic measures. we will bring that to you, but we want to move from that to a milestone here at the end of may. a lot of focus on equality and how we can strive for a more equal society. a professor of economics over at the university. it benefits us all. thank you for being here. to some of the best research i have seen is amongst various professors, striving to make the case for equality. one makes the case for the economic opportunities lost from exclusion. >> if we are talking about lgbtq people, we are talking about a loss of income, higher poverty rates and the effects that people have, not coming out of the education. my argument is that the economy itself has held back when they do not have the ability to be dimmed -- there. that work. so, we have found that in settings of different countries around the world, that 1% or more of gdp per capita is lost. >> those are really great product numbers. in general, of companies and they abilities to address unfair treat

jobina: and jerome, who is watching right now. kumasi: hey, jerome. jobina: hey, jerome. reggie: i love that power pose. kumasi: it looks so much fun until jobina got on the motorcycle, and i was like, turn it on, girl. rev it up a little bit. she was like, ok. jerome was standing by, ready to help. immediately, reggie took off. reggie: got real nervous. kumasi: everything is fine. two seconds later -- i am like jobina, what is happening? reggie: our lives/. jobina: the brakes, and we all got off. kumasi: it was cute. reggie: i got instant karma -- drew: i got instant karma. i laughed at reggie and then a few seconds later i thought i was about to die. reggie: kumasi, where you going? absolutely not. [laughter] reggie: i told all of you, the night before, i was nervous. i had never been on a moto rcycle or a sidecar, but it is so fun. kumasi: it's the best way to tour the city, because you can go places that you can't on a tour bus, which is great, but if you want to navigate the streets -- reggie: go down lumbar? drew: first time for somebody. reggie: i've never done it.

president biden just met with fed chair jerome powell in the oval office. we have details of the president's plan, next. set a pickup time, and jumpmp the line! oh, here she goes! ugh, i thought she was actually gonna jump. just use this code and order on the subwaway app! with angi, you can connect with and see ratings and reviews. and when you book and pay throug you're covered by our happiness check out angi.com today. angi... and done. it takes a village to support society and businesses have a responsibility to support that village. ♪ ♪ i am peter akwaboah, chief operating officer for technology, operations and firm resilience. when you think about diversity, the employee network group is fundamental to any organization to provide a community and a belonging environment for the employees. they provide an avenue to support employees and ultimately it leads to retention of the best and brightest. the employee network represents the community at large, and it provides a good feedback loop to senior management to make the appropriate decisions, which ultim

tom: going green, stocks and futures defining jerome powell again. crypto panic subsides, bitcoin jumps. but terra's problems remain as its lodging has halted and restarted and halted again. rishi sunak promises more help to tackle the cost-of-living crisis, and says the brexit settlement in northern ireland is causing more harm. more from our interview this hour. anna: the last trading session of the week. let's have a look at the futures picture. it is positive. we are expecting that turnaround in u.s. stocks will work its way across the atlantic. so we see futures pointing higher for the start of friday's trade. tom: some calm arguably from jay powell, committing again to 50 basis points and reiterating 75 basis points is not being actively considered by the fomc. the s&p 500, gyrations that we saw yesterday, just a reminder, you are down on that index 70% year to date. citi saying that u.s. equities are coming out of bubble territory. in the first few seconds of this friday open, the ftse 100 gaining .8%. the cac 40 also higher. in germany after

does the president have a message for jerome powell today? why the meeting? >> so, it's not uncommon for presidents to meet with federal reserve chairs and given that chair powell was just reconfirmed along with three others, this seemed like an appropriate time to do so. importantly, the president -- the single message the president has for chair powell is that he's going to give them the space to do what they need to do. we all understand that the fed has a dual mandate to stabilize prices and maintain full employment. the president shares those goals, and he is -- what he said saying, which many prior presidents have not shares this view, he's going to let the fed do what it needs to do. >> that's actually part one of the three-part plan that the president outlined in the "wall street journal" today. part one, let the fed do its thing. part two, though, he's highlighted what it's done, says now it's time for congress to act as well and on the third, he says to redutyce the federal deficit, also pack some tax law reform and that's a long-term political figh

jerome powell is in a tough spot. he could have done more. he didn't.he won't be too aggressive and that we'll have a soft landing. that means inflation at 8 1/2% will stay with us and american families longer and continue to feel it. what i'm also worried about. supply chain shortages. labor market right now. we get a new report tomorrow and watching for that. you have 11 million job openings in this country. that number was going down. it is going up. in march 4 1/2 million people quit their jobs. we have to watch what happens with wages here. they aren't keeping in pace with inflation and that's where the rub is. >> wages are going up. inflation faster. you are seeing negative wage growth in the country, something else that larry kudlow continues to point out. cnn piece says the fed ras late to inflation. will it miss the next big risk? arriving late to the scene will have consequences boosting rates as growth starts flowing comes with a heightened risk of cooling activities and sends an important signal. it takes 12 for 18 months for a move to have

first, on the issue ever meeting with jerome powell head of the fed.because new op-ed at the "wall street journal" he is saying the following: i won't meddle with the fed. but i will tackle high prices while guiding the economy's inflation to stable and steady growth. that's something he says constantly. transitioning from. >> ainsley: that word again transition. on the same day is he meeting with jerome powell, publishing an op-ed. i find it noteworthy he has a three point plan to tackle inflation. one, it's the responsibility of the fed. part of my plan number one is it's not my plan, not my job. >> ainsley: putin's faulted but also the fed's fault but they have to fix the problem. >> will: two, he says get the deficit under control and three help the rising price issues for americans across the country. >> steve: he wants to make it look like i'm not influencing the fed. this is on them. if you noticed over the last couple of months, the stock market has completely gone off the cliff. because the worry is because inflation has been out of control, t

jerome powell suggesting june and july would see 50 basis point moves as well. this is the dollar story. stronger now. one of the best weeks for a long time for the dollar. if we can look at the dollar index overall, it is up about 10% since the start of the year. emerging markets have felt the lately with the indian repeat at a record low -- currency at a record low, and strength against develop orchids with sterling at that level, and at one stage 103. the yen holding its on. we will see looking ahead with more weakness for the yen. right, garth of reynolds is here. -- garfield reynolds is here. what does one make of those comments from the fed? it was a clarification, and on top of that, no news which could make you sell the dollar, is there? garfield: not really, rish. we saw abruptly the last day or so the dollar being sold against the yen, because there was a general risk off tone, and again started to act as a haven once more now that things have settled down, and also the dollar had become so elevated against the yen. one of the interesting things about

and every morning , damn jerome debney sunbathing by my pool, what mr. debney was reading, when you called in for him, the flushation magazine, no joke, and how he read it withered. he said, busy young man. do you mind if they take james away for a few words? no. i have a team of experts verifying the authenticity of picture documents. clearly one of them recently read your article on the manner of writing mazilla, remember. yes , of course, there is an interesting conclusion. he helped me confirm that the painting belonged to the mudigliani woman, with a red scarf. we successfully sold it to the gallery. trader. she is now there by you instructed to make inquiries. yeah, you were a child prodigy. yes, james, reading your old articles, i would have thought that you are now the head of the museum. yes? what happened james theft yeah well that's a big exaggeration when the gallery had a petty account. i decided to take a small amount from there, then return this situation is easily resolved. i couldn't handle it then. i was young, hot, really. what's on yo

by january 4 of 2019, jerome powell essentially went and had a mia called love. he said -- mia called club. he said he would not increase interest rates and interest rates fell sharply during 2019. the stock market made up in the rest of january what it had lost the final weeks of the previous year. so everybody was happy and we went on. meantime, the feds balance sheet was growing and a zero interest rates were continuing. whether it was covid or not, the fed simply does not want to take its foot off the gas pedal and that is a problem. >> i the meantime there are other risks that persist. covid zero and the approach in china, the russian more on ukraine. does it feel like equity markets are not able to focus on other risks? it feels like there is a level of acceptance that these will be medium-term situations. >> haidi, great questions. i think the market is aware of the russia ukraine whisk -- risk. it is aware of the continuation of covid in parts of the world. the shanghai lockdown creates a major issue. for beijing and more chinese cities it will have a glo

with inflation rates at a 40 year hi, the president meeting with the federal reserve chair jerome powell benny hill. the three students, inflation, monetary, misinformation today sleepy joe said part of the solution is leading the fed do whatever it wants much fun. >> my plan is to address inflation, it starts with a simple proposition respect the fed, respect the fed's independent. chair powells and others have a laser focus on addressing inflation like i am and with the larger complement of board members. kennedy: all right, the laser focus has been off for well over a year. with all due respect mr. president, here's a better idea -- let's and the fed. i'll have more on that in a moment. also mr. president, take some responsibly. i'm sorry to use harsh language. today the white house, peter doocy asked why the president isn't taking any of the blame. >> do you think any part of inflation is because of president biden's spending plans or is it all putin's fault? >> what i can say is we are and brian spoke to this, we are at a historic place when it comes to the economy. now we are going

the president has put jerome powell in a box. the economy is seriously spidering right now because of inflation and because of supply chain crises, because of the labor shortage. all of these have been created by bad excessive spending and policies that pay people not to work. we've had a war on american energy that has led to more inflation. we've had american last agenda that focuses on ukraine's border security above american border security. all of these things have led to the situation where we are now in inflation continues to rise and it is affecting every american's paycheck every day. the federal reserve will only be left with one option to control inflation because that is their primary role to control inflation pure they have to raise interest rates. when they raise interest rates, that makes it harder to buy a home and usually makes the stock market go down as we have seen with the last few rate increases and that will affect your rate. this is what happens when you have bad left-wing policy and that's what we've had

. >> reporter: fed chairman jerome powell announced a half percent increase, the biggest boost in 22 years. >> i think what jerome powell is telling us is the fed is in full on inflation fighting mode. >> reporter: business analyst jill schlesinger says the fed could continue to raise rates in the coming months, but faces a delicate balancing act. >> the fed is trying not to go so fast to increase interest rates by so much so quickly that it would cause the economy to stop in its tracks. >> reporter: the white house has supported the fed's effort to lower inflation and while the strategy is designed to bring prices down, it also makes borrowing money more expensive. homeowners with an adjustable rate mortgage could see their rate go up. auto loans, student loans, and interest on credit cards will also rise slightly. >> on the flipside, savers should see a tiny bit more interest credited in savings accounts and money market accounts. >> reporter: she says it will take time for the latest tyke to have an effect on the economy and ease the pace of inflation. skyler henry, cbs news, the

sentiment, many ceos publicly stating their concerns about a possible recession, something fed chairman jerome powell is keenly aware of. >> what we need to see is inflation coming down in a clear and convincing way and we're going to keep pushing until we see that. >> joining us now to discuss business journalist mark stewart. for a lot of folks waking up this morning it feels like a lot of doom and gloom. is that really what it is? >> well, think about you and your family. if you have to make a big purchase, like a trip or buy a new car, you do so when you have some certainty in your life, that usually means a good job, some money in the bank, and an indication of where your life is taking you. right now the economy and the stock market they don't have a blueprint for the future, there is no roadmap, there is no flight plan, and that is why we are seeing these big losses. yes, perception is a big part of it, but also the stock market and investors want some guarantees. they want some certainty, and right now that's just not happening. >> explain to us why what happened with target was such a

. >> reporter: jerome bridges, an employee at the tops market, was inside the store when the suspectedn opened fire and ran for the break room. >> i thought to myself, he might come busting through the door, so there's an old oak table back there that i pull up to the door with one arm and barricaded the door. >> reporter: you grabbed customers? >> actually, i told the customers to get inside, some customers to get inside the break room. i had to tell them to be quiet and just lay down on the ground, because he was getting closer and closer to the back, to the point where he was actually shooting at the displays. >> reporter: according to posts on social media, the 18-year-old suspected gunman publicly revealed his attack plans on the communication app discord shortly before the shooting on saturday. in a statement to cnn, a spokesperson for discord says his online chat logs were visible to some people about 30 minutes before the shooting began. saying, quote, "what we know at this time is that a private invite-only server was created by the suspect to serve as a personal diary chat lo

we see inflation coming down. >> fed chair jerome powell.obal editor catheline hayes. such an important time for this conversation especially how hawkish chair powell sounded. >> >> well, you know, i think he's hawkish but not more hawkish than he has been really. he said very clearly we'll do more if we have to to get inflation back down. but he's made it clear that in the path we're on. now, i think it's interesting that charles evans who is president of the chicago fed is known as the dove said that yes, he thinks the fed has to get to neutral. and that he considers that's 2.4 to 2..5%. definitely have to reopen copy. cop -- koppi. this is not like deutsche bank or others saying 5% or 6:00% is where they have to get the fund rates two. inflation is a problem. we've got to bring it down. we know -- it's going to cause a thing. but -- he thought by the end of next year, it's going to be down to 3% or less. the supply chain issues they have to fade. all kinds of prices. they all come double and then there are other things that are going to f

you've got jerome powell out there raising interest rates, the fed raising interest rates to pull downemand. you know, we've got to pull down the economy, slow it down, and then you've got president biden out there talking about the more spending, trying to pass his latest version of build back broke to generate economic growth. so his policies are doing exactly the opposite of what we need. he's not talking about calming demand and increasing supply which would just take supply-side economics. he wants to further boost demand and ignore supply. maria: well, it's a great point. and, steve, this week we heard jay powell talking about the situation that we're in. he was confirmed, by the way, by the senate for a second term. and afterwards he said, well, we probably made a mistake many not raising -- in not raising interest rates a little sooner, admitting that they were way behind the curve in terms of, you know, building up that balance sheet as well as making such an easy money environment for so long. can the fed engineer a soft landing? that is, take interest rates all the way up bu

president joe biden just met with federal reserve chair jerome powell at the white house. this is the first meeting between the president and chair powell since he was confirmed for another 4-year term by the senate earlier this month. the meeting comes as president biden placed an op-ed in the "wall street journal" yesterday with saying he will back the federal reserve to combat red-hot inflation. he will be hands off, right, hillary? hillary vaughn's at the white house. what can you tell us? >> reporter: hi, liz, that is exactly the message from the white house and the president himself. he spoke to the press sitting next to powell earlier. this meeting is still ongoing right now, but they made it very clear that this is not -- or the point of this face-to-face meeting is not a pressure campaign on the fed to raise interest rates faster to combat inflation, but instead the president says it is the fed's job to fight inflation, and it is not his job to meddle in the middle of it even though the fed is a big part of the equation when it comes to biden's inflation fix. >> -

and the problem really is it's a jerome can't do it h by himself. he needs help from the white house and the white house ishe doing everything they can to make inflation worse, especiallyve when it comes to energy. you know, they've been fighting fossil fuels the whole way f. they've you know, prices are at record highs and they're canceling leases alaska in the gulf of mexico. t this is crazy.he and this is why it's not y working. i'll tell you, matt , wehat knoo that with president trump the action he took was cutting regulations. they basic common sense things, right. lowering taxes, encouragegemm the growth of the economy which if they if if businesses and the economy was growing, that would deal with inflation. matt , what do you see as beinge the end game? it does seem like biden is doing these things deliberately ,making it as though he wants the country to be a dumpstero fire . this is the thing this is the great hypocrisy. the first of all, i think manyre experts are already sayingre that we're in a recession. basically what jerome powell i

you know the gloomy bile, as jerome jerome said in his book three in a boat, that the main symptom of liver disease is an aversion to any kind of work, well, there he further said that i now know that i suffered from liver disease since childhood, but instead of me to treat, they gave me cuffs on the back of the head, so stay anyway, always in a good mood. be cheerful and active and your liver will tell you thank you. and of course, in i'll just say the end. this is no longer true. it is so to say. super truth, viral hepatitis kills tens of millions of people in years much more than caid a and there are a lot of people infected with hepatitis cb, so viral hepatitis prevention is a must here and vaccination. well, and so on. so , no melancholy, no bilious mood, just forward with songs and a smile, and we will win, we move on. food and this will be exactly the secret of food, because we will not talk about what to eat, but we will talk about how to eat. how do we eat? if you eat food, it is necessary correctly so that it is both good for health and pleasant for the soul. what is importa

. >> president biden sitting down with fed chair jerome powell at the white house today. the president saying inflation is a top priority while defending the fed's independence. the meeting coming weeks after president biden appointed powell to a second term. the white house is now making a push for more spending. welcome. i'm charles payne in for neil cavuto. this is "your world." hillary vaughn is at the white house with the very latest. hillary? >> hi, charles. the president today says the fed is a very big part of his plan to fight inflation. even though the president was face-to-face with the fed chair today, he says he's still staying hands off. >> my plan is simple, respect the fed, respect its independence which i will continue to do. >> even though biden wanted interest rates raised is not an economic cure without its own side effects. >> put jerome powell in a box. they have to raise interest rates. when they raise interest rates, it makes it harder to buy a home, usually make the stock market go down as we've seen. and that will affect people's 401(k)s. jerome

later today the president and treasury secretary will meet with the fed chief jerome powell.owell to make some progress here? again, this is the purview of the fed, fighting inflation is the fed's job. >> that's right. and it is a rare meeting. also a bit of a tricky meeting. there is a very respected important line between elected officials and the federal reserve. and it is a line that was not at all respected during the trump administration when president trump routinely pressured jerome powell to make the economy work the way trump wanted to. but it is clear that inflation has become the top economic concern and priority for officials fed, for officials at the white house. and how the two sides communicate over that is not only important for lig city of the biden and the legacy of the fed, but frank lit entire economy moving forward. it is both their jobs to make sure that controlling inflation and cooling the economy down just enough doesn't upend the very strong recovery that we've had given where we started at the beginning of the pandemic. >> the pandemic really -- yo

jerome the whole team here. bye for now. a witness fe. witness bravery, witness. reader, witness. slavery, witness. people, witness. power, witness and lifetime. witness in our witness. witness. b, witness prejudice, witness. peace, witness. love, witness. ball witness the world witness. next door. witness life. witness. 0. counter feet blew cheap and sometimes dangerous copies of the real thing of been found all over the world. i mean even the most expensive premium product. it's the secretive and deadly multi $1000000000.00 business. we found one problem, but about one 3rd horse stay in a in us, which was just an incredible finding. during raids on one of the most notorious mafia gangs in calabria, italian police found consignments of fake olive oil made from industrial lubricants that were being exported to the united states. the main thing that we do when we carry out criminal investigations is to reconstruct the money flow and the flow of goods and connect pieces together. it office builds does profits that are easy to

fed chairm jerome powell, one of the topics, inflation.rman on the second term or with dr. brainard and cook and jefferson, recent confirmations and maybe with the chairman of the day and secretary yellin discussed my top priority. and that is addressing inflation. and in order to transition from historic recovery to a steady growth that works for american family is, excuse me, and my plan is address inflation. it starts with a simple proposition, respect the fed. respect the feds independent, which i have done and will continue to do my job as president is not to nominate highly qualified individuals but that is to submit given the space they need to do their job. i'm not going to interfere with their critically important work. the fed has dual responsibilities. one, full employment. two, stable prices. chairman powell and noted people at the fed they have a laser focus to address inflation, just like i am and with a larger compliment of board members now confirmed, they though those tools for monetary policy to address the rising prices

. (♪ ♪) (♪ ♪) ♪ david: president biden meeting earlier today with federal reserve chair jerome powellinflation, at least rising prices not only crushing our nation's economy, but the president's approval rating as well. and despite economists warning that government spending has contributed to inflation, there is a renewed effort by democrats to pass parts of the president's spending agenda. hillary vaughn is at the white house with the very latest on this. hillary. >> reporter: good evening, david. this face to face with the fed chair was not a pressure campaign to persuade powell to hike interest rates faster. president biden says it's the fed's job to fight inflation, and it's not his job to get in the middle of it. >> my plan is to address inflation and starts with the simple proposition, respect the fed. respect the fed's independence. which i have done and will continue to do. >> reporter: larry summers, former white house economic adviser under president obama, saying today he thinks the fed flubbed the response from early on. republicans say even biden's fix for inflation -- c

president plans to discuss high inflation at a meeting later today with federal reserve chairman jeromeapidly, on everything from gasoline, and food, to housing. and this is the first time that the two have met since powell was confirmed to another four-year term as chairman of the central bank. the fed has faced some criticism for being slow to address inflation which biden lass now tapped as his top economic priority. for more on these developments, let's bring in business reporter for axios hope king. hope, good morning. thanks for joining us today. we just went through it. the economy is in a degree of turmoil. even the unemployment is low, we are seeing inflation soar, and supply chain issues become a real problem, causing shortages and therefore price hikes across the nation. we just read from the president's three-part plan to fight inflation. what do you think? is that going to be enough to bring some relief to americans? >> good morning, jonathan. thank you for having me back. sorry i couldn't be in the studio with you today. i think the plan makes sense from the surface, and i

biden met with jerome powell to discuss inflation. >> chair powell and other leaders of the fed noted momentive they have a laser focus on addressing inflation just like im. >> it's not clear what steps the president plans to take to get prices back down cnbc senior white house correspondent kayla tausche life in our newsroom. kayla. >> reporter: president biden and his top officials said the strategy is to let the federal reserve raise interest rates as much as needed making it more expense every to get loans but when since they met inflation already high continuing to climb, as jerome powell waited the confirmation for a second term at the fed, the latter of which only happened recently. today's meeting comes as mr. biden weighs a handful of policies with mixed impact on prices like a slimmed down version of his build back better social and climate package funded by tax increases. a rollback of tariffs on chinese goods and $10,000 student loan forgiveness for bot borrowers. some policies may abdouble edged sword. largely popular among voters but voters also say their top worry is hi

listen to what jerome powell had to say and a sense of what this means.what we need to see is inflation coming down in a clear and convincing way, and we're going to keep pushing until we see that. >> any signs of it coming down and if not how long are we going to see them raising rates? >> it means more interest rate hikes are coming. the cost of borrowing will continue to go higher and there is this other fear, that's what we saw in the stock market yesterday, this other fear that the fed maybe hasn't got this quite right yet and doesn't have a handle on the situation and that could tip things into a recession in the u.s. it is not a certainty a recession, but the odds rising and more high profile market analysts have been saying the risks are rising. the same time you got energy costs that are biting into consumer sentiment. you got a war in ukraine, you got covid lockdowns in china. supply chains still pretty messed up. so there are so many cross currents, any one of those would be destabilizing. all of them at the same time, i think the bottom line h

president biden will meet with federal reserve chairman jerome powell at the white house.he president just laid out his plans to tackle inflation in a new op-ed in "the wall street journal." he writes, we now have a chance to build on a historic recovery with an economy that works for working families. the most important thing we can do now to transition from rapid recovery to stable steady growth is to bring down inflation. joining me now to talk a lot bin fla about inflation -- in reading the op-ed by the president and considering this moment when eight in ten americans say the government is not doing enough to tackle inflation, all of the proposals that are laid out are long-term. they would take at a minimum a few years from fixing broken supply chains and improving infrastructure, building a million units of additional housing, dealing with the upcharges from these ocean freight companies, is there anything the white house is going to do to tackle it right now? >> so, poppy, i think the president demonstrated he understands the american people's biggest challenge at t

indiscernible] [indiscernible] >> following president biden's remarks, federal reserve acting chair jerome powell announced the biggest interest rate increase in 22 years. to address inflation in the u.s.. he also outlined additional details and how the federal reserve intends to curb high inflation.

-- jerome powell was talking about. back hen there was relief that there was no prospect of a three-quarter point hike in interest rates, at least in the fed funds rate, slated for the next fed meeting. what maybe some forgot is that the fed chairman also outlined the possibility of a series of half-point hikes. where we close out the year is anyone's guess. the feeling yesterday was that the fed was on top of this, aggressive about this and bought on this. today this ea assessment now has many people saying, welsh maybe we got ahead of user ourselves, and and maybe he should have gone the three-quarter point thing. you can't win. does kind of remind me of my hate, great mother-in-law where nothing you do is necessarily quite what people expect or want. so we're following that. this the broad-based selloff here with the dow down about a thousand points. let's go to lauren simonetti on how far and widespread this is and what particular issues are getting hit, because last time i took a look at it, lauren, all the major s

ritika: jerome powell is vowing to do whatever it takes to curb inflation, but he acknowledged it could cause pain. the fade -- the fed raised interest rates by .5%. more are on the table for june and july. the senate committee is expected to approve legislation to sue opec for manipulating energy markets. that would clear the way for consideration by the full senate. the bill introduced many times over the past few decades but is not gone anywhere. ukraine accusing russia of using missile terrorism across the country. russian forces bombarded railroad stations and other supply line targets. russia's defense minister says the west is stuffing ukraine with weapons. china may have more policies intended to rescue the economy. according to government media, actions to promote investment are on the table. chinese leaders promising to meet growth targets without compromising their covid zero policy. -- beat estimates. the german automaker and its rivals hampered by supply chain issues so they have shifted production to higher margin models. mw delivered 6% fewer cars revenue growth. global n

i think we are talking about the kansas city fed president echoing jerome powell. what is the message? >> yes. in an interview on cnbc, he was asked about the stock market decline, and she says it has been a rough week. at the same time, she said they will stay on the same path. she said i think what we are looking for is the transmission of policy through markets understanding what we are doing and why we are doing it, and the tightening of financial condition should be expected because this is one of the avenues through which tighter financial conditions will emerge. we just have to accept it, right? so this echoes jerome powell clearly a couple of days ago when he said that demand has to be curbed, tightening financial conditions is what we need to help do that. they have got to be very happy with that red on the terminal chart, right? with that excess liquidity, some would say they are tightening and this is part of the plan. what they are wary of -- move to the next terminal chart -- credit market disruptions. when you look at this chart, that big spike betwee

kumasi: happening today, president biden set to meet with jerome powell.cing responsibility back on the federal reserve to combat rising costs. number two, making affordable changes for families in part by cutting dependence on gas and nerd, reducing the overall federal deficit. julian: now you have to be cautious of these fully remote job offers. we have reported fake landlords using zale app to steal your money. now thieves are using it to take money for people looking for flexible employment. one woman ignored those red flags. >> karen godwin was so happy to get an offer for a from home job. >> i was really excited. i told my mother and father, i'm going to have a job, it is going to be great. >> someone found her resume online and said he would be interviewing her. >> she didn't want to interview the regular way. >> i never spoke to him other than via text. i was going to be like kaiser's advice nurses. >> then he texted her the good news. she was going to be hired. all she needed to do was hire -- by a computer. she tells me i want you to put this per

we do not have to go into recession. >> the market will be hanging on each and every word that jeromeowell speaks. what should we expect it to be? if it is not more hawkish than expected, that might be perceived as dovish. what is your take? >> certainly, if the fed goes 75 or if there are clear hints that they are going to go 75 in june, we will see more flattening in the curve. to go back to the earlier discussion, it is important to recognize that it is very difficult for the fed right now because they are doing so much communication. that is one reason why they are not exactly front running the fed, but the fed is basically front running itself. telling everybody what they intend on doing. with so many speakers out there, there is some confusion, but when you look at the core members of the fed, you basically get a pretty good idea of what they are going to do. it will be very important. all the speakers over the next couple of weeks will be driving where we are going to go. >> this is a genuine question. you think participants have a clear understanding of what the rate will have

kennedy: jerome powell is the fed chair, he said inflation was transitory and now the president is sayingwe are going to be in recession, we might already be in recession. >> i think we are and talking about this long call until things get better, he's finally coming to grips with reality and you are right about jerome powell and janet yellen saying similar things and safe and culpable as far as how they very consumer under inflationary gaps so that's hurting a lot of companies. we saw earnings from target and amazon and other companies talking about the pressure at the shelves and consumers talking about what they have had with gas and food prices affecting spending so it's everywhere and it's about time the president gets a grip on it. kennedy: like i said last block, it's hard to get a grip on something if you can't name it. an inconvenient truth that your political fortunes on the way of the economy and the economy heading south very quickly, we are not going to get any answers or relief and that means people will have to do things for themselves. a lot of people are coming to grips w

during the pandemic. fed chairman jerome powell said it was the painful surgeon prices that called for a dramatic policy change. the economy in the country have been through a lot over the past 2 years and approved resilient. it is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit all of christopher thornburg is a founding partner at beacon economics. he joins me from los angeles. christopher, i want to get down to brass tax here. when will stuff get cheaper? ah, never look. the increase in price is we're seeing, of course, is, is largely driven by the $11.00 trillion dollars of stimulus that the federal reserve and congress has thrown up the u. s. economy candidly, vastly more than the economy needed relative to the type of economic shock that the pandemic created. the result of that, of course, is, is rapidly rising. prices were at 8 and a half percent inflation year over year. and a candidly, given the pent up demand in our economy right now, take, for example, auto inventories that are basically 0. it's hard t