but for jerome, it's the people who make his hometown what it is. when it hasn't been my home very grew up. what i like whenever the moisture is the people, the people who are really welcoming and they're all in nice and polite and you know, it just when you see fit, a female is here to, you know, they're, they're all, always smiling. they're always, you know, it's, it's, it's the good bye drones father alvin was one of the most successful players in the history of the p. b. i. when he 9 titles in the eighty's and ninety's, having a basketball legend for a father came in useful when sharon struggled with the games. liam was, he's the one we introduced basketball to me. and when i started by him what it wasn't going to good. yeah. then he was the one who really thought me, they give time to give me one less on the feeney when i was young and the results were really amazing. the journalist makes boosters has known jerome for years and also coach basketball at youth level. he see many young players tread the same path as their father's family. been how

i would go with jerry and jerome made basketball history while he was still in college. they were the 1st brothers to play against each other in the finals at the prestigious you 8 p tournaments between a leaks universities. it was a experience not only for us, but also for our family because our, our, our family had do you know, separate when watching. uh huh. may say mom and my sister were on, on his side and my dad and my other sister on my side. so it all, it was, it was a day off work who didn't know who to sheer for. so what i did of the day, even before the final started, we were already witness because one of us would win the championship. so that would be out of reach either whoever, unfortunately with you a, a t games are a big deal in the philippines, attracting huge national audiences and plenty of scouts from proteins. so the stakes were high as the brothers faced off. but although they fought to the last to point, the experienced brought them closer together. i think that's on file honestly thought the on credit this out of us. so, you know, during the game

and who better for jerome to hone that talent with that? his own big brother, championship winning basketball pro jerrick tang was schooling to run before he even knew it. i did everything with jerry and jerome made basketball history while they were still at the college. they were the 1st brothers to play against each other in the finals at the prestigious you 8 p tournaments between elite universities it was a experience, not only for us, but also for our family because our, our, our family had do you know, separate it when watching amazed my mom and my sister were on, on his side and my dad and my other sister were on my side. so it was, it was a, you got off work well, who didn't know who the sheer for. so what i did of the day, even before the final started, we were already witnessed because one of us would win the championship so it would be out of reach either whoever good fortune with you a t games are a big deal in the philippines. attracting huge national audiences and plenty of scouts from proteins. so the stakes were high as the

if i'm not mistaken, jerome scored a 104 points in the game. that's how, that's how he was. despite a stella career in high school and college, jerome is yet to win a title after 4 years in the p da. changing that will require even more dedication . we have our own trainers with the theme with one bridge. but i also hired a personal trainer neighbor here on my own time and work with what i have to work on. so right now i'm, i'm in the gym with my 2nd visiting coach here in the phoebe i've gone francis in a year. so all throughout the year you'd have to be prepared to the median shape and get ready for the football games. i've always strive to really work the hard this so i can be the best version of myself. and that's what also my dad thought me doing aside. he'd always say, i mean i wasn't the most silent bed, but because he's really heartbreaking. he always tells me that, you know, you get, have a bad game, but your effort should always be there. 100 percent, every game id look up to him and you know, keep in mind the lesson. and if jerome ev

we follow pro, play a jerome to find out more about family and basketball in the philippines. with early morning in manila with a new basketball season approaching. preparations are in full flow for the convent fiber axis. among the place is drawn tank. he's driven by a dream that has so far, eluded him in his pro korea. you want to win a job reciprocal my back to liquor and so that feeling my going converge is a new franchise created off to the t previous sponsor pulled out of the p. the 8 or philippine basketball association league that's created. upheaval and sharon's role has changed this caesar this on my coming for 5th year. we're very young. even. i'm one of the oldest guys guys here today. the so you know, i feel like i have modest one too busy to really have all the new guys, the rookies to a just scored the right away so they can contribute. the passion is feel there and i know that bathroom was, won't be there forever. so, you know, i'm really big most out of my diet. lot of my time playing inspiration is never, far away here at the training home. the guy to write h

powell did _ cars from overseas. jerome powell did something i cars from overseas. jerome powell dide i powell did something he hasn't done since rate hikes begun in much he avoided putting exact numbers on the size of the next rate hike. that's not stopping the likes of you guys from filling in the blanks question. absolutely. that was a big surprise the need for guidance on future rate hikes, did tip the markets off they will continue to raise rates and he might even do another unusually large one according tojerome powell. but they are not tipping their hand yet another month and a half before the cpi reports before then so they want to keep options open. i think they will raise it by a few basis points in september and may be two more court—appointed rate hikes in november and december leading us up to four point 4% on the target rate by the end of the year. target rate by the end of the ear. �* , year. after this interview i will talk — year. after this interview i will talk about _ year. after this interview i will talk about meat i year. after this interview i will talk about

shery: jerome powell said he did not think we were in a recession in the u.s..hat was he thinking of as a characteristic of a precision for him to think we are not there yet? do you agree? >> he is thinking of something that is very broad-based and a fairly long duration that leads to a couple of quarters. he is thinking of an employment market that gets hammered pretty badly by the performance of the economy. i thought in his comments he put a lot of emphasis on a positive employment market and that is the principal reason why i think he can deny that we are in a recession at the moment. heidi: how tricky is this effort? [indiscernible] >> get into the treasury and protected securities. they are focused on that. going forward, i think that dependent on how stubborn this inflation is, they will continue to monitor expectations. it will be an important factor in their decision making >>. >>what about the risk of recession? jerome powell has acknowledged that those risks are rising. the fed has to keep hiking rates. until it sees the economy slowing down. they hav

so does jerome powell know something we don't know? the official number that might prove we're in a recession doesn't come out till tomorrow morning. here's powell sounding like the president showing no such concern today. so what to make of it? we're all over it with connell mcshane on how americans don't care what they're calling it, this recession is real and they're having a devil of a time dealing with it. edward lawrence on how the fed plans to handle it. and michael moore on how if a hard landing can be avoided. welcome. i'm neil cavuto. first to lawrence on the move that a lot of people expected but the reaction that many did not. edward? >> it's very interesting that the federal chairman saying that we're not in a recession and we can avoid a recession and taking the same talking points that we've been hearing out of the white house. we saw a 75 point move. it's the first time the fed made back-to-back moves of this side in 40 years, when they began targeting the federal funds rate to 2% dealing with inflation. the federal cha

i'm going, i'm going to stop there and i take you want, i want to go very briefly to, to jerome. we only have about a minute left to wrong, given the fight coming back to my original point, given the situation in the world. this would be an opportunity for the netherlands to play a role in feeding the rest of the world. would it not be i'd to everybody's advantage to the farmers for the farmers to find a solution to this problem and quickly and get back to what they do, which is producing food just very briefly about yes, well, dutch agriculture can teach the world a lot of good things, and i think we but the before that we, we need to have an agriculture in all of which is big enough. you know, we're, when there's only 10 prompts left no less, they'll be gone. i become fees the road, how to do it. we may use solution for all problems in a world. that's why we don't every bottle or whatever. probably us dutch agriculture is needed for that. so i think we need to have strong national agriculture jerome we're going to leave it there, but thank you very much indeed to all 3 of you.

so i think we need to have strong national agriculture sector jerome. we're going to leave it there, but thank you very much indeed to all 3 of you. i want to thank all our guests on van mon and natasha on and say on monday, we're clearly there's a lot of debate to be hired here. thank you to for watching, you can see the program again. any time visiting our website, al jazeera dot com and for further discussion, go to a facebook page. not facebook dot com forward slash ha inside story. you can also join the conversation on twitter. handle is at a inside story for me, rob matheson and the entire year, and i forgot the me ah and a julian the debate. wonderful as it is this the to magic language. it really means nothing on the ground on it or online at your voice. the queen is be removed as head of state because she's done absolutely nothing. what these country white man, where is the progress? i haven't seen enough racialized do. sports journalist, i look like me if you need to listen to those voice perspectives even when it's hard it when it challenges

so is this job too big for her and is it too big for jerome powell? should both of those people be replaced? >> the job is too big for anyone who wants to be honest, unfortunately, you know, i'm not sure why, you know, she is suck cupping to the pressure. it's amazing and maybe everyone is piling up on her. the last couple of weekend, she didn't make the rounds and acceptability a whole lot of other people out. they put her on the bench that and i probably gave her a talk k to, if you want to be out there and face of the economic and face of the administration, you got to get on board but you know what you're saying is wrong. looks like she did it and it's unfortunate. jay powell, yesterday again he was so pained at what he has to do. he mentioned how great the economy was right at the beginning of the pandemic and you can tell, august 27, 2020, kennedy, he wrote a special paper, and that's when he made the shift to the social justice fed. whether you think it's right or wrong, he said, listen, in the past we've looked at unemployment numbers say 4% a

really indicates the two americas jerome powell deals with at 2:00. lisa: the two americas on main street and in the corporate world. the ones that have, the ones with the biggest war chest that you track, and those that are more speculative, growing quickly in the pandemic. you are starting to see them cut back and cut jobs. we have heard from a number of companies. how much does that become an escalating trend? tom: 2/10 spread, -27 basis points. to me that is front and center. jonathan: equities up .8% on the s&p. 10-year yield lower by a basis point. 2.7959. the euro, 1.0138. i am getting a ton of emails. tell tk we are waiting for him to come to melbourne. great barefoot vibes. how much of this stuff am i going to get now? tom: 7:00, we are out there in the beautiful melbourne summer, which is january or february. jonathan: i am aware we have some audience down there. good evening to you. tom: we can watch cricket and fall asleep. alicia levine is with the ny management -- bny wealth management. a prodigious mathematical foundation. with the math

. >>> the yield on the ten-year back below 10% pimco's jerome schneider will make sense that the signals that the bond market is sending as inflation fierce collide with growth concerns. plus elon musk walks away from twitter, taking a beating down 28% over the past three months so what's next for twitter is the stock investable now? as we head to a break, lululemon and underarmour both lower on jefferies downgrade as competition for lulu and management volatility for underarmour when we come back. bubbles bubbles so many bubbles! as an expedia member you earn points on your travels, and that's on top of your airline miles. so you can go and see... or taste or do absolutely nothing with all those bubbles. without ever wondering if you're getting the most out of your trip. because you are. ♪ ♪ >>> welcome back to "power lunch. i'm dominic chu. shares of nvidia sliding 3.5% after piper sandlay citing among other things continuing issues in china and russia. also gaming laptop weakness and concerns over recent weakness in crypt on currencies that could lead to a slowdown in mining shares ar

reporter: the chairman of the federal reserve, jerome powell, discuss that very issue.ed that there may be further increases but would not state specifically. he said in september when the fed meets again, then a decision will be taken on the available data. but the fed is made very clear that the point is to drive down the inflation rate which is now over 9%. the fed insists it's got to get inflation down to it least 2%, and this is the intention of this interest hike. this is the fourth and this year, 2.5% is the highest the interest rate has been since 2018. some have welcomed this, the markets have soared in the wake of jerome powell's announcement with the dow has gone up by 400%. there has been a sentiment on wall street that the fed is to be welcomed in terms of its aggressive action. however, some economists are arguing that pushing the interest rate to this extent could result in a recession down the line. that is something that jerome powell was asked about as well, but he said the indices and the market at present, if you look at the drug market which is incr

it is what jerome powell wants to happen. because when people have less money, the theory is they spend less money and when people spend less money, inflation goes down. that is whatat we are talking about when i we say that the federal reserve is raising interest rate. there is a case to be made that is the kind of tough medicine our economy needs right now to keep prices from continuing to soar. which is ace real problem that needs to be addressed. but there are also those who think wet may be on the verge taking it too far. one of those people is senator warren. this week, she published this op-ed in "the wall street journal," jerome powell's fed pursues a painful and ineffective inflation cure and the senator writes quote, when the fed raises interest rate, increasing the cost of borrowing money, it c becomes more expense for businesses to invest in theirst operations. as a result, employers will slow hiring, cut hours and fireworkers, leaving families money.ess in the floodless language of economists, that's referred to

now, jerome powell's speech has become the catalyst for a powerful rally in the high-tech nasdaq stockmediately by 4%. and the s&p 500 broad market index at 2.5, thus players expressed hope that the fed will abandon its commitment to excessive tightening. lowered expectations of another rate hike by 75 points next year the market. now there is an active policy easing. however, these hopes may not be justified. as it was after the previous two meetings, when the rally soon turned into a bear market. rustam kasumov igor nedelkin lead bonds in yuan found their investor rusalo's debt securities in chinese currency caused a rush of demand for the yield of the debut issue. decreased to 3.9% during the subscription everything was so successful that the aluminum the next day the giant decided to collect applications for another issue with similar parameters. interest in such instruments will grow, as many banks and brokers introduce commissions for keeping dollars and euros in accounts, there are no such restrictions for yuan. but deposits in this currency bring no more than interest. experts

it will be due on the little boy a week to the english diplomat and merchant jerome jose lived in russia for almost 20 years and left some rather curious accounts, cider mill. chris really can all go as well if you will double check the plan. i deal with them 0 me only go up one more well. so the students that you'd be, she misplaced that very you'll be, she was way around the driveway. got dory. i be. she has to leave the dealership area. i believe that went to live source on the car dealers with those that you she's to sell, it was design deals book and i want to substantially scroll. you'll see me. so please get the commercialization details. putting his life ross lady by month will swollen, indications will be sure to lean, your new believers will know position you can water do the if you look at the montage in your book jerome mushroom really drew on. could i it's a paras each line. yes. which data you see and the processing for those particular procedures. lydia, you more even though you have a full story with let me speak with nick if she missed with dish, you know with my feel wh

going here will be due on the little boy, a shelf is not suspended, english, diplomat and merchant jerome jose lived in russia for almost 20 years and left a rather curious account with us thought. well, if you woke up with him 0 me only got one more well. so to does that you'd be she misplaced that, that you'll be she must way around the driveway. got dory. i'd be sure to leave the dealership or do i believe that what you've searched on the car dealers with those that you choose to sell it was designed for. can i wanted to, especially scro. you seem to be the commercialization details starting his life story. russ, ladies need to buy man through stolen indications of pictures. richly, new believers will know position you can water do the if you look at the montage in your book jerome mushroom really drew on. but i it's a paras each line. yes. which data you see as the processing for those particular procedures. lydia, you wor, usually with a new case she missed with dish, you know, with the ration like a book, mcwilliam crash the river, pretty slow through the market already working a te

jerome hulsey lived in russia for almost 20 years and left some rather curious accounts payable chris. billy can always reach me on the car was one water. well, so you said you'd be shoot, waive the just your way around the driving. got dory edition. i believe the source on the produce with them go over the she was i look and i wanted to grow your tribute. the machine ration did you put in your story? what you meant was slowing and making sense of rachel in your believers will not position you want to give them a totally nibbler jerome mushroom amelia are on, on today as a parent teacher for 9 years, which you see at the new person goes up because she was she knew he would be when he, when she knew she was what the she only because she was she was on the ration that missouri and the 1st one has already working because i do not talk about you know, somebody but those can you see of course the person you've been if you look to a shipper so you can just leave it to me with them unless you let them know good. normally she would push and get a minute. should they have they generally what y

when you deal with a double solution that you can hear, it will be a great diplomat and merchant jerome jose lived in russia for almost 20 years and left some rather curious accounts payable. chris really can all go via us thought well, if you will definitely, cheaply and i told them street, you were rich lindsey's me only got one more well. so to the st. jude, the she miss life that, that i used to be. she was way around the driveway. got dory. i be here to the dealership area. i believe that went to live source on the card. you was with us that you choose to sell. it was book and i wanted to actually scrub your so please if you get the machines ration details, putting his life ross lady's name of my month was swollen and he seems to be sure to lean. your new believers will know position you can water do the if you're okay with them, with jerome mushroom really drew on diapers each line. yes. which a di taylor uses we as me processing for those particular procedures. lydia, you wor, usually with new kids, she missed with dish, you know, a little when the ration i go to from going prett

you want to get the if you look at them with those renewable jerome mushroom. emily drew on today in surprise each for 9 years, which she asked me for the proposal for the war to new for usually when you, when she goes the new kid she was with the she will need to finish need your original the original router for one year mark, authority worker, but others do not like that. but those can you see, of course the partial person, you can just, they will bless you look to a shipper so you can just leave it with them unless you to let them know that your normal machine will push. you get a minute, should they, they generally keep open the sheet flooded and there's nothing in the commission you haven't sure what you see and usually like i'm so when she did it you can go over it and smelly, so much you were a jim, you mean you with the one that what you see, what, you know, grains, can you able to the, mr if you got that. i mean, you purchased them. it was actually booked with the one with jerome or cbo, you must get a what's called auto zone with in fact, i've grown t

you want to give the if you look at them with nibbler jerome mushroom, emilio on, on today. it's a parent teacher for 9 years, which is nice to see me. person for like a proposal for you or you can usually when you, when she goes to the new kid, she missed what the she will need to finish the job or what to do when the racial makeup work. my passion for this long story work, i was do not talk about somebody, but those can you see of course the person you've been to say what bless you to a shipper so you can just leave it to me with them unless you to let them know your mom, unless you will push them, get a minute, which is what you've opened the sheet in the flooding and there's nothing in the city commission you haven't sure what you see and usually like i'm so when she did it, you can go over it and spell it took me, she will talk when you can hear some brushing. oh jim, you mean you were little studio and i didn't wonder what you see what, you know grains can you able to to mr. if you got that, i mean you fascist them. it was less, you will just way in the middle in the n

i want to give you the total nibbler jerome mushroom, amelia room on today. it's a parent, each 9. yes. which you see at the new person for the burgers. for 6 years lydia was in the year usually when you, when she really knew what the ship will need to finish the job or the last year when the ration that one has already working. because i do not talk about god just for them of somebody, but those can you see of course the person you can just say with less you look to a shipper so you can use the same with them unless you love the longer you normally would have push them get a minute, should they generally mckeever open the sheet in the play on the mac and there's nothing in the commission you haven't sure. what you see any of the guns i went to she did it you way? yes, i don't go over it and spell it took my she was when you look on your son bryson was jim, you mean your little studio a little more than what you see what you know grains can you able to be missed? you forgot that. i mean, you brushes them, it was actually possible in the middle, and then you must be the one with jer

jerome mushroom, emilio room on condenser pennies, each 9. yes. we which nice we'll see at the new person for those. and because she was, she knew he would be would be free until the $20.00 to $21.00 or more people knew what the ship will need to finish the job are going to win the ration that one has already working because i do not talk about this for them of somebody, but those can you see of course the person you can if you look to a shipper so you can just leave it with them unless you let them know, you know, unless you have push them get a minute. should they have they generally you open the seed in sliding on making connections or not. nothing in the city commission by having trouble with c and use them again. so i went to, to see jill, you can wait for your soft on me, but i will go over it. and then he took my, she will talk, you know, if you could, there's some brush. no, jim, you mean you a little studio on the one that what he, she would, you know greens, can you able to be mr. if you got that? i mean, you brushes them if you did with

jerome powell did not frighten the market and expressed hope for an early price reduction.in the coming months, we expect to see strong evidence that inflation is declining, which will mean a gradual return to two percent. we expect the pace of rate hikes for open market committees to be appropriate. markets breathed a sigh of relief after such announcements, we showed a real rally in the broad market index. the mark of 4,000 points would return, however, the further decision of the us federal reserve system will depend on incoming macroeconomic statistics. the economic recession in the united states is already reflected in the reports of the largest companies; figures for the second quarters of such flagships as microsoft and google turned out to be worse than forecasts. and today , the results of their work will be presented to apple. in conclusion, let me remind you of the exchange rates for today dollar 60 rub. 21 kop. euro 61 exactly, and that 's all for now. roman thanks will briefly talk about some of the central topics of private allied troops of russia dpr liberate

jerome powell and they. >> you have jobs averaging 400 a month. we know that markets are worried about the yield curve, there is no long and variable lag when it comes to the job in yields. what it has done to the u.s. are zinc market -- to the u.s. housing market. jerome powell also said job markets felt robust, he thinks it is possible there is a path to a soft landing. they think they can get it done. when he to see growth potential. -- we need to see potential. after the fed presser, they said the fed would have to hike rates quite a bit more than markets expect. may be the markets are over anticipating the fed and i would say that is one of the key takeaways from today. heidi: let us get you the latest market reactions. we are looking at this rally where just 85% of the companies actually rose overnight. how long current and resilient what this rebound be -- how long-term and resilient what this rebound be? >> the market was looking for anything positive from this decision. there were certain grounds throughout for investors and that is what

the markets have actually sought in the wake of jerome pals. announcement there has been the sentiment on wall street for example, that the 3rd is to be welcomed in term of his aggressive action. however, some economists are arguing that pushing the interest rate to this extent could result in a recession down the line. now that is something that jerome paul was asked about as well, but he said the indices in the market at present. in particular, if you look at the drug market, which is increasing by some 350000 each month over the past 3 months, as this type of in the c would never preceded recession, it didn't in the past have. he doesn't believe it's going to now are you a secretary of state antony blinkin says a substantial offer will be made to secure the release of basketball player britney griner and from the u. s. marine pool whelan, they're both currently detained in russia. he says he'll speak to his russian counterpart, sag elaborate in the coming days. good reason issues. it's a top priority for us. the release of americans, paul wh

you will get a little boy along with them not to be the english diplomat and merchant jerome hulsy lived in russia for almost 20 years and left some rather curious accounts for us. but if you will, you blend door to me and go on as well. so put us through said you'd be shoot way if you still the way around the traffic. got dory. i believe the source on the us with them all over the stuff you. she's just only it was i look and i wanted to nationally scroll your p. c. tribute, the machine ration did you put in your story? what you meant was slowing, and soon as a rental in you and your believers will know because you want to give them a totally nibbler jerome mushroom, emilio room on today. it's a part of the 9. yes. we which nice we'll see at the new person for the burgers. i've been calling for 6 years. lydia was sure he would be usually would be when he went, she knew she must be. she will need to finish the job or what did you have on the ration that go for one year mark, authority worker because i do not think that i can do for them of somebody, but those can you see of course the per

as well as layer in argos, unfinished painting of saint jerome, very small. i have not for working as a 10, according to larry keith and the national galleries, head of conservation and keeper. the use of drawings to explore different ideas is very typical of leonardo. and he used them for different ends depending on the sort of artistic problem he was interested in sort of things he was working on who use a lot of dark wash when he's trying to work out the fall of life and modeling through on light and shade to block out sort of the masses of where things were set and how they would sit. and you can imagine something like metal point would be, lends itself very naturally to working out curls in hair or red chalk, or even black chocolate, mostly red chocolate. i was soft, kind of crumbly, texture, and sharp hard lines, very useful for thinking about the fact perspective and things fading away into the distance which became variance. and later on this painting career me, ah, in the end, they are not decided not to pursue this revolutionary design and fall back

and saint jerome lived and worked near a cave in bethel him where according to the tradition jesus was born. that is why renaissance artists usually depicted saint jerome at the mouth of a cave, including leonardo himself. the problem was that there were no craggy rocks and cliffs in tuscany. so what the local artist did, but simply use their imagination and stack stones in a large pile. thinking that this is what a mountain in the desert would look like. of course, leonardo would never be satisfied with such a solution. that's why he was so keen to explore the mountain region, north of milan, and observe the geological formations up close. the result was a series of amazing drawings that are now in the royal collection. at windsor. these drawings reveal lunar dos, careful observation of soaring mountains, star walk formations and mysterious caves. and in the process, leonardo discovered something else. horizon, tuscany, everything is bays and light. here in the mountains, the light is much more subtle, filled with the contrast of bright and darker toes. art historians refer to this as

and jerome powell said this yesterday, the u.s. economy is massive, dynamic, complicated.he envy of the world. takes a lot to figure out those little changes. this is a number that could turn positive, could turn more negative. there are two more reads on this. >> thank you very much. >>> this just in, jetblue announcing a new deal to buy low cost carrier spirit airlines, potentially creating the nation's fifth largest airline. the agreement comes after spirit canceled its merger with frontier because it didn't have the support of shareholders. jetblue has made an all cash offer of almost $3.8 billion, significantly more than frontier's bid. experts say the deal could lead to higher fares for the industry. >>> also just in, new cnn reporting on the proposed prisoner swap with russia. the biden administration frustrated at moscow's lack of response to the offer to trade eye russian arms dealer for brittney griner and paul whelan. >>> comedian, actor, now shark expert tracy morgan, now his daughter maven, they're here previewing their new show for shark week. ♪ it wasn't me

. >> federal reserve chairman jerome powell standing firm on the state of the u.s. economy. it comes as the fed again hikes interest rates in hopes of slowing inflation. and this morning, a key report could provide a better outlook on our economy's health. >>> meanwhile on capitol hill, senator joe manchin finally agrees to a major deal on climate, health care, and taxes, and we'll break down what's in that reconciliation package. >>> and potential prisoner swap for brittney griner, the state department says there's a substantial offer to bring the wnba star, and another american, back home. >>> good morning, and welcome to "way too early" on thursday, july 28th. i'm jonathan lemire. thanks for joining us. >>> after nearly a year of, a year and a half of on and off negotiations, democratic senator joe manchin says he has reached a deal with party leaders on a sweeping reconciliation package. in a statement yesterday, that surprised even most democrats on the hill, the west virginia lawmakers announced an agreement on what is being called the inflation reduction act of 2022.

jerome powell answered questions about taming inflation without tipping into a recession. >> joining us now, cnn's matt egan who is at the federal reserve, and cnn economics and political commentator, catherine rampell, what did jerome powell say about the fed's decision? >> jerome powell is acknowledging that inflation remains way too high, and more work is needed to get it back under control. powell even said that the fed quote wouldn't hesitate to make an even bigger move if one is necessary, but the next fed meeting isn't for eight weeks, and that is an eternity in today's economy. powell left himself plenty of wiggle room to see how the economy e voefls, what happens to johns and inflation. the fed is conceding they are ramping up interest rates at a time when the economic environment is darkening. the fed in their statement downgraded their view of the economy. they pointed to softening indicators, and during the press conference, powell weighed in on the question that's on everyone's minds right now, is a recession coming or are we already in one. listen to what he said. >> i

fed chair jerome powell says the goal of the rate hike is to fight inflation which is now at 9.1%, the highest in four decades. the federal reserve's hefty rate hike is aimed at giving americans a break from inflation levels last seen during president reagan's first term in office. >> a dozen eggs is like $5 now compared to like last year being $2. >> reporter: boston area grocery store owner chris waller says he can't offer the sales he used to. >> we used to get deals from the vendors where we'd be able to offer these boxes for $1 each, so ten for $10. but now it's four for $5. >> reporter: after the fed announced it's raising its benchmark interest rate by .75% point, chairman jerome powell said he'll keep working to bring down inflation. >> we understand how painful it is particularly for people who are living paycheck to paycheck and spend most of that paycheck on necessities such as food and gas. >> reporter: the fed's move will raise its key rate which affects many consumer and business loans to a range of 2.25% to 2.5%. its highest level since 2018. >> people who have adjustabl

wall street and others will be paying very close attention to the exact wording fed chair jerome powell uses at his news conference to see if he reveals any clues as to what the federal reserve has planned beyo day's expected hike. the federal reserve is expected to raise its benchmark interest rate again today. officials have signaled the hike will be at least three quarters of a percentage point. >> the cost of everyday food costs has gone up. the cost of luxury goods has gone up. everything has gone up. >> reporter: the goal is to curb inflation, now at its highest level in over 40 years. >> the typical american household needs to spend almost $500 more a month to buy the same goods and services that they were buying a year ago. that's a lot of money. >> reporter: economic adviser brian deese says the biden administration is committed to getting soaring prices under control. >> it's our view that inflation is the top economic priority that we need to be focused on as a country. >> reporter: experts say the fed has to be careful not to trigger a recession by making it too expensive to

with the chair of the federal reserve jerome powell is another unusually large rate hike could follow over the coming months, we will look for compelling evidence that inflation is moving down conservative with inflation returningo 2%. we anticipate that ongoing increases in thearget range for the federal funds rate will be appropriate. the pace of those increases will continue to dend on the incoming data and evolving outlook for the economy. >> while, i got a reaction from the economist mickey leavy. >> they need to hike rates to restrain inflation. >> talk us through what that relationship is, why has the fed got to do that. >> sure. in the united states, of course, there is very high inflation, but really unlike europe, the inflation in the united states is driven by a combination of strong demand that was driven by excessive monetary and fiscal stimulus and supply constraints. so the fed has hiked rates now and its target ranges 2 1/4 to 2 1/2. every time in the past to really rein in inflation, the fed needs to race it's federal funds rate above the underlying rate of inflation.

jerome powell told us it's not a common thing. will be the last one, last hike of the magnitude before the increment start getting smaller through the rest of the year. i think the big question for investors is when the feds start to cut rates. a lot of people are starting to expect the fed to cut in early 2023. it looks like that is probably too soon. >> yeah. might be. i want to show lisa's piece from this morning in barren. youd" the head of global policy who says, this makes perfect sense requesterring what happened with wal-mart last night, the markets are underappreciating that inflation is much higher than at any time in the modern fed era. the labor market sure is much tighter than normal, but to that point, andy, and lisa's point she highlights here, where do we see the real danger still ahead? we want to prepare our investor audience. >> liz, the biggest thing the fed can do is overtighten and as much as i think they're going to be hawkish tomorrow because they're window is limited, if they send the economy into a spiral

. >> jerome powell said while consumer spending and production are slowing, unemployment remains near 50-year lows. that suggests the u.s. is not currently in a recession. >> i do not think the u.s. is currently in a recession. >> whatever we're in today, whether you want to call it a recession or not, doesn't feel like a natural recession, at least a classic recession as we have had in previous periods. >> trevor: oh! it's a recession! possibly! but buy everything! we're all going to die! at some point. america might be in a recession or not. some signs say no, but some signs say yes. as we found out today the gross domestic product has gone negative for two quarters in a row. and that's generally a sign that you are in a recession. you be, it's like when you say i love you to your partner and they respond, "great." ( laughter ) that's a sign that your relationship is in a recession. ( laughter ) and in case you're wonder yg they call is "gross domestic product," it's because most of the economy is pretty gross. you see, a big chunk of america's g.d.p. comes from steve bannon's onlyf

at least give jerome powell credit for saying he botched it. it was president transitory. janet yellen has acknowledged the same. a lot of people say it's hard to orchestrate a soft landing. the fact of the matter is, rarely have we seen it in history and always the fear that in tightening to stamp out inflation, you stamp out the economy as well. >> martha: that's the tricky spot. that's is soft spot we're in right now. that's what matters. thanks, neil. happy monday. >> you too. >> martha: one of the most widely red stories calls for the president to quit his job. a few folks out there seem more than ready to sweep right in. gavin newsome, j.p.prisker and the vice president trying to straighten her approval numbers when we come back. fishing helps ease my mind. kinda like having liberty mutual. they customize your car insurance, so you only pay for what you need. woah! look out! [sfx: submarine rising out of water ] [ sfx: minion spits bobber ] minions are bitin' today. [ sfx: submarine hatch closes, submarine dives ] ♪ liberty. liberty. liberty. liberty. ♪ hello! minion