haidi: jerome powell speaking to lawmakers.ate our next guests thank that there is a risk the fed does not recognize it has done enough rate hiking over the past year. our chief investment officer joins us now and you heard the chair himself it seems higher for longer is the path they're willing to take. does this increase the likelihood that a soft landing may not be also bought and what does that mean for the markets if this can also imply potential rate cuts to come? >> right. obviously those clips you put up with jerome powell sounded emphatic but i would point out that has been the case with jerome powell and friend for a long time now and they don't always the date it does not always come through and support what they think they would do. i mean i do strongly think that the highest rates are now in the rearview mirror and the fed will not raise again. they may not think that is now but their view may change and inflation has moderated and is moving in the right direction and economic growth is not too hot and the banks ha

we will talk about jerome powell's testimony in congress. decision time for the central bank of england. jerome powell has told congress that fed policymakers expect interest rates will need to move higher. he said last year's decision to hold should not be seen as meaning the central bank is done. >> we never use the word pause, and i wouldn't use it here today. we agreed to maintain the rate at that meaning. almost every single, 16 of the 18 participants on the fomc wrote down that they do believe it will be -- majority believes we should raise rates twice this year. that's a pretty good guess of what will happen if the economy performs about as expected. dani: let's get over to mark cranfield. this isn't really new, right? why the market reaction? >> the fed have been saying they are data-dependent for some time. i think what you will see is that traders are beginning to think the data isn't what -- is going to support the fed decision and that two rate hikes can still be done. the inflation numbers will start to move lower of the second

jill disis is on jerome powell heading to capitol hill today. crucial u.k. inflation figures are due in an hour. we will discuss that with the burden. the yuan past the 7.2 per dollar level as they settled on lack of aggressive stimulus to boost the recovery. let's go over to charlotte in hong kong on this. we are past 7.2. what is the focus in? charlotte: we are seeing investors and traders here getting very cautious today ahead of the federal reserve chief jerome powell's congressional hearing. off shoring is weakened to 0.3% to bridge a key hurdle of their 7.2 per dollar level. that puts the currency at a weaker level since november. also, this shows investors are getting increasingly impatient with china's lack of follow-through. even though we are seeing some sector stimulus and rate cuts, that is not enough for investors to see a real boost to the economic recovery. also, the signals we are getting from the chinese central bank which has sadly been at a level that is weaker than expected is also suggesting to traders that they are comfortable with curr

here is the problem the fed chair jerome powell warned that consumers and companies could expect mored because inflation remains well above its 2% target so as far as they are concerned the job is not done yet. anchor: i -- jerome powell: i think that as anyone can see not a single person on the committee wrote down a rate cut this year nor do i think it is old to be appropriate if you think about it. uh, inflation has not moved out and it is not so far reacted much to our existing rate hikes and so we will have to keep at it. anchor: all right keep at it and as you mentioned inflation is 4% in the target is 2%. that last bit off -- economist always say it can be sticky and it is difficult down to the target so how will the fed judge their progress on inflation? correspondent: well you know, -- jerome powell again and again said would be data dependent so they were look at the inflation report and we just heard earlier this week the consumer omission inflation america is moving in the right direction but you pointed out 4% on an annual basis and producer prices are still high and they

kathleen: certainly consistent from jerome powell. yesterday the ecb form, today in spain, another place to speak publicly and in his prepared remarks he made it clear this is not just about two rate hikes, this is about two or more. let us listen to what he had to say. >> as noted in the economic projections, a strong majority of committee participants expected will be appropriate to raise interest rates two or more times by the end of this year. kathleen: two more times, the summary of economic projections, the dots, that is what he's referring to. here is what he said in the q&a, the commitment is not to the number of hikes we duplicating policy to the point where it is sufficiently restricted to bring down inflation. he says the risk of doing too much or too little is what they are looking at and it is not in balance at and there is the risk of doing not enough. he says right now he did not rule out consecutive hikes or how they will do it. he said they may move at one meeting but not another and that it would take time for the im

chair jerome powell warns against expecting a reduction anytime soon. >> it will be appropriate to cut rates at such time inflation is coming down significantly. we are talking a couple years up. i think as anyone can see, not a single person on the company wrote down a rate cut this year. dani: china cuts. the pboc lowers the rate of its one your lungs, ramping up stimulus as the economy deteriorates. the dollar gains. now, frankfurt. attention turns to the ecb, which is seen tightening by quarter-point. guidance on how much further christine lagarde intends to raise borrowing costs will be at the fore. whatever you want to call it yesterday, don't call it a skip. a skip, actually, i should not call it a skip. we got a hawkish hold, a hawkish pause, i don't know, whatever you want to call it, there was some strong signaling from jay powell that more rate hikes are to come. bloomberg economics because that job a boning of trying to get these hikes priced out of the market. we priced out all of the cuts that were priced in for 2023, and thus, the bond ma

jerome powell leaves the door open to consecutive rate hikes with christine lagarde and andrew bailey also seeing more tightening as inflation remains sticky. top banks all past the fed's annual resiliency test, clearing a key hurdle for returning dollars to shareholders. and signals that an industry glut is easing. we check-in on the data markets, it was a mixed picture when it came to the close of course in the u.s. yesterday. we are weighing up the comments it came through from the central bankers, andrew bailey, christine lagarde of the ecb, locking in essentially the height coming through in july, that is the expectation and there was no pushback from christine lagarde on that front, though she was uncommitted when it comes to the september decision. that remains live for the ecb. jerome powell and the fed reiterating the options to go to again in terms of heightening at the fed, keeping the door open to that prospect as it continues that hawkish measure, as we check in on the markets and have a look at the futures or at least the s&p over the last two days. again a bit of a mixe

jerome powell, andrew baylor -- bailey, christine lagarde. but start with chair powell, it's not that he was more hawkish than we heard lately. he was certainly hawkish after the last meeting when he paused but said more rate hikes are coming and he testified to congress and again, reiterated more rate hikes. so today, uh, he started by saying you know what? policy has only been restrictive for of the a while. it needs to get more restrictive and when asked about back-to-back rate hikes, he left the door open. let's listen. tirone powell: we will move the decisions with a little bit more time between them in an effort to get more information to the data to see how much restraint is coming from these you know, the pipeline from rate hikes we only made now in many cases six, eight, nine months ago but i would not take moving at consecutive meetings off the table. kathleen: christine lagarde at this meeting yesterday, the opening day of the conference she was very clear that more rate hikes are coming and unless something big happened, another r

federal reserve chair jerome powell told lawmakers the fed will likely raise interest rates again this year but gave no exact timeline on when that will happen before last week, the fed raise interest rates 10 straight times, but inflation has been stubborn. the rate currently sits around 5% far from the fed's goal of 2% to the situation is unusual. within that we are. overachieving in effect. the maximum employment goal. but we are far from achieving the inflation goal by raising interest rates. the fed is hoping to cool inflation. this means raising rates on things like car loans, credit cards and mortgage rates. the idea is consumers will spend less spending, less decreases demand, decreasing demand can bring down prices and hopefully stabilize the economy. >> we'll continue to make our decisions meeting by meeting. based on the totality of incoming data and their implications for the outlook for economic activity inflation, as well as the balance of risks. there's really only one big risk out there. that's the risk of a recession. consumer expert david lazarus says the fed may be l

host: jerome powell yesterday. we are wanting to talk you this morning about how inflation has impacted you personally after the fed decided yesterday to pause interest rate hikes due to a cooling of the economy. as you have heard or may be read in the papers, the federal reserve is expected to raise at least two more times. alan in brooklyn, new york. how has it impacted you? caller: my suggestion is that more attention should be given to the thoughts of elizabeth warren and bernie sanders about failure to enforce antitrust rules in ways that would prevent large companies from exerting an increasingly profound force on controlling prices. i believe until we recognize that is a powerful force for inflation as the power of individual workers getting salary increases, then using the one tool of raising interest rates to cut jobs to control inflation is a backward way of handling things. we need to revisit the system and have other tools in the fed's basket besides raising interest rates when large companies have such

host: you have been on before and you say jerome powell looks at a lot of data to determine these hikes. i figure he weighs them into what the fed alternately does. guest: one of the things we saw yesterday is that consumer spending rose, one of the things that helps keep prices rising. if prices go up and people pay them, maybe it encourages businesses to raise them further. host: consumer spending was one, also exports. can you give anything to that? guest: exports jumped a lot after they had gone down in a previous quarter, in the last quarter of 2022. that is an interesting sign about global growth, that has to do with the ability for spending abroad. it suggests there are still -- there is still demand abroad which bolsters prices. guest: our price about matters of the economy in light of these new figures if you want to ask her questions about the current state of it. (202) 748-8001 for republicans. (202) 748-8000 for democrats. (202) 748-8002 for independents. you can also text us at (202) 748-8003. jerome powell was in portugal yesterday, talked about the feds's 2% target and ga

march with regard to overall balance sheet. >> interesting doug they are questioned on that 2:30 jeromesked about that because i don't think we've seen fed, in this type of position before truly, because unwinding, then also what we've had 10 straight hikes in a row. >> really interesting when the cycle powell was asked about balance sheet, how are you going to handle this you have never done this before he said look, we haven't done this before going through methodical faction take it down, use interest rate policies to deal with any developments in the data or things -- it has been far from that did not see banking problems coming, u-turn on drawing down portfolio, i think really now at a tough point, you know. they've got a big success i think on price of inflation because rate increases balance sheet reductions, took a lot of money out of housing sector, you know, 30 billion a month now taking 35 billion a month out that was a big hit, back in economy that has stopped, so one of the reasons you had sort of stickiness in inflation they aren't getting full impact they thought would be

futures hold as we await jerome powell's testimony on the first day at capitol hill. >>> rival fedex slashes its workouts for the year, sending jitters throughout the sector. the ceo says cutting reliance on china might prove difficult. >> and european leaders pledge to support ukraine for as long as it takes, this as the uk prime minister ruishi sunak prepares to announce a major new impact of support here at the ukraine conference, we're going to speak to the european president exclusively in around 35 minutes' time. >>> well, good morning again there's one thing and one thing only that investors are focused on only and that's the uk inflation data the cpi number came at 8.7% on the year and made defying expectations for a 30 basis core dip. the monthly jump coming in at double the forecast, heaping more pressure on the government and the bank of england ahead of its rate decision tomorrow money markets are rethinking their rate hike bets after consumer price inflation did come in hotter than expected for the fourth month in a row with a 45% chance of a half point hike now priced i

we will hear from jerome powell in a moment. the market can be different but he will ask about the rate cut pricing. matt: a 5.1 percent implied rate today and a five point 1% implied rate for december 13, the last meeting of the year. it is expected to be a wash. the fed has been topic number one across the bloomberg platforms today. earlier, victoria fernandez said the markets might be missed pricing the fed. >> i am not sure the fed is dead. i know futures are pricing in 25 basis point hike at the july meeting but i think they will go further. i think the dot plot will look further into that. if they raise their expectations to where the imf came out earlier this week and put growth expectations, this means two more rate hikes at least. this afternoon could be interesting. matt: let's bring in henrietta, trade director of economic policy research. great to have you on the program. looking back at the 525 basis points of height -- 520 five basis point hikes we have had, i wonder if this is due to all the fiscal spending that c

but jerome powell after 10 rate increases is now saying we may need two more.teepest rate increase we have seen i think ever in american history. jackie: and rates will stay higher for longer. but you have got top white house economists saying the economy looks non-recessionary at the moment. this is as j.p. more gains warning inflation may be necessary to bring inflation back under control. when you look at core inflation, core is actually higher when you strip out food food and energy. stickiness is not going away anytime soon. to knock two or three points off this inflation number will be difficult to do. jerome powell is acknowledging he has his work cut out for him. looks like we lost steve there. a little technical difficulty. we'll try to get him back. president biden downplaying the foulout from calling xi jinping a dictator. progressive makes it easy to save with a quick commercial auto quote online. so you can get back to your monster to-do list. really? get a quote at progressivecommercial.com. (man) what if my type 2 diabetes takes over? (woman) wha

you brought that up earlier it's a bull market does it matter to jerome powell?'s not the end. they might take a pause on hiked interest rates. after taking interest rates, numbers matter. march 16, 2022 the s&p 500 closing that day 43.57 closed yesterday 500 basis points later. bank failures, all this conversation talk closed yesterday at 4369. tom: the fed is like a great marriage. a great marriage is no dissent and we have no dissent of the fed today. jonathan: you might get some dissent a little bit later. may be from a fed governor too. thanks for the team here at bloomberg for coming up with this stuff. since 2005 it's been that long will chairman powell welcome son dissent today? just to communicate to people there are people on the community? tom: i agree he will go to them and say if you want to do it this is the time. your observation here on futures up six there is a terrific into the market nasdaq up 2/10 of a percent. you mentioned earlier all the clue about real estate and inks bonds do well on a two basis. lisa: and you are seeing this rally persis

just yesterday jerome powell said more increases are likely in the coming months. >>> the bed bath &nd may be revived. according to court documents, overstock.com has offered $21.5 million to buy the retailer's name, ip, and digital assets. the deal will not save the stores. those will remain shuttered after bed bath & beyond filed for bankruptcy in april. a hearing to finalize the bid will take place next week. >>> remember these furry friends from the '90s? the furby phenom is back. after ten years, hasbro is reintroducing this toy furball. the latest iteration goes for $70. and efforts to be a little cuter than the original, responding to pats on the head. they're available on amazon and will later hit store shelves across the country next month. >>> that's your cbs "money watch" report for this friday morning. i'm shanelle kaul, cbs news, new york. >>> up next, entertainment's elite. the artists selected as this year's kennedy center honorees. ♪ you got t a minute?? how about t all weekenend? let's gogo. ahorora! i'm a m miami hotel. i'm lookoking for sosomeone who loves s art de

federal reserve chair jerome powell yesterday issued a warning saying it may not last long. he said that's because inflation hasn't cooled as much as the fed would like it to, and that means more hikes could come later this year. jarred hill has latest from new york. good morning. >> reporter: good morning. the pause is probably not permanent which does beg the question why do this at all. well, the fed chair said they want to see how the past 15 months of rate hikes are impacting the people and the economy of this country. and we are seeing some signs of progress. the federal reserve is halting interest rate hikes. the first break after the fastest series of increases in four decades. fed chair jerome powell made the announcement a day after the latest data showed inflation has cooled from its peak 9% down to 4%. but powell warned the pause will be short-lived. >> nearly all committee participants view it as likely that some further rate increases will be appropriate this year to bring inflation down to 2% over time. >> reporter: after that warning, u.s. stocks had a mixed

. >> reporter: stocks dipped midweek in response to jerome powell's testimony in congress. dow lost 102 points. the nasdaq was down by 165, and the s&p 500 lost 23 points. >>> on wednesday, central bank chairman jerome powell told lawmakers interest rates are likely to rise again in the coming months. rates will hold steady this month, he says, but the quest to lower inflation back to its target 2% has, quote, a long way to go. economists broadly expect we'll see the next and potentially final rate hike of the year in july. >>> a new lawsuit claims amazon tricked people into paying for prime. the federal trade commission alleges the e-commerce giant tricked and trapped people by confusing customers into signing up and then making it difficult for them to cancel. an amazon spokesperson called the ftc's claims false on the facts and the law. >>> and washington state now hold an unwanted title -- drivers there now face the most expensive gas prices in the country. according to aaa, the average cost of regular gas in washington state has jumped by 32 cents in past month to $4.9

, and the s&p 500 was down one point. >>> at a central banker panel hosted in portugal wednesday, jerome control in this country. he indicated interest rates could rise again soon and didn't rule out back-to-back rate hikes. members of the federal reserve will meet again in july, but it's unclear when they might vote on a rate change. >>> forever stamps are about to cost more. the united states postal service is hiking the price from 63 to 66 cents saying inflation is to blame. postcards and light international letters will also cost more. the usps saying the price increases are part of its ten-year plan for financial stability. >>> and the days of free samples may soon be over for non-costco members. the grocery giant says they've noticed a growing number of nonmembers using self-checkout. the retailer will now ask for membership cards and photo i.d. to use the self-checkout registers which is the same policy as the regular checkout lanes. costco is one of the largest global membership clubs. it has not raised rates since 2017. >>> that's your cbs "money watch" report for this thursday

jerome: the circumstances are different from these countries compared to ours.to be like them. so i guess we should even be proud that here we are sticking to it, and now that we are protecting marriage as an institution. so, no to divorce. reporter: the only way out accepted by the church and the state is an annulment, where the marriage is treated as having never existed. but it's a lengthy process that only the wealthy can afford. there have been many attempts at reform in the past, but all have fallen foul of the philippines' complicated political system. veteran lawmaker edcel lagman often champions the cause of the disadvantaged, and has put forward a bill that permits divorce in certain cases. he's confident it will eventually become law. edcel: while marriages are supposed to be solemnized in heaven, many plummet into hell because of human frailty. and because of this, many are in infernal agony, more particularly abused women and abandoned women. we would have to give a lifeline to these couples in distress. reporter: april tadios earns what she can fro

they dropped quickly today we have a special guest, jerome schneider of pimco.et right into it. you saw the data this morning. you saw the market move. give me your impression. what caught my eye is we dipped below 50% on that move >> yeah. we're undulating between the expectations of realtime data and things will stay stickier for longer what we're thinking about is the fact that we're dealing with the long-term challenges of the economy, the forecast of a likely recession, coupled with an evolving economic landscape profitables are in question and systemic liquidity will be in flux >> correct me if i'm wrong, these are topics we've been talking about a lot. really, it's refocused due to the bill bond. t bills. how many t bills will be falling from janet yellen? >> 1.1 trillion. >> where will it come from. >> in reality, we'll see the digestion this week has been pretty well digested >> super well. >> we have issuance of the curve and other things to consider over time the fundamental question is how do we digest these t bills, money market funds are robust, bu

jerome powell announced wednesday the fed is taking a break after ten consecutive rate increases but he also warned more rate hikes are coming and soon. >> we have to get inflation at 2% and we will. and we don't see that yet. so today's policy decision both to write down further rate hikes by the end of the year, but also to take -- to moderate somewhat the pace with which we're moving. >> here is the way the u.s. markets are poised to react when the opening bell rings on wall street in a few hours from now. they are all down after the fed's announcement, they had a wobbling wednesday afternoon. and matt egan explains the reasoning behind the fed's decision. >> reporter: this is a pause, not a finality. at least that is the message from the federal reserve. the fed deciding unanimously to keep interest rates steady, that is a significant shift after ten straight meetings where they raised interest rates. and yet the fed is making clear that they are not ready to declare victory over inflation at least not yet. fed officials are penciling in another two quarter point interest rate hi

american stock exchanges finished trading with losses , the head of the federal jerome pao said that new increases in the key rate will obviously be required, and investors. i would like to hear a completely different signal, that fet will soon end the boost cycle. the russian stock market is now standing still in the absence of significant signals. unless oil began to get cheaper after just the words of the head of the federal reserve, jerome powell, the ruble is on the way. the peak of paying taxes rises in price, but the dollar also does it somehow without enthusiasm. now 83.58 euros, 91.98, the ministry of industry and trade , suspected the avtomatika concern that , instead of independently developing antennas , they purchased them in china, as kommersant newspapers write in the summer of the twenty-first year, the ministry and concert automation, which is part of the state corporation rostec, entered into an agreement on its terms, automation receives 400 million rubles. gossobey, and in return independently develops antennas for satellite communications. cars and trains on wate

so the ronnie and jerome you know, dr. in combined with the iranian drone technology is a very effective one, especially when applied against the western target. has a new russia ukraine conflict brought about a revolution in terms of the way drones are used on the battlefield. if you're a military professional in the world today, and you are not studying how both ukraine and russia have used drones, then you're wrong. um, you know, we live in a day and age where drones are now going to become part of the concept of maneuver . you will no longer just talked about your air power, your fire support your maneuver elements. drones have become a uh, a technology that you know is involved in all 3. it provides long range recognizance. it provides target designation keep abilities it provides weapons delivery platforms. it becomes a web in itself. it can be used for electronic warfare for jamming. and if you're not incorporating every aspect of drones into the total spectrum of warfare being waged and the enemy will have the adva

congress gets to talk to jerome powell, and i get you in this scenario. what is the answer?s not over and he's explaining why last week it paused in the rate hike campaign, but the pause will not last. the fed saying all fomc committee members think it will be appropriate to raise interest rates somewhat further by the end of the year. that's your money bite by the testimony and inflation pressures continue to run too high and it will be a long way to go to get inflation down to 2% and that's why markets are down this morning because the fed is promising more interest rate hikes ahead. there have been ten and then there was that pause and we have a meeting coming up in july where people think the fed will va to raise interest rates again. the job market is strong and the economy is growing at a moderate pace, but that the inflation story has not finished yet and it's not an island and you can look around the world and when you do that, what are you seeing in terms of inflation? >> what you're seeing is the global inflation story and we learned this morning that the uk inflat

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if jerome powell is saying what he's going to act like he said in the last couple days, there are more rate increases that's going to put the kabash on ipos and why it's still a big signal. >> jerome powell is probably the world's worst forecaster of what the fed is going to do 12 months out. back in 2020, when people like us were screaming at him to raise rates, he was saying he was never going to hike again and, you know, rates are going to be at zero forever and 12 months later he embarked on 500 bpsz basis points of hikes. he's going to be data dependent and puts hikes in and going to keep jawboning this thing as long as he can maybe he has a hike or two left. we think the cpi numbers next -- actually tomorrow the core cpi numbers should be getting closer to his range the jobs report next friday, kelly, is going to be pretty soft, even consensus has it at that level there's going to be reasons for him to say let's keep watching how this unfolds we've done a lot of hiking even if he hikes once or twice more, he's pretty close to the end of this hiking cycle. >> i have enjoyed this t

to your question to diana, q quickly, that's the right question you remember jerome powell on his way off that podium said -- >> right there should be a reset. don't you think the fed is looking at this and thinking, there is no reset in the housing market right now and shouldn't that instill fear in us? >> look at what we've seen in some of these global rates the last couple weeks. uk yields have run away. on these home builders, watch the 50-day averages. they've ridden them the whole way up since last october, november i think if this -- any pullback causes something more serious, it's because those 50 days get violated also, just be mindful. what's been unusual about this move is, they've dave yalted from the regional banks. home builders and regional banks have historically moved in step with each other. that's clearly broken down here. important distinction there. >> tim, your thoughts? you think jerome powell is looking at this, thinking the economy has cooled down enough for inflation to get under, you know, control here >> financial conditions are looser we all know that and

german operator because you, in order to operate that drone, you have to have connectivity to that jerome. that connectivity will at some point in time involving ariel link that can be detected and traced back in, targeted by the enemy. and so much of the advantages that are had by not putting a pilot in the plane directly into planes. so therefore you can take the drone into areas that you wouldn't risk a pilot. the pilot is still on the ground and the power is very much at risk, especially in the tac toe standpoint, where you have people near the ford edge of the battle area to who can be struck by artillery you know, but then the, the other thing is if you have a signal, the signal could be intercept a signal to be jammed. um, one only has to take a look at the, the american drawer that was called the beast of condo, har, i think it was the r q 179. 1 says, i don't have the number exactly, but it was a still thrown iranians watch to take off and land from the american military installation in condo or afghanistan and intercepting the, the satellite link because it was used to control a

host: jerome powell yesterday.e are wanting to talk you this morning about how inflation has impacted you personally after the fed decided yesterday to pause interest rate hikes due to a cooling of the economy. as you have heard or may be read in the papers, the federal reserve is expected to raise at least two more times. alan in brooklyn, new york. how has it impacted you? caller: my suggestion is that more attention should be given to the thoughts of elizabeth warren and bernie sanders about failure to enforce antitrust rules in ways that would prevent large companies from exerting an increasingly profound force on controlling prices. i believe until we recognize that is a powerful force for inflation as the power of individual workers getting salary increases, then using the one tool of raising interest rates to cut jobs to control inflation is a backward way of handling things. we need to revisit the system and have other tools in the fed's basket besides raising interest rates when large companies have such c

the s&p 500 closing lower, along with the dow fed chair jerome powell warning that the central bank has a long way to go to fight inflation, sirg signaling there are more rate hikes in store does that mean we could be in for a longer cooling off period? tim? >> well, i think powell ultimately can't help himself to be dovish, and i think, you know, today was not a big surprise relative to what we got last week. i also don't think that the market was selling off on powell i think the market is selling off on positioning that's gotten really extreme and interesting, because the vix fell 5% today on a down day. we've had this conversation on the desk and it's a conversation with different people on the street, hedge funds have been bringing the gross down. they've been selling popular longs and covering popular shorts some could argue that's why it seems like the market is bro broa broadening and why you see volatility going low. but to me, look, sentiment and momentum indicators certainly favor that equities have a place to pull back here. you also have a market which doesn't really believ

talking about jerome powell, chairman of the federal reserve, anytime he opens his lips we normally seeeople selling in droves. that is very much the case when it comes to nasdaq and technology stocks. not so other stocks. the dow in and out of dead-even money here. but again that is usually the drill. you can safely bet when the federal reserve chairman gets before a microphone you better hide, sell what you have. maybe that could breakta. welcome, everybody, i'm neil cavuto. let's get the latest what the federal reserve chairman is saying that might cause more selling or stay where we are. former office of management budget chief economist under president trump. vance, so far, so relatively okay. in other words he seems to be saying what we thought he would be saying. we did take a pause, that is the federal reserve on hiking interest rates but it doesn't mean that permanently will be the case. seemed to telegraph a couple more rate hikes as expected. your thoughts. >> neil, pleasure to be with you today and look, just i think here in austin, texas i'm at things are running pretty hot

then federal reserve chair jerome powell is on the hill to talk inflation as american families spend more money at discount stores. i'm madeleine rivera in washington with that story coming up. this is ktvu fox two news at noon. good afternoon. i'm gasia mikaelian. and we'll start with the developing story in oakland where police are on the scene of a shooting investigation. it happened around 8:00 this morning on embarcadero near the aquatic center when police arrived, they found a victim with gunshot wounds. at this point, police haven't given any more information. we do know that a coroner's van arrived at the scene just a short time ago. we will continue to follow this story and bring you updates as soon as we get them. president biden is on his way back to the white house now after wrapping up a bay area visit as ctv's allie rasmussen explains, the president attended a number of campaign fundraisers here and also touted his priorities as president. so far, president biden boarded air force one on the tarmac of san francisco international airport this morning in the past 48 hours

jerome powell unscripted. he stayed close to the script. what an aude. thank you for joining in. we will see a data check some of the storylines behind the data check. it will encapsulate a thursday claim. this is the first time we've mentioned claims in 12 minutes. that shows who the topsy-turvy day it's been. i want to go through equities, and pick it up with your story. futures at -11. dow is -88. the vix is 13.81 print i will call this a fractional weight to the tape after two days of struggle. what do you see? wax a crying higher. you can see this in the united kingdom with two-year yields at the highest levels going back to 2000. you can see that in the u.s. where you have two-year yields grinding to the highest levels versus a 10 year yield going back decades. at least close to that level. you are also watching the pound. this tells a significant story. the pound versus the dollar. we have reclaimed a bit of strength. but if we don't see more strength, what does that say about the credibility of the bank of england after delivering b

the main point coming from jerome powell downplaying the odds of recession. the nasdaq one up 0.4%, a very tech heavy and decks. if you look at the silicon valley tech index, it remains lower. we will get into the details later. yields lower, down 0.35%. bitcoin was on a nine-day winning streak that has now snapped. we are trading at 0.6% but it was trading higher since 2020 two. jonathan: aviation is a starter production facility in california. the faa certification will test like that. we will speak to the ceo and find out what is going on. wall street journal reporting the u.s. is considering tightening curbs on the export of chips to china to increase lower power chips. this is in the context of ai and nvidia has been the leader of this space. it is down 0.9%. amd is higher by 0.5%. let's understand the industry. this is the reporting. the u.s. will tighten restrictions to include lower power chips that nvidia moved to introduce to get around the original curbs. what is the impact? >> at this stage, the impact on nvidia initially is roughly $5 billion on

so it's important from other states like good jerome. so you say the, at the despite being by the see, the city is often felt of sand for housing. it's growing population. recent estimates big the demand for staying in urban india at 60000000 tons. but your primarily in the construction industry some of the best sand for using construction is found under rivers. but this mining does long term damaged legal systems and local livelihoods. often the indian government's attempt at controlling san mining have only said the business underground and mining has continued unbridled environmental engineering and research a d. b. i need your, she says some of these materials can be upside good for a cheap and sustainable replacement to stand by ash majestic to be there as the best product in the kind of my fault or any type of bonding. but there is a foldable name. where do i have to find those which tends to fly up to the to me top level is collected over that i'm, that's my us can be used for manufacturing of this flash of this upside. can fly as

federal reserve chairman jerome powell is on capitol hill taking questions from lawmakers .owell says it's way too soon to declare victory with inflation stilldship that high inflation is causing households and businesses are also struggling with tight budgets and credit. many are flocking to bargain retailers like dollar stores, searching for savings, discount supermarket. aldi's says it saw more middle and high income shoppers last year. and according to one recent survey, americans making six figures are now 15% more likely to shop at dollar stores, compared to last year. why? just because you make a lot of money, do you have to go spend the highest prices on everything? it's prioritizing your spending. another poll shows americans say their families need at least $85,000 a year to get by comfortably, much more than the median household income of $71,000. and more pain could be on the way with economic experts predicting the fed could raise interest rates again. we think maybe one hike, it'll be it for the rest of the year. it really depends onn. if it keeps coming in a l

. >>> federal reserve chair jerome powell says more needs to be done to slow down inflation, and thatback rate hikes in the coming months. the central bank paused interest rate increases earlier in june. >>> and for just the 24th time ever and the first time since 2012, domingo german of the new york yankees threw a perfect game last night, retiring all 27 oakland a's that he faced. for more download the cbs news app on your cell phone or connected tv. i'm shanelle kaul, cbs news, new york. ♪ >> announcer: this is the "cbs overnight news." >>> we begin with tens of millions of americans facing another round of air quality alerts due to heavy smoke from those canadian wildfires. residents across 17 states from iowa to new york and as far south as the carolinas are being urged to take precautions, especially for those with underlying medical conditions. look at these pictures. i mean some big cities are issuing warnings for people to limit their time outdoors or to wear masks to minimize potential health risks. elsewhere, brutal heat is bearing down on more than a dozen states across th

powell in the globalfinancial the president and jerome powell in the global financial system, shoulda step back in the previous work handled itself, i think that would —— that is what should happen i think you will see a free.— will see a free. when you say enou:h will see a free. when you say enough is _ will see a free. when you say enough is enough _ will see a free. when you say enough is enough you - will see a free. when you say enough is enough you mean l will see a free. when you say| enough is enough you mean in terms of interest rate rises month on month on month, as they paused last month, they should pause again this week? that is correct, we are in a good place financially, from a macro level most americans are doing well naturally, at this particular moment as we are a year and a half outside of a presidential election we do not want to be in the business of continual rate hikes that make all the economy in a way that is not necessary.— is not necessary. are you thinking _ is not necessary. are you thinking then _ is not necessary. are you thinking then the - is not nec

and jerome powell will testify before congress.get the inflation numbers for the month of may in britain. the bank of england will make a rate decision on thursday at noon. stay with bloomberg as we bring you special coverage. and lastly on friday we will get a lot of pmi data. it is a crucial week for the u.k. with inflation data on wednesday and a bank of england rate decision on thursday. they could bring a halt to upward momentum in interest-rate bets. let's bring in john step it. congratulations, everything you write is interesting and controversial. i always tweet your notes out. what do we know about the headline inflation figures and what it means for the boe? >> this week we get an interest rate decision. the reason it is in the headlines again recently is because the last month we have been much stronger than expected in inflation data and wages data. the markets -- the grim reality is -- a think tank report came out saying that if rates go up to 6% than a lot of people are going to struggle to pay the mortgages and a lot

. >>> and now, back in the hot seat, and jerome powell, the fed chair, is testifying for the second daye a long way to go in the fight against inflation. we will have more on that when we come backck. i i had a family member who over a hundred years prior haveve walk these ground. hi, i'm sharon, and i lost 52 pounds on golo. on other diets, i could barely lose 10-15 pounds. thanks to golo, i've losand it was easy. weight, oft music) ♪ tourists tourists that turn into scientists. tourist taking photos that are analyzed by ai. so researchers can help life underwater flourish. ♪ but now that i got the inspire implant, it's making me think of doing other things i've been putting off. like removing that tattoo of your first wife's name. inspire. learn more and view important safety information at inspiresleep.com. [ applause ] the day you get your clearchoice dental implants changes your struggle with missing teeth forever. it changes how you eat, how you feel, and how you enjoy life. it changes your smile and how others smile at you. clearchoice network doctors have changed over 100,000 li

and it's why the fed chair jerome powell has said more interest rate hikes seem pretty likely.y, the 12 month change in the cpi came in at 4.0% and the change in the core cpi was 5.3%. inflation has moderated somewhat since the middle of last year. nonetheless, inflation pressures continue to run high and the process of getting inflation back down to 2% has a long way to go. the theory is by making it more expensive to borrow money it should cool off the economy. and ten rate hikes later, that tactic seems to be working. of course, the danger is the us economy could fall into a recession. those hawkish comments by mr powell had certainly weighed on investor minds. the nikki index is trading flat as japanese investors look at what happened on wall street overnight aftermarket sales for a third straight on wednesday. still staying on the topic of interest rates, it's going to be a busy day for monetary policymakers here in southeast asia. indonesia and the philippines will host central bank meeting. no big changes are expected because prices there have not risen as quickly as oth

haidi: jerome powell speaking with the u.s. senate banking committee.ur next guest says investors should not lose sight. sarah ponczek joins us with more . always good to have you with us. if you are a medium term long-term investors should you be looking through this time of profit and weakness? >> we have to be careful of separating the near term outlook and the elation from the long-term outlook. i'm talking five plus years. the reality is valuations are relatively high and upside of the near term might be limited when we think about the long-term case, we are seeing innovation and structural changes we have not seen in quite some time so for the first time in about 15 years it seems like the are seeing a sustainable capex and at the same time growth capital is abundant and we continue to see investments made and digitization is accelerating so if you are a long-term investor, near term share there is reason to be cautious, you have to make sure you are not losing sight of the long-term picture and if you have a long time horizon and you are sitting

jerome powell semiannual report to congress. plus, the eu announces a security plan to avoid overreliance on china, potentially leading to some curbs on trade with beijing. francine: let's look at the futures, stocks are struggling a little bit. we have jay powell speaking later on. dax usurers are unchanged. the ftse 100 is about the inflation print, higher than inspected. we see a repricing on what the boe is expected to do tomorrow. tom: fourth straight month with inflation higher than expected, core inflation above 7.1%. the challenge being laid down for the bank of england amid the concerns about the mortgage market. we look at house builders before we check on gilt and the move on the front end could be pronounced. the ftse 100 down 0.4%. the outstanding index, the most pronounced. down 0.5%. the cac quarante off by 0.3%. there was a pop for the pound, closing in on 1.28 on expectations that we are looking at a terminal rate of 6%. when it comes to the yield story, you have seen yields at the front-end moving up by 100 bas

between 5% and 5.25%, but for companies and consumers alike, the pain may not be over, as fed chair jerome powell made clear during his press conference. with us inflation running still well above the bank's 2% target, it'sjob is not yet done. i think, as anyone can see, not a single person on the committee wrote down a rate cut this year, nor do i think it is at all likely to be appropriate if you think about it. inflation has not really moved down. it has not so far reacted much to our existing rate hikes, and so we're going to have to keep at it. most officials think two more rate hikes are needed this year, starting perhaps as early as next month. wednesday's decision ushers in a new phase in the fed's battle to lower prices follows a path carved out by central banks in countries such as australia and canada, which recently announced rate hikes following a break. michelle fleury there in washington, dc. the latest decision by america's central bank comes at a time when inflation is slowing but not as quickly as the federal reserve wants it to be. earlier, i spoke to blerina uruci of t.

colleague sara eisen will be monitoring the policy with fed chair jerome powell christine lagarde and the kazuo ufeoa, and the bang of england governor, andrew bailey. >>> for more, check out cnbc.com. >>> coming up on the show, european equity markets enjoying the european mounts. what's driving the move next when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy