yvonne: jerome powell signals recession may be the price to pay after the third straight hike. >> the fomc is strongly resulted bring inflation down to 2%. we will keep at it until the job is done. yvonne: futures tumbling on that hawkish outlook. the hang seng closing at that level. next up, bank of japan. rishaad: britain, taiwan, decisions, the treasury market, and the dollar on an absolute tear. david: yes. the peso is pushing 58? the taiwan dollar continues to fall. the ringitt moving out. you see the bright red on the chinese currency. 7.10. that should not come as a surprise, the declines in the asia-pacific. futures in the yield space higher. this does not seem to limit itself to asia. we will likely see a lot of pressure on equity markets. we are looking at these futures are trading. s&p futures down. almost 1%. europe. 2.2%. this adjustment is making itself felt. yvonne: how much more do you have to keep asking have we reached peak hawkish nose. you see -- hawkishness. you see they're willing to take more pain and hike into a recession. it seems like policymakers can't map t

world into a recession and is calling for more co—ordinated action among central banks, an idea jerome powello pour cold water on. powell was quick to pour cold water om— water on. it's hard to talk about collaborations - water on. it's hard to talk. about collaborations where people have very different levels of interest rates, there were co—ordinated cuts and races at different times but we are all in different situations.- are all in different situations. j ., , , situations. by raising interest rates banks — situations. by raising interest rates banks are _ situations. by raising interest rates banks are making - situations. by raising interest rates banks are making up i situations. by raising interest i rates banks are making up more expensive to borrow money they hope people will spend less and this will ease upward pressure on prices the danger is if they go too far it could choke economic growth, and cause a spike with joblessness, a very real fear with the federal reserve admitting getting inflation down, well hurt. let's go to kansas city now and speak to thomas hoenig. as presiden

jackie: short-lived taking in a break john and i talking about wealth destruction after jerome powelld comment on that. >> not getting any better we find market, u.s. common stock down 2 1/2 trillion dollars, that is like 10% gdp, since powell spoke last friday will probably deepen as wealth disappears a strong incentive to get back into the job market people will begin to rethink why they retired early. could show up in labor participation. if i could bring in you economy is a huge issue in midterms this is how people o vote a lot of people do vote with pocketbook maybe not initially when impact of inflation sets in it has now we are going to have sometime to come all of a sudden starts to make people we think at voting booth. >> messaging perspective will remain that if republicans, keep it so, if republicans get distracted by bait provided by democrats ie roe v. wade, things along those lines democracy -- >> the number. >> let's do it 315,000 coming in for nonfarm jobs a slight beat over estimates, 315,000 the estimate for 300,000. this again is not the number we got in july, remem

maryam: that is jerome powell.e on this now from nina, a euro chief at the wall street journal in new york, who manages -- a bureau chief at the wall street journal in new york. we heard jerome powell. the fed, he, -- fed, he said, keep at it until inflation comes down. many argue that is a fine balance, given the threat of recession. >> it's one of the questions. can the fed tamp dowinflation before it results in a recession? so far, we've seen unemployment hold pretty steady, even though it has been increasing slightly in recent months. that's the main question, will we see a slowing in inflation before the economy really slows? inflation hasn't increased much over the summer, but it hasn't decreased much. there's still this question as to whether the action from the fed will show effect and how much more is necessary in terms of further rate hikes, given that this was the third in a row that came of this magnitude of 75 basis points. pretty unheard of for the fed for many years in a row. maryam: it's the speed a

that was an explicit message from jerome powell at jackson hole. they are not rising in rate cuts next year. it is too soon. it is noticeable from the some of the hawkish comments have been from previous doves, turning the focus onto the damage that high inflation causes, rather than dragging down the unemployment rate further. from this point, they have intentions to make sure that inflation comes down. it will take more than these numbers to turn them around, given that inflation is so far above the 2% target. david: the market indicators that are available, what do you think is the most accurate in terms of predicting near-term direction of the u.s. dollar? anything, anything really? >> i think it is probably the two-year yield in the u.s. yield spread. i think that is underpinning dollar-yen. as long as that is there, we get blindsided at times by events such as the pipeline impact on prices and european energy, but for the most part, it is about the fed. we'll they keep -- will they keep on the aggressive side, and will they get the message ac

jerome powell not the only market mover making economic headlines at this hour. the nation's biggest bankers peppered with questions about the economy on capitol hill today. wait till you hear what jp morgan chase ceo jamie diamond thinks about the possibility of a soft landing. we have two major investment honchos here to see if they agree and how to position your portfolio post-hike. closing bell 17 minutes away, dow 378 and s&p low -r by 45 and nasdaq down more than 1%, everyone is down more than 1%. russell down 1% and transport down half a percent and they'd been higher and we're watching every tick of this market, don't go away. ♪ liz: folks, breaking news, the dow just hit fresh session lows of down 454 points now. we are just barely off that at the moment. the rest of the equity market is following to the downside. there's green on the screen. we need to get you that. look to crypto, the securities and exchange commission has been keeping mum on how it believes ethereum should be regulated. let's bring in charlie gasparino. >> they're keeping mum as to wh

the federal reserve hiked rates by another 75 basis points and now chairman jerome powell is warning e pain to come. great. edward lawrence is at the white house this morning. edward, what does mr. powell mean when he says we should expect more pain to come? >> i asked him specifically about that, and he told me that he was talking about higher interest rates for credit cards, higher interest rates for mortgages and auto loans and housing inflation. the federal reserve believes there'll be a severe slow down of the economy finishing the year at 0.2% at gdp growth and federal reserve seeing an increase in inflation this year moving forward to the end of the year so i asked the chairman this : >> you had said that americans and businesses need to feel economic pain as we go forward. how long from here should americans be prepared for that economic pain? >> how long? i mean, it really depends on how long it takes for wages and more than that, prices to come down for inflation to come down. so what you see in our projections today is that inflation moves down, you know, significantly over

. >> bill: fed firing another rate hike, jerome powell says this is far from over, we'll talk to marie coming up in a moment. >> dana: school board elections looming large, driving parents to the poll. >> bill: and how texas is stepping up the fight against drug cartels. >> it's open border, anybody can come in, i am immigrant myself, i think everybody should come legally. ever wonder what everyone's doing on their phones? they're investing with merrill. think miss allen is texting for backup? no she's totally in charge. of her portfolio and daniel g. she's building a greener future and he's... running a pretend restaurant. and phil? phil has questions, but none of them are about his portfolio. digital tools so impressive, your money never stops working for you with merrill, a bank of america company. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ (vo) businesses nationwide are switching to verizon business internet. (wilder) it's a perfect fit for my small business. (vo) verizon has business-grade internet solutions nationwide. (wayne) for our not-so-small business too. (vo) get internet that keeps your busines

the consensus today, jerome powell is going to lead another 3-quarter point hike, federal funds would be the third such hike we've seen in a row with the market factoring another one in november, but that is what we are speaking of the devil will be in the details, how it lays out in 90 minutes, the rate hike, we will know in an hour, jackie deangelis following all of this as she always does. >> reporter: we will hear from powell and look at the final word on what the market is anticipating. for weeks, will the fed hike interest rates by 75 basis points? possibly. bottom line, even if he does 75 basis points and another hike is coming after that anything you finance will cost more and that is important to american consumers, take mortgage rates, last year at this time, 2.86%, that was the percentage on a 30 year fixed loan, now it is 6.02%. what that means if you are buying a house the cost $500,000 with 20% down payment, your payment will be $747 per month more now. that increase of 45%. that impacts people. it doesn't end they are. if you need a car loan same situation, credit card

right now, we go to an event with federal reserve chair jerome powell. this is live coverage on c-span2 >> the new monetary framework, and average inflation targeting. the idea was to make up for shortfalls by temporarily allowing inflation to exceed 2% while averaging 2% in the longer run. yet, no specific time frame was given. this flexibility increases uncertainty about the fed's commitment to price stability. until recently the feds mantra in setting its policy rate was lower for longer. and the forward guidance was often misguided and the macros were unreliable and forecasting errors eroded confidence in policy making. the fed initially saw inflation to transitory and slow to increase the rate, however, the consensus has changed and fed made it clear at that rates will rise until inflation falls to a more normal level even if the u.s. faces recession. of course, the underlying problem with our current monetary regime is too much is expected from policy makers. the limits of money policy are often forgotten, moreover there's no clear rule for guiding

this begs the question is jerome powell really for the common man? how much should we fed is for main street when they were created to serve big banks? ralph bostick says the central bank has not lost credibility with the public. tweet me your thoughts, do you agree or disagree. should the fed be abolished? tweetee @cv page. i will share your replies at the end of the show. oil at nine-month low. tracy shuchart tells us where she sees it next. have you ever want to be a venture capitalist. we have the arc fund on the show to discuss a new venture. all that and more on "making money". ♪. charles: got to tell you asking, the stock market carnage to me is the most underreported story in the nation. i think in part maybe because it is somewhat orderly in nature, but listen, the media is looking the other way. if you think about this americans with without 401(k)s no more about monkeypox than the stock rout of 2022. this is the fourth worst start? history. s&p 500 finished in the red 56% of the time. you want to know how bad that is? you have to go all th

jon hilsenrath, you know, jerome powell and team, you're our fed watcher, fed reporter. they've got a lot to digest here. what's interesting is that we've got this report today, you know, they meet on the 21st, but they're still going to get that august cpi number before they meet. and one thing i noticed from joe roam -- jerome powell i guess it was two months ago during his press conference, he talked about they reacted to that cpi. it was a real fast turn for the fed. normally, it takes them a much longer -- they have a lot of runway before they get to that decision. but i he kind of admitted that they're looking at quick data, and i think that's going to be the cpi. >> well, cheryl, i'm thrilled that i'm doing the show with you today, because i know you know these numbers as well as anyone. you're out reading them at 8:30 in the morning, and you know every line in these reports. and i think you're exactly right. ethan will know this, i think the date for the cpi report is september 13th, and that's a very important report. if those inflation numbers come in soft as t

. >> up next, jerome powell talking about raising interest rates to fight inflation. he also discusses the impact of the pandemic on inflation, as well as digital currency and privacy protections. his 50-minute remarks were part of the cato institute annual conference. [captions copyright national cable satellite corp. 2022] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] c-span2 >> the new monetary framework, and average inflation targeting. the idea was to make up for shortfalls by temporarily allowing inflation to exceed 2% while averaging 2% in the longer run. yet, no specific time frame was given. this flexibility increases uncertainty about the fed's commitment to price stability. until recently the feds mantra in setting its policy rate was lower for longer. and the forward guidance was often misguided and the macros were unreliable and forecasting errors eroded confidence in policy making. the fed initially saw inflation to transitory and slow to increase the rate, however

. >> jim, what type of clarity do you hope to hear from chair jerome powell in the press conference do you expect him to maintain a hawkish disposition similar to what we saw at jackson hole in. >> so the things that i'm listening to, you know, from powell is going to be how he links the labor market to the current fed policy right now what the fed is saying they can control inflights without doing too much damage to the labor market and that's something the markets don't really believe it's more mann than likely that the unemployment rate has to go up more than the fed is saying what shouldn't be lost on snib this is a significant market to market from the june to the september one we just got, 100 basis points in marking to market for policy rates in 2022 and 100 basis points higher for 2023 this is going to play, wreak havoc on assets from a discount rate perspective in terms of how we look at future cash flows and how we need to start to think about valuations the faster this fed goes and i would like to hear from powell as well, this might be good in the short term in terms of it

jerome powell is expected to stress the resolve. bank of japan is trying to cap upward pressure before a policy decision later this week. they announced a bond buying operation. the boj governor has determined that they will maintain rock-bottom interest rates even though many nations are increasing them. the latest takeover. it is that values at $10.8 billion. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. ♪ close our policies regarding this have changed. having said that, we harkens earned about the ambitions, coerced -- coercive behavior. jonathan: a great conversation. we are live with tom keene and lisa abramowicz. basically yields come down. much stronger. just about holding on to 99 now. that euro weakness off the back of some strong words from the russian leader. tom: we will continue to monitor that. showing 24 to 27. we will continue now on russia and their leader. in february, i announced my book of the year. w

jackie: speaking of the federal reserve jerome powell broadcasting to the longest of there's pain toome and you know, the markets interpreting estimate the rate hikes that are coming will be more aggressive in the maybe they were thinking in july would be submarket rising, that having said coming your take on how and how he will read this report had headed into his decision-making process. john: i think that this report does not change the expectation that the federal reserve will be hiking fed funds, short-term interest rates by three quarters of a percentage point come september 21st and i would bring the federal funds rate up to its highest level since early 2008, by the way, let's not forget that the current fed funds rate about 2.38 percent, was with the fed funds pete during the previous economic recovery and as it turned out, back in pretty 18, and 2019, the fed was eventually forced to cut the fed funds because the fundamentally stronger economy, but 2018, in 20, was incapable of show the children and 2.38 percent fed funds rate, in the morning here as there is a federal rese

if republicans get the house and senate, caved to us, i don't know, jerome powell has his hands fullflation but this is where you see pushback on the biden economic agenda particularly esg and larry fink who runs black rock, have a lot of respect for him but what he has to do and the people who run vanguard have to show what they believe and i know larry think believes in more of a transition to esg. 's views have been distorted. they are coming for you. i can tell when i listen to these guys. neil: making money for the customer. charles: they want the esg stuff but it becomes a problem with their clout, and force esg on other companies. they become a government regulator. neil: thank you. being well educated, the best business reporter, not being well educated, you can guess. we are not guessing. we have a selloff down 645 points, in and out of bear market territory, first time we've been around these levels for two years, the covid thing was out of control, right now so is the selloff. ♪ blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need

i look at what jerome powell is doing. to me he's raising the interest rates on my, on my visa card. so, i have to pay more on interest rates and my visa card. my question is, who is profiting from the high interest rates i'm giving the visa card? the banks, i believe. it's the same thing with a mastercard. interest rates are going up. who is profiting from that. the banks. people like me are middle-class, poor, just making it. we are the ones, it seems like, taking the money from the poor people, the people who are barely making it, giving it to the banks. it's the same thing when you buy a house. interest rates are going up on homes. who is making the profit from that? the real estate industry. it's the same thing if you buy a car. who is making the profit from that? the poor people, the people who are struggling are the ones where the money is coming out of their pocket. they are the ones that suffer. so my, my question is, i guess, to you or the other callers calling in, does it seem right that the middle and poor clas

jerome powell at the federal reserve making a choice whether you want to be arthur burns who let inflation run in the 1970s or paul volcker who screwed it down and sounds like chairman powell is intent on doing that. the white house has to suffer the consequences. david: it is not just inflation. powell came out with a grim forecast for economic growth, 0.02%, as flat as you can get for 2022. we lowered that tremendously this week. we are in a desperate stage of stagflation. jillian: mary:he's trying to prepare the public for what is happening to the economy as conditions tighten. that is something he has to do if he brings inflation out of the economy but it is going to mean basically demand destruction which is raising interest rates to the point where it is harder for companies to borrow money at low interest rates which they have been doing for many years and that will hit earnings, probably the job picture will be higher. unemployment, jerome powell trying to prepare people for that because when it happens, everyone will say you are keeping rates too high, he has the backbone to hang

everybody is talking about jerome powell being paul volcker. paul volcker but he is also part arthur burns because he monetized the debt during the pandemic. the m2 measure of money grew 42% during the pandemic. that's why we have inflation today. and the reason all of this happened is because they accommodated the congress. congress was trying to give people money. some people call it buying votes. then the fed bought the bonds that the congress was forcing the treasury to sell and then what happened is the money supply exploded and inflation went up. paul volcker never monetized the debt. he reversed all of that. we'll see if jerome powell has the intestinal fortitude to do this and i think you're right, i think he tightens, unemployment goes up, recession happens, market goes down and then he eases. that is exactly what arthur burns did. charles: what's interesting today, we had a whole bunch of economic data out. >> right. charles: it was good enough for the atlanta gdp number to go higher but one thing interesting to me is prices paid in t

in charles payne's show, fed chair jerome powell begins his news conference.ies -- and this is so important -- right into the 3 p.m. final hour of trade. he will answer all the questions from the press. and depending on what he says and depending on the question, the markets may very well spike or drop. you just don't know. we are going to watch every tick of it. we've got with really smart people who are going to give postgame analysis and and reaction right here on "the claman countdown." as i said, set the dvr if you can't watch it live. >>> it is a story beyond real. the beyond meat chief operating officer arrested in a postgame road rage incident in arkansas. yes. after tailgating. but it's what he was arrested for that's got tongues wagging and noses bent out of shape in corporate america. the details straight ahead. 37 minutes before closing bell rings. the dow off the lows of the session but still down 334. s&p losing 43 points or one full percent. nasdaq down under 1%. russell down 1.33%, losing 24 points. we are coming right back with the beyond meat

dani: fed chairman jerome powell speaking yesterday on the state of the u.s. onomy and the inability to avoid pain in trying to get inflation back down. powell certainly surprised the markets. dots go on your bloomberg terminal showing you where the markets landed in terms of projections. this was a move even higher and exceeded all expectations. before they were around three and three quarters of a percent. next year, we jump up to four prints -- 24.6%. all of this coming through. let's bring in jeffrey cleveland from payden & rygel. we have 4.4% this year, 4.6 percent next year and unemployment is 4.4% next year. is the fed trying to engineer a recession? jeffrey: good morning. i think you have to imagine the possibility that the fed not only goes to 4.4% or 4.6% but also 5% in the next six month or so. i think that is a reflection of the fed trying to rein in inflation. they are willing to have a recession in order to get inflation down. getting the unemployment rate up would qualify as a recession. they are willing to take that pain if it means price stabil

the consensus today, jerome powell is going to lead another 3-quarte

now all three major indexes dropped more than 1.5% after fed chairman jerome powell signaled more hikes are coming. with inflation near a 40-year high, the cost of almost everything keeps going up, from groceries to rent to health care. and when it comes to food, those who can least afford it are actually getting hit the hardest. cbs' carter evans reports in tonight's "money watch." >> reporter: everybody's feeling >> my grandson, he comes in and he says nana, we should be on lunchtime by now. no, we actually skip lunch. we're on dinner. >> reporter: she just left dopple dollar general where prices are up 24%, and prices at nearby aldi are up nearly 17%, both discount stores often relied on by families in lower income neighborhoods. is food inflation hitting lower income people disproportionately? >> absolutely. >> reporter: leo feller is chief economist at numerator which tracks hundreds of shopping receipts. he says higher income have more options. once you're a low income consumer, you are already at the cheapest place you can buy food. and that just means these stores have more pric

there seem to be consensus from jerome powell. more than 4% losses on the s&p 500.g the brunt of the pain, down nearly 4.5% right now. how do we deal with the idea of big tech? an economy that is deteriorating as well as valuations challenged by a higher fed funds rate? really we have a talk about the united kingdom, where the overnight action has been. the idea of a 50 basis point increase in 5-year gilts in england in one day. that goes to this question, are we looking at emerging markets? damian: the g3 is a threat animal altogether. if you look at gilts, jgb's, they are behaving more like emerging markets. frankly it is unbelievable. lisa: what we have seen in the two year yield, 10-year yield in the united states is a withdrawal of liquidity. suddenly money earned something, so they are taking it out of other assets, which is why you are getting a price yield. 3.7866%, just a basis point. we have to go back to the pound and what happens when you get this loss of faith in a nation, fiscal policies. the pound dropping to new post 1985 lowe's. what happens if you

couple that with comments made by jerome powell last week, wall street is expecting a pretty hefty increase though inflation may have dipped in the last cpi report it is still at a four year high. combating the high cost of living is a priority but investors continue to worry about the speed of the rate hikes with many worried it is a fast track for a recession. let's talk to economist pete earle, research fellow at the american institute for economic research. he's in great barrington, massachusetts. lovely place. let's talk about what is going here and the paradox of the us labour market, because we are repeatedly seeing and reporting on this programme about layoffs, during a time of a jobs boom and a time of low unemployment sojust how jobs boom and a time of low unemployment so just how robust an indicator of strength is jobs to what is actually going on with the us economy? thanks for havin: on with the us economy? thanks for having me- — on with the us economy? thanks for having me. i— on with the us economy? thanks for having me. i think _ on with the us economy? thanks for having me

, with jerome powell saying it is not the last time. >> we have got to get inflation behind us.painless way to do that. there isn't. so what we need to do is get rates up to the point where there is putting meaningful downward pressure on inflation. >>s what do it mean for you? it means rates may go up even more on credit cards, and any new or adjustable mortgage, new car loans. if you already have a mortgage or a car loan or a federal student loan, you won't be affected by this. let me bring in stephanie ruhle, and senior white house correspondent kelly o'donnell. not surprising that the interest rate has raised interest rates again and jerome powell is previewing more interest rate hikes down the road. when does it end? when does it get better? when does do we find the soft landing? >> when does it get better? that's a tough question. we have to keep raising rates, why? because inflation is so high and it is uncomfortable to spend more money to borrow and that's what happens when rate goes up, the most important thing, the top priority for the fed is to get inflation under con

so that's exactly what venture jerome powell said, and that's what's gonna happen. we're going to see more hikes. they said so it's already priced in the markets. but now the real question is this, if more data like this hits the takers before the feds upcoming re meeting, and i believe it's the 3rd week of september. if more data like this comes out, will the fed then be forced to ease its aggression and just high rates on a lower level, not as hard as $75.00 basis points, maybe 50, maybe a quarter. we'll just have to wait and see. that's the breakdown. james sweeney in new york. thank you very much. thank you. that's head to the united kingdom now where skyrocketing inflation is putting a major strain on the hosp policy industry. the sector had already been dealt a blow when people stayed away during the pandemic than the war, and ukraine pushed their prices up. and the biggest issue now for many businesses is rising fuel costs. industry representatives say the government must take action to prevent math closures. let's bring in our reporter, emily gorgine in lond

we go to fed chairman jerome powell. chair powell: it started in 2019 wh

chairman jerome powell. oh, jerome.ouncing yet another interest rate hike and steep 75 basis points they thought he might go to a full point. this of course marks the third straight month of increases that means mortgage payments are up, a 30 year mortgage for $400,000 home with 10% down, that's now $2,340 a month and that's $20 o -0 more than you would have paid yesterday. that sucks. powell says that's not the only pain coming why -r way. he's going to spank you. >> what is that economic pain in your mind? job losses? is it higher interest rates on credit cards? what's that economic pain? >> it's all of those things. higher interest rates, slower growth and a softening labor market are all painful for the public that we serve. but they're not as painful as failing to restore price stability and then having to come back and do it down the road. kennedy: it's also not as painful as everyone in central banking saying inflation is transitory. when all these other rationalists are running around going, no, it's not. we're

parts probably already are because of central banks raising rates jerome powell and company next weeky right i am in the camp fed should do 100 basis points next week, whether they do 75 basis points or 100 basis points is not it, there is still behind market rates, and then, so we probably have to have a rate grief in november and december hopefully will be done about it market rates have shot up, the treasury yields actually started rallying mid-june thinking inflation could cool off, now this not cooling off, falling energy prices, so we got quite a mess fed can never fight market rates shum rates highest since 2007 mortgage rates highest since 2008, fed has a lot of catching up to do. cheryl: john lonski. john: i can't help but notice this economy slowing down world economy is slowing down, eventually this is going to slow price inflations might lead to price discounting. perhaps we should have nothing more than three-quarters of a percentage point rate hike next week, and, you know, by year's end fed funds futures is telling me the federal funds rate finishes the year about 4.4%

jerome powell said, to reset. we have put the energy crisis front and center. and we have -- that may move ahead of the fed and people are starting to evaluate where we could start to have a sovereign. we talked about that the second quarter. things were almost too good. i think positioning in the professional community means incredibly light cash and record shorts in the nasdaq and triple q. so, people are prepared for this but is difficult to see the stormy clouds get out of here. >> karen, tim bring up an excellent point. it was very clear that the fed chair, jerome powell talked about being aggressive and it has been bad ever sense but it is less bad than it was in the two days or three days around that ackson hole conference. do you think that people are getting more comfortable with the idea that this is a reevaluation? or will this be another test? >> all of us on this desk, it was not a surprise that he came out hawkish. what was was that the market was shocked by the hawkishness. i feel like, normally i am kind of cautious. i actually bought some thing

. >> federal reserve chair jerome powell announced another increase to interest rates by three quarters of 1% in response to record high inflation. it's now the third consecutive time that rates have increased at that level. this news conference is about 45 minutes. chair powell: good afternoon. my colleagues and i are committed to bringing it down to 2%. price stability is the responsibility of the federal reserve. without price stability, the economy does not work for anyone. without price stability we will not achieve a sustained period of strong labor conditions that benefit all. today, the fmo c raised by three quarters of a percentage point. we are moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2%. in addition, we are continuing the process of significantly reducing the size of our balance sheet. i will have more to say about today's monetary policy actions after briefly reviewing economic developments. the u.s. economy has slowed from the historically high growth rates of 2021, which reflected the open of the economy

fed chairman jerome powell said the fed is now facing a delicate balancing act. >> my colleagues and i are acutely aware that high inflation poses significant hardship as it erodes purchasing power, especially for those least able to meet the higher cost of essentials like food, housing, and transportation. we are highly attentive to the risks high inflation poses to both sides of our mandate and we are strongly committed to returning inflation to our 2% objective. >> -- kate: wall street tumbled even though market -- markets had largely priced in that rate hike. dow jones down about 500 points, one point 7%. similar story for the s&p 500, down about 1.8%. the u.s. dollar traded at its strongest in 20 years against a basket of currencies including the euro and pound. just two months after aunt took over its biggest utility group, edf, the german state has confirmed it is taking a 95 percent stake in unipart at the cost of 8.5 billion euros. germany is europe's biggest importer of russian natural gas. supplies of natural gas have been squeezed as russia halted deliveries through the n

eastern federal reserve chair jerome powell talks with the state of monetary policy and at 10:00 a.m.enators returned to continued work on judicial nominations. these events and programs also stream live on the c-span now video app which is free to download on your mobile device. >> next, former obama administrator security officials talked with the fbi search at mar-a-lago and the potential legal implications. since this conversation a federal judge authorized a special master to review the documents that were seized. the "washington post" also now reports classified materials allegedly contained information about the nuclear capabilities of an undisclosed foreign government. >> so, as you know we offer informative discussions on the critical issues of the date with the highest caliber will thought leaders and experts read today that includes two important speakers at the very top. we are very honored to welcome back secretary jeh johnson who served as secretary of homeland security and the obama administration. and previously as general counsel to the department of defense among oth

jerome powell and the fed for years has said the target rate is 2%. why is that magical?you don't want it less than that because you don't deinflation. you don't want much more than that because you don't want consumer behavior to change. 2% is the goldilocks number all the banks have that target. we're far away from 2%. 8.3% cpi in august. we've seen gas prices declining, that's good on household budgets week over week. but inside the cpi numbers we've seen spreading out of prices. that's worrisome. >> in addition to inflation becoming entrenched, the fed is also concerned about a wage price spiral. if you, john berman, or christine or myself, start to think that 8% inflation will be around for years maybe we go to our boss and say, i need an 8% raise. >> i'm not doing that right now. >> nor am i. >> well played. but you know, you might start to think i need an 8% raise because i'm going to have to deal with this 8% inflation for years and that becomes a harder problem to solve because perhaps employers start to pass it to consumers, so it's a vicious cycle. >> that's on

fed chair jerome powell says there are some encouraging signs. but he warned warned the fed does not plan on lowering rates until inflation s down toward 2%. and there is a r balance of supply and demand in the labor market. > >> time now for a look at todays other top stories. president biden addressed the united nations general assembly this morning. he called on the world to stand up to russia for its invasion of ukraine. >> the world should see these os acts for what they are. this far far is about extinguishing ukras right to exist rt: ahead of thes speech, russian president vladimir putin called up hundreds of thousands of militay reservists to active duty x putin said russia is prepared to to use weapons of mass destructn if need be. > >> a lawsuit involves some of te most prized trump assets, whichs chicago and washington d.c. this d.c. this is the culmination of a three-year civil investigatiof truck and his organization. > >> liz in the bay area a persons hit and killed earlier this morg after ditching a stolen car on the san mateo brid

few moments jerome powell will speak. i'm shocked how much power the federal reserve has. when he opens his mouth today, trillions of dollars will be erased or gained artificially just like that yet the fed is taking on more and more power. what happened to congress? why does congress allow -- this fed is omnipotent. it is in every part of our lives. now people are being placed there to change the political philosophy? >> yes, we have oversight here and the challenge is the fact that democrats control the banking committee. the process is one where 50 votes plus one get as person on to the federal reserve board. the philosophy needs to come back to the true foundations. we need to stay in line focused on economy, not sure suing a social agenda. at the same time i wish the fed had acted sooner this is not a social comment. what we've known this inflation is not transitory. jay powell and i had the conversation since the spring of 2021. i wish we would act sooner. i'm glad to see things moving forward. the fed is taking on responsibility that i wish it had begun to undertake

. >> up next, federal reserve chair jerome powell talking about raising interest rates, he discusses the impact of the pandemic and digital currency and privacy protection. his 50 minute remarks are part of the cato institute's annual monetary conference. >> i am james dorn, vice president of monetary studies at the cato institute. welcome to the monetary conference, a pleasure to have you with us today. the search for stable money, january 1983, that search continues as we face the highest inflation in 40 years. a short time ago the fed was worried about 2% inflation target. in 2020, the central bank implement said new monetary framework, applicable average inflation target. the idea was to make up shortfalls by temporarily allowing inflation to exceed 2% while averaging 2% in the long run. no specific timeframe is given. this likability increases uncertainty about price stability. until recently the fed's mantra setting its policy rate was lower for longer. forward guidance is often misguided. the macro models were unreliable. with monetary policymaking. the third side as transitor

today's news coming out of the central bank from jerome powell was that unemployment is expected to rise. now, due to this more restrictive monetary policy up to 4.4 percent by the end of next year, the question is whether or not the fed can guide down this inflation without overstepping and triggering a recession in the process. meanwhile, jerome powell has also said, this is not the end of the road. there will be at least 2 more rate hikes to come. okay, hi sir. gaster. where is the least that from washington d. c. thanks very much. instagram and watts up services have been disrupted in iran following days of protests over the death of a woman who was detained by what's known as the morality police. 3 more people including a security forces member, been killed, raising the death toll to at least 7. so hard reports, ah, demonstrates as an iran fish back against authorities in mesh hood to sing the death of my meaning. ah, in great crowds confronted security forces and 70 cities in the capital to her on protest is of called for an end to discrimination against women. i mean, he had been

. >>> federal reserve chair jerome powell warning the job market will get worse before inflation gets better, that one is reliant on the other. what does this latest interest rate hike mean for all of you at home? we'll tell you. the new 2023 gmc sierra at4x is equipped to conquer the great outdoors... ...or the great indoors. welcome to the peak of premium off-roading. the new 2023 gmc sierra at4x. gmc. we are professional grade you go by lots of titles. veteran, son, dad. -it's time to get up. -no. hair stylist and cheerleer. so adding a “student” title might feel overwhelming. but at if a school could be there for all of you? career, family, finances and mental health. it's coming along. well, it can. national university, supporting the whole you. president biden signed the inflation reduction act into law this afternoon. ok, so what exactly does it mean for you? out of pocket costs for drugs will be capped. for seniors, insulin will be just $35. families will save $2,400 on health care premiums. energy costs, down an average of $1,800 a year for families. and it's paid for by maki