this is not what jerome powell wants.surely something he will bring up in the press conference. michael feroli hopping in as well, chief u.s. economist at jp morgan. one of the very first to call for 25 basis points. walk us through your call on that. what was the game changer for you? michael: well, i think various fed officials signaled that pretty clearly. you had a bunch of regional bank presidents, who are not necessarily dispositive interviews, but then when governor wilder said he favored a 25, i thought that was a pretty clear signal, and then various reports in the media by presumably well-informed reporters indicating that 25 is a block. it feels -- a lock. it feels like that should be the least -- maybe famous last words, but the least interesting developments. kriti: lots of jinks is on the ship -- jinxes on the show today. i want to bring you the idea of a lag in what that means -- take a listen. >> all the analysis shows that the temp in the last fed rate hike -- if much proves to be the last fed rate hike,

i'm talking about jerome powell, of course. say the markets will hone on what the fed chairman has to say later this hour, a lot more than anything the president has to say later this night because the president's speech is scripted, as are all presidents state of the union addresses. powell's remarks this afternoon are not. he is conducting a interview. it is a free form economic chat. doesn't mean they get nasty, but they get real. they get to the point. don't expect powell to weigh in on chinese weather balloons, but expect him to comment on the impact of the world's two largest economies now at each other's throat. powell might not be the first to say things could get nasty. but he could be the first to spell out how nasty and wore, you who expensive too for both countries and the world. welcome, everybody, i'm neil cavuto. a lot at stake for mr. powell to put it mildly, flying without a prompter and a net. that is everyday life for edward lawrence who joins me from the white house. edward. >> reporter: no net at least. we

coming up, we hear from jerome powell again on tuesday.wed by williams, cook, barr, kashkari and waller on deck on wednesday. then, another round of initial jobless claims on thursday. then, the fed speak continues with waller and parker friday. we close out the week with the you missed sentiment survey --mich sentiment survey --umich sentiment survey. time for the rapidfire round, talking three quick questions, three quick answers. marilyn, i'm going start with you. does the fed cut rates in 2023? marilyn: no. katie: krishna? >> no. katie: cliff? >> no. katie: does the u.s. get back to 2% inflation next year? marilyn: 2024? potentially, yes. >> yes. >> no. katie: last question, do we see 3% or 4% first on 10 year treasury yields, marilyn? >> 4%. katie: krishna? >> 4%. katie: cliff? >> 4%. katie: sounds bearish to me. thanks to all, great discussion you guys, appreciate it so much. as we count on to the end of this week, you are looking at 10 year treasury yields sitting around 3.50. maybe we will get to 4% by the end of this year. s&p 500

. >>> european markets get off to a high wall street opening losses after fed chair jerome powell signals more rate hikes are ahead. >>> fourth quarter reported net products slumps 35%, but it still seeks expectations he expects economic conditions to improve. >> the central scenario we've had for many months is that of self-planning. not a great growth zero plus in the u.s. as well as in the eurozone, but amid a catastrophe b we see the market controls very well. >>> there's a record-break ing result on the energy sector. and the selloff deepens in the wake of monday's massive earthquake almost 9,000 people now confirmed dead with many more missing. we'll be live in turkey this hour >>> good morning, everybody, and welcome to "street signs." as we've been talking about the last couple of days, the stockmarkets are very much in central bank watch modes, and yesterday we got a little more commentary on fed chair jerome powell speaking yesterday in washington it had been a big focus for watchers going into the event. he didn't say anything new he did say the inflationary process is on track

has been very _ recession. jerome powell has been very clear _ recession. jerome powell has beenbeen very clear on that - recession. jerome powell has been very clear on that that l recession. jerome powell has. been very clear on that that he will be persistent, his eyes are fixed on the goal of getting inflation down and what was interesting in these minutes as michelle pointed out was some of those on the committee were actually looking at increases in interest rates last time, a half a percent as opposed to a quarter. exactly, and i opposed to a quarter. exactly, and i think— opposed to a quarter. exactly, and i think that _ opposed to a quarter. exactly, and i think that is _ opposed to a quarter. exactly, and i think that is the - opposed to a quarter. exactly, and i think that is the thing . and i think that is the thing that has may because bit of a market wobble over the course of this week is that revelation that some would have back a 50 basis point rate hike. given the data we had recently, there has been a selection, but i think thejobs report has been a selection, b

the chair of the federal reserve, jerome powell spoke to reporters about

manus: jerome powell reiterates the need for hikes. stock split higher as the fed chair holds off on criticizing loosening fcom. president biden says the u.s. will pay its bills on time, and calls on congress to raise its debt ceiling in his state of the union address. credit suisse will pay some junior and mid-level bankers bonuses in installments, as part of an overhaul of operations. its earnings season, take it away, dani. dani: abn amro out with a buyback, 500 million euros, this is the amount we were expecting but it is positive that they are doing it at all. this is the big thing, banks have been struggling with costs, operating expenses were lower than expected, 1.3 billion euros, the estimate had been 1.4 billion, operating in, beat, profit beating is a big thing considering costs are a big concern for the banks. profit at 354 million euros, the estimate had only been 55. also, declaring a dividend of 67 euros. we will be in conversation with abn amro and just about 30 minutes time. manus: we will get the cfo in the seat. socg

jerome powell made clear he's not backing down.arnings are coming in kind of -- why would people be purchasing stocks? ben: this is one wacky market. if we'd had gotten these numbers 6 months ago the nasdaq would be down 6%. the market is done listening to the fed, stopped worrying about inflation, and is in rally mode. we are going to hear from andrew bary later. he calls this a bull market. you get bad news. the rallies went back. that is what is going on right now. jack otter: three bears stand against the market, they are prominent strategists. what is the reason? ben: the stocks that are rallying right now, we will hear more about this from jack, low-quality stocks that are not doing well, things that do well in the long term like united health, which has great cash flow, good business, very profitable, getting killed this year. those stocks are not doing well. that is not something that is going on for a while. we are seeing valuations, very high. and we are seeing indicators aside from the job market, still pointing to reces

jerome powell is warning this. >> this process is likely to take quite a bit of time.ll not be, we don't think, smooth, it will be bumpy. >> ashley: tell you what, what we just heard is not reassuring. >> it is not, jerome powell is licking his wounds because he was slow to recognize when inflation was rising and trying to say it will take time for inflation to go back down. he's not wrong. grocery prices continue to be 13% right now, that is ridiculously high and the high, they are still much higher than they were before president biden took office. i don't know if you caught it, he continued to put out falsehood that inflation is coming down driven by putin. no inflation spiked because of american rescue plan in 2021. call a spade a spade, his policies drove and spiked because of geopolitical issues and are starting to come back down. he is responsible and he doesn't want to take that responsibility. >> todd: that jerome powell line about inflation, us not being out of the woods does not jibe with what president biden said when he said the economy is strong. we appre

tom: jerome powell reiterates the need for hikes but holds off resizing looser financial conditions appeared stocks and futures climbed. president biden vows the u.s. will pay its bills on time as he calls on congress to raise the debt ceiling in his state of the union address. plus, sources say credit suisse will pay some of its junior and mid-level bankers bonuses in installments as part of its broad overhaul of operations. francine: we will have a full round up of the stories from credit suisse and it is all about j. powell and the rate cuts going forward. earnings not too bad. the ftse 100 futures are down. tom: comments from j. powell that the labor market is very tight. we may need to get to a higher terminal rate. the terminal rate could be higher and further rate hikes could be in the pipeline but we are also seeing disinflation. the market no aggressive push back on the loosening of financial conditions of from the fed. you saw the upside in the late day rally particularly around the nasdaq gains of a little over 2% for the tech heavy index. spanish ibex up .5%. ftse 100 gaining .5%

but at the end of the day, jerome powell's more at the center -- liz: yeah, and not a voter. >> right. and he's claimed the evidence of disinflation is being seen. liz: scott, we're talking fed if hawks and fed doves, and i'm like, oh, i'm a dinky little city sparrow on the street trying to eat mcdonald's leftovers off the sidewalk here. [laughter] but to you and edge the, what if there are viewers who really want to start putting some money to work, and they're still thinking everything needs chips? we've got applied materials after the bell, the chip equipment maker, where do you see that opportunity? >> you know what, liz? in that space i'm a little cautious right now because so many of the stocks have run so far. if i could look out 6, 9 months from now, nvidia would be the mace that i'd want to be in. -- the place i'd want to be in. this is not necessarily by entry point. i think we are going to get a pullback in a lot of these stocks that have rallied 20, 30% over the last month or so. but nvidia, out of all of them, would be the one that i want to be in concern. liz: yeah, alre

the dow topped 348 points as fed chair jerome powell says inflation is slowing down.hese are the very early stages of disinflation. so the services sector, except for housing services, pardon me, is not really showing any disinflation yet. our message really was this process is likely to take quite a bit of time. it is not going to be, we don't think smooth. it will probably be bumpy. liz: okay. how bumpy? let's ask someone whose firm has 2.3 trillion in assets under management. joining me now, co-cio of multiasset solutions goldman sachs maria visali. weigh in on what federal reserve chairman jerome powell said and how it will affect investing. >> i think what jay powell said he will continue tightening. that he has a long way to go in terms of taming inflation. i think the market is hearing what the market wants to hear and every time he mentions the word disinflation, the market goes up but where he sees disinflation is in the goods markets. there are no signs of disinflation in the services and the core services and we got a really red hot labor market. so he need

times are changing according to federal reserve chairman jerome powell. his comments came at the economic club of washington, d.c. he said quote the disciplinary process has begun in the u.s. economy , despite this he added that more interest rate hikes would be needed as a franchise to bring inflation down to its target of 2%. the process that he says will take some time. let's see what the markets are right now. we are down. >>> san jose-based zoom is going off around 1300 employees. that is about 15% of its workforce. it is so serious that the company's founder and ceo says he will take a 98% pay cut and skip his bonus this year. i would like to know how much is getting paid. other executives will take a 20% pay cut. fired employees will get up to 16 weeks salary and other benefits. the company says demand for digital services is dropping after a pandemic peak. >>> do you have a work spouse or bestie at work? it is an office park you do not know you need. a survey found just two in 10 employees say they have a best friend at the office. workers under 3

in the press conference after the fed meeting jerome powell the chairman of the central bank has optimismhat inflation was coming unsteadily as the fed wants but he was quick to insist the central bank has not done raising rates. >> organ to be cautious about declaring victory and sending signals that we think the game is one we have a long way to go it is the early stages of disinflation and most welcome to say that that we are in disinflation, were talking about a couple of more rate hikes to get to the level we think is appropriately restrictive. maria: financial markets don't see it the same way they think the fed is very close to the end of it cycle of raising rates in the borrowing to fall quickly later this year. >> he doesn't have to raise rates anymore the markets will do the rest for him in the markets do not believe he is going to tighten further this is the last rate increase by the middle or the third quarter of this year. >> the outcome of the battle of wills and differing analyses will come down to how the labor market behaves, powell and his colleagues think the conditions

jerome powell, chair of the federal reserve recently talked about efforts by the central bank to tackle inflation including recent rate hikes. he discussed the effect of the pandemic on the economy and how other countries are managing inflation. from the economic club of washington dc, this is about 40 minutes. >> can i have your attention, please? can i have your attention? [clapping] ok. thank you. so as you know our special guest is the chairman of the federal reserve board who has now completed five years as chairman as of two days ago. your fifth year. and now been on the fed board for almost 12 years. so jay, thank you very much for being here. why don't we start with an easy question? so you made a speech last week commenting on the fmoc's decision to raise the fed discount rate by a small amount, relatively speaking, 25 basis points. some would say small. at the time it wasn't clear that the jobs report would be as strong as it turned out to be subsequently. had you known that the jobs report was going to be as strong -- [laughter]

. >>> plus, jerome powell says he is seeing signs they're starting to win the war on inflation. is it a dovish take? dovish enough to keep the stock market rallying. later, apple and amazon on deck, tradesing those two tech titans ahead of tomorrow's earnings then would you rather. dividends stocks versus boring money market accounts. which is better? i'm melissa lee. a full fed day desk for you tonight. tim seymour, guy adami we have much more but we have to start off with a major post fed turn around for the market, the nasdaq soaring 2% after the central bank further slowed the rate hikes to a quarter of a percent. the s&p firmly in the green, up over a percent even the dow, down more than 500 points at its low today, managed to eke out a gain. meantime, treasury yield pulled back sharply with the ten-year pulling below 3.4% first time in three weeks and the dollar fell to the lowest level since last april. does today's action suggest the fed has broken the back of the bears. guy, we were postulating that the fed has nothing to gain by being dovish what did we get today? >> i

for some time, it's interesting. >> jerome powell gave an interview, he said he's never heard versus the trump special counsel. the former vice president president, cnn is told, plans to fight a subpoena demanding he tell a grand jury what he knows about donald trump's efforts to steal the 2020 election. a landscaper. a hunter. becacause you didn't settle for ordinary. same goes for your equipment. versatile, powerful, durable kubota equipment. more goes into it. so you get more out of it. ♪ ♪ ♪ ♪ ♪ hey, man. you could save hundreds for safe driving with liberty mutual. they customize your car insurance. so you only pay for what you need! whoo! we gotta go again. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ overactive bladder, or oab, can change your world. like going hiking, just to hike to the bathroom. reaching for the bar, just to reach for pads. waiting for the sunset, just to wait for the stall. discover gemtesa. a once-a-day pill proven to reduce all 3 key symptoms of oab: leakage episodes, urgency and frequency in adults. do not take if you have

now, i know sometimes jerome powell likes to come out and say don't get ahead of your skiis here.o you think he thinks about the market response, albeit earlier than a few hours to go, nick, but what do you think? >> well, the interesting thing about the market's response has been, you know, we've had this rally over the last month where investors have been expect ing inflation to come down faster, maybe because we have a recession, and so they've been expecting the fed to cut rates later this year, and so that's been behind this rally. that should reverse if you now think that the economies not slowing down, that it might take longer to get inflation down, and that we're not going to have a recession so the fed, you know , the fed chair on wednesday said we have a different outlook from the market and he wasn't going to try to pushback against that outlook and so he pretty much blessed the easier financial conditions that we've seen, but what you would want to see here, i mean, it should work both ways. if you now think that actually the fed isn't going to cut rates later this ye

the fed decides, look for that this afternoon and we will be speaking with jerome powell.a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. jonathon: new york city this morning. the fed decision just around the corner. the countdown to the open starts right now. ♪ announcer: everything you need to get set for the start of u.s. trading. this is bloomberg "the open" with jonathan ferro. ♪ jonathon: live from new york, coming up, fed chair jay powell set to downshift once again.

let's return now to the us when i comes to wall street their attention was on jerome powell.nd every word was weighed for what is ahead when it comes to interest rate decisions. talk to craig now. what you were speaking, markets were choppy and they could not decide whether he was hawkish or not. your take? t whether he was hawkish or not. your take?— your take? i think markets wanted to _ your take? i think markets wanted to hear, _ your take? i think markets wanted to hear, expected l your take? i think markets l wanted to hear, expected to hear him stay the need to continue to raise rates more aggressively because the jobs report on friday was deemed part because they added more than 500,000 jobs last month. 0ne one particular report is not going to change the way they navigate this tightening process so from less than a week ago to be saying one thing, say something entirely different yesterday would be very inconsistent with the messages they previously said so we've had a lot of what they actually said last weekend when markets got rid of that then they did start to par

this is another risk for jerome powell if we have too much easing in financial conditions. if we look into details, conditions are easing, but nonfinancial conditions are tightening to some extent. and real yields are also in restrictive territory across the curve. yes, we have some tightening financial conditions but maybe later in the year, the picture could change. so far, the impact of monetary tightening on corporate fundamentals has been limited because companies have cash checking related during covid, and refinancing rates were low in 2022, but this will change and this year, companies will have to issue more at at a higher rate. that could also change the picture. francine: thanks so much for joining us, valentine ainouz, debbie head of developed market research at amundi institute. we have individual stocks. credit suisse is one to keep an eye on. we had two scoops on it, one on how they are planning to deal with credit suisse first boston. the other on how they will deal with adani bonds they are holding. we are going into earnings season, novo nordisk one to kee

we will bring you jerome powell speaking with david rubenstein live at 12:30 p.m.ur next guest after the break. this is bloomberg. ♪ >> we think about why we have seen the equity rally to start this year and it's because we so real interest rates fall. they started at 1.6% and fell to about 1.1% but now they are backup to 3.5% and we have not seen valuations reflect these higher religious rates. we've got them 23 times to start the year and the nasdaq but now we are trading at 27 times. we think the real risk is again back on the valuation front for equities because we are at the high end of historical ranges. alix: that was from earlier on the risks of the equity rally. will markets listen to jay powell this time? let's talk to a senior investment strategist. we are twin in so do you think the markets will listen today? >> at the press conference last week, jay powell was explicitly asked what do you make of financial conditions easing and he didn't take the opportunity to push back he outline for an -- financial conditions were tightening if you look at mortgage

. >> next, jerome powell briefly reported on the central my decision to increase interest rates.n speaking about the latest search of president biden's beauchamp. and later, the house judiciary committee holding a meeting at the u.s. southern border. the chair of the federal reserve, jerome powell spoke to reporters about the central-bank decision to raise interest rates again. he also talked about the u.s. economic outlook and the ongoing debate around raising the debt ceiling. this is 45 minutes. are, we have more work to do. price stability serves as the bedrock of our economy. without that price stability, the economy does not work for anyone. in particular without price stability, we will not achieve a sustained time of labor market conditions that benefit at all. the fomc raised our policy interest rates. ongoing increases will be appropriate. in addition, we are continuing the process of significantly reducing the size of our balance sheet. this door -- price to but will require a restrictive stance for some time. i will have more to say about today's monetary policy actio

. >> there's no way this is the reaction that say jerome powell would want >> you know, i think jerome powell is in the camp of -- i think you'll appreciate this metaphor, kelly. the kids want to go outside and play his forecast shows rain clouds coming, and he's like, all right, you guys want to go out and play, go ahead i can't stop you any more. but i'm not running out there with umbrellas >> and they're going, yeah, you will you always do. >> now, that's a very important point, kelly kelly, you should underline what you just said. if you think the market is trading with that fed put still in there, that is a very interesting idea >> i don't know. it's hotly debated >> well, you can't just say that and move on, kelly those are kind of interesting fighting words right there if that's the case, the market may be in for a rude awakening >> i am trying to unpack it as much as you are, and figure out what people are positioning for. like you said, to be continued steve, thank you >>> speaking of global markets, the billionaire investor weighing in on the growing tensions with china and t

jerome powell said it would be a mistake for increase the debt limit and is looking for congress to doething now. they have around four months before the money actually runs out, they have never failed to raise the debt limit. the longer the uncertainty continues, more effective have on the u.s. economy and by extension, the global economy. anchor: north korea says military drills between the u.s. and allies have reached an extreme redline. the statement follows a visit by lloyd royston. he vowed to deploy more military equipment and expand exercises. the countries use b-1 bombers and fighter jets on wednesday. nearly half a million people in wales walked up the job on wednesday. most were teachers. they are pushing for a pay rise. the government is standing firm. >> normally people would be inside. the payroll estimates the rising cost of living and keeps people in the profession. >> i work two jobs. to be able get to work, even friends of mine who have been teachers decided it's not for them. >> thousands of teachers and families have stress attire. to be paid for by the government.

investors had been keeping a close eye on a speech by jerome powell who paved the way for more interest rate hikes this year as the central bank struggles to get inflation closer to the 2% target. inflation stood at 6% in the u.s. in december. >> we have a significant road ahead to get inflation down to 2% and i think there has been an expeation that it will go away quickly andainlessly. i don't think that is at a guaranteed, that is not the base case. the base case for me is that it will take some time and we will have to do more rate increases and look around to see if we have done enough. >> the tech layoffs keep on coming. zoom has said it will cut 1300 workforce.ound 1 of its the plaorm bece an overnight now, the ceo says the company needs to ada to the global customs.d theffect on nearly 100,000 people have lost their jobs in the tech industry so far this year with ugo microsoft, and dell among those -- google, microsoft, and dell among those announcing major cuts. bp announced record profits. it made nearly double its profits last year from 2021. it promised to cut emissions by 3

the fed's credibility is on the line jerome powell is still suffering from his transitory comments in1 if the fed decides, hey, let's go ahead, we went back to 25 basis points let's go back to 50 this meeting, they're going to lose a lot of credibility one of the things you're seeing now, a lot of people are saying, the fed is not going to go to 2% they're going to declare victory at 3%. maybe they do, but, again, that hurts their credibility. they have been pounding the table on that 2% core inflation number for a long time i think the fed credibility is a big factor here. jerome powell's willing see is at stake i think a lot of this chatter you're seeing maybe are certain fed members trying to get out of the way of the train coming down the track at them. >> reason, you say you like six-month and one-year bills at 5% you must, if you live in a high tax state, love munis right now. >> if you can get the proper yields where you're triple tax freed, getting a tax equivalent yield of 5%, yeah. you have to be selective and make sure with something with respect to general obligation bonds

chair jerome powell said he thought for the first time that this inflationary process had started. it would be premature to declare victory, hinting the fed will continue hiking rates at its next meeting. >>> later in the week, we will see another monetary policy decision from turkey where rescue work continues after powerful earthquakes struck the country. turkish central bankers will announce their policy direction on thursday. the bank held interest rates at 9% for a second straight month in january, marking the end of its rate cutting cycle. the country's policy has contrasted with efforts of other nations in controlling inflation by raising rates. interest rate cuts since september 2021 have triggered a plunge in the turkish lira and soaring consumer prices. it's also led to a deeply unbalanced current account, which shows the nation's transactions with the rest of the world. economists say president erdogan's unorthodox policy will continue, at least until presidential and parliamentary elections in may. also on thursday, the european union will revise january consumer prices

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now 13 times in the recent fed meeting, jerome powell said 13 times disinflation.mes he said disinflationary in december. fed is catching on. employment cost index lower than expected. unit labor costs lower than expected core cpi three months in a low lower than expected. i could keep going. what does that mean, fed one more hike, get out of the way. that is what the market anticipating this year with so much strength. we're see a change out there, the fed will not be in the way like last year. charles: is there too much focus on things like the jobs report and the jolts report? >> yeah, probably. at the end of the day, charles, look at inflation data, that keeps trending lower that is important. 517,000 jobs last month said what? we're not probably going into recession like every one telling us. charles: employers may be getting the upper hand. talk about the upper hashed at the super bolt, the super bowl indicator. as an investor who do we want to win? >> disclosure, don't invest in this. this is just fun. i will get yelled at by somebody. when afc does well sto

investors are hoping for a soft landing for the economy after we heard from federal chair jerome powellacting this morning? >> yeah, i think the keyword there is hope, john. we did see a positive market reaction yesterday, can this after comments from the fed chair jerome powell that the disinflationary process has begun, but he did say it could take a long time before inflation gets back to target and rates will have to move up even higher than what the market is expecting. however, the investors took his comments on inflation to be quite dovish, which is why we saw that positive reaction. today futures look like they're going to open in the reds though now attention is going to be shifting more towards earnings and get results towards disney and robin hood after the close today, so something to watch out for. >> i'll admit i don't know many people who use bing as their search engine of choice, but microsoft software is getting an update as artificial intelligence back by chatgpt. what exactly can this ai powered bing do? >> yeah, so that was a big announcement out of microsoft yesterd

this week as well as an important speech from the most interesting man in the world, fed chair jerome powellk he's the most interesting person in the world because i certainly do too. we're waiting for his speech as well as president biden's state of the union address. also another big earnings week is coming up. there's still another 50% to go this week. we're going to get earnings from the likes of dupont, chipotle, disney, and pepsi, some of the names to watch out for. the nasdaq was up more than 3%, 3 president 4 percentage points for the week, s&p up 1.6 even though we had that strong jobs report on friday coming in way more than anyone expected, 517,000 jobs. that's leading some investors to think ta the fed can keep the rate restricted for a little bit longer. this speech on tuesday is going to be very, very important. >> it remain this odd dilemma, more jobs but can send the interest rates higher. we'll be covering that all week long. >>> a california jury has ruled elon musk -- not as interesting as jerome powell -- and his funding security tweet tempt us what this all means. >> yea

eserve chairman jerome powell we'll be back with that. age is just a number, and mine's unlisted.of protein for muscle health versus 16 grams in ensure® high protein. boost® high protein. now available in cinnabon® bakery-inspired flavor. learn more at boost.com/tv with the freestyle libre 2 system, know your glucose level and where it's headed. no fingersticks needed. manage your diabetes with more confidence. freestyle libre 2. try it for free at freestylelibre.us >>> some business news that next year apple could introduce a more expensive iphone called the ultra. yep, this one will have two flashlights that turn on in your pocket. >> as jimmy said, it's time now for business, and that let's bring in cnbc's who joins us live from london and always has the latest phone. stock futures are up slightly this morning as we look ahead to the fed chair jay powell, his comments at the d.c. economic club this afternoon. what are we expecting? >> yeah, so we are clearly expecting not his phone to light up in his pocket and certainly that will be around the interest rate part. you saw that

. >>> stocks soared after jerome powell said the u.s. economy entered the disinflationary process.points. nasdaq was up by 226, and the s&p 500 gained 52, and those numbers are a response to powell's expectation that we should see a significant decline in inflation this year. he warned, though, it's still early stages, and the central bank could impose more rate hikes. his speech in washington follows strong job numbers released just last week and a record low unemployment rate. >>> more job cuts in the tech sector. zoom is slashing 1,300 jobs or roughly 15% of its workforce. the layoffs are in response to slowing demand for video conferencing services as we exit the pandemic. the company's ceo said he will take a 98% pay cut and forgo a bonus this year. >>> and bed bath & beyond is closing another 150 stores. the home goods chain says it must cut costs as it struggles to stay afloat. just last month the company warned that it may need to file for bankruptcy. that's your cbs "moneywatch" report for this wednesday morning. i'm shanelle kaul, cbs news, new york. >>> well, up next, ci

>> i think we should listen to jerome powell. he's independent.aise the debt ceiling and raise it in a timely manner. we gave president trump a debt ceiling raise three times. we pay our debts in this country and i'm happy to have that conversation about spending cuts, tax cuts, tax raises. let's have that conversation after we pay our debts. >> neil: there was an issue in 2011 when we did things differently as you know, congressman, where president obama at that time had entertained looking down the roads at some adjustments. so democrats were open to discretionary spending cuts. republicans were open to defense cuts. when i say cuts, slowing down in the growth of both. it was a clumsy and bumbling affair. but they avoided a shut down. what due think happens here? >> i think we end up paying our debts. first of all, constitutionally, it's unclear that we could actually even default. congress has authorized an appropriated the money already in addition to the debt ceiling. so this goes to the core. it's my view that the treasury can pay debts that

. >>> the fed raised interest rates for the eighth time since march and chairman jerome powell's commentsinflation is easing helped send markets higher brian cheung is here lay out the landscape for us >> reporter: lester, three takeaways from today. one, chairman powell was quite clear that rate increases will continue in order to get inflation down and does not foresee cutting rates this year two, he said unemployment will likely need to rise from the 50-year low where it is today as rate increases deliberately slow the economy, and you can see the challenge the fed has in the numbers out today, a surprise increase in december to more than 11 million open jobs. three, the bright spot, powell said the disinflationary process started, not prices going lower, that would be deflation, but the pace of price increase is slowing. lester, that's what the fed is going for. >> brian, thank you. >>> saving jobs was the core of the government's covid relief program, but some experts now say it led to the biggest fleece in our history with massive fraud and misuse of taxpayer money. today, lots of b

about trying to create asset bubbles and i think that this is all part of that. >> how long until jerome powellne it? we did landed this plane and accomplished this soft landing >> i think we're going to know a lot in the summer, first of all we'll have more months, we'll see if this was weather related statistical issues, january is always a tricky month, historically to look at jobs. we'll get a sense of what the trend is. we'll also see at that point where the u.s. consumer is, because of course, there's the consumers have been padded with 2 trillion dollar of fiscal spending the last few years, that money will start running out in the summer, so is that going to mean sharper declines in spending and maybe companies trying to slow down the job market. by then we'll have a good sense of where we are. >> ok, thank you for explaining all of this. >>> the week's long search for three missing michigan rafters may have taken tragic turn, knew details for you. >> and truth challenge congressman george santos is under federal investigation for allegedly stealing thousands of dollars from a dying dog

a great individual he has become the punch line to a lot of inflation jokes and i don't think jerome powelleneral reaction ace arthur burns. i think part of it is about his legacy, and he doesn't want to be the guy that makes the same mistakes that were made almost 50 years ago >> absolutely. you think about powell when he walks down that hall at the fed. he says burns, i can't be that guy. i don't want to be number two. i don't want to be number three. i want to make sure there is a big gap between my legacy and that of burns. and that gives powell the incentive to really try to squelch inflation, keep policy rates high for quite a while longer than the market anticipates. so i think that's the danger right now both for bonds and for stock, frankly >> so, michael, the fed is known for taking too long to act and as you said, acting for too long is there a chance with this very political year that we are moving into, that we're always into with employment that chair powell doesn't want to keep his foot on the gas as long as you think he would and we don't need a lot of cuts. we just need a l

i noticed, scott would know this far better than i, every time we get the minutes, musings of jerome powell in real time or back six weeks ago in this time the market sells off. they're really debbie downers these events when they happen. this might be the exception today but the expectations are that even with the runup we've had once people take a peek at those minutes maybe that will set off another selloff. we'll see. it happened in the past, virtually every time, after this ♪. so it's decided, we'll park even deeper into parking spaces so people think they're open. surprise. [ laughs ] [ horn honks, muffled talking ] -can't hear you, jerry. -sorry. uh, yeah, can we get a system where when someone's bike is in the shop, then we could borrow someone else's? -no! -no! or you can get a quote with america's number-one motorcycle insurer and maybe save some money while you're at it. all in favor of that. [ horn honking ] there's a lot of buttons and knobs in here. ♪ ♪ engineered to elevate the senses - touch, sight, sound, and scent. it's the electric that recharges you. the all new, all ele

fed chair as i said jerome powell said he'll continue to put in those interest rate hikes with a cuthis year. that would be a major pivot from the rest of the globe, but it certainly will depend on the data. so the proof of the pudding will certainly be in the eating. >> live from london, thank you as always. >>> still ahead a trump ally gets his endorsement to challenge him for the 2024 republican nomination. we'll tell you what that means and who that is next. you what s and who that is next no. he's making real-time money moves with merrill. so no matter what the market's doing, he's ready. and that's... how you collect coins. your money never stops working for you with merrill, a bank of america company. this is going to be great. taking the shawl off. i did it. is he looking at my hairline? my joint pain isn't too bad. well, it wasn't this morning. i hope i can get through this. is plaque psoriasis or psoriatic arthritis making you rethink your everyday choices? otezla is a pill, not a cream or injection that can help people with plaque psoriasis achieve clearer skin. otezla is

jerome powell, chair of the federal reserve talked recently about efforts by the central bank to tackle inflation including recent rate hikes. he also discussed to effect of the pandemic on the economy and how other countries are managing inflation. this is about 40 minutes.

but fed chair jerome powell has said it would be premature to declare victory. >>> then on thursday,ance ministry will release the nation's trade statistics for january. we'll see how the weaker yen and soaring energy prices have affected japan's trade balance with the rest of the world. last year, the country posted its biggest annual trade deficits since comparable data became available in 1979. the shortfall was almost 20 trillion yen or about $152 billion. the cost of crude oil, coal and liquefied natural gas rose sharply. the yen's depreciation made matters worse. now, the destracember trade bal was in the red $11 billion. japan hasn't posted a surplus in trade since july 2021. >>> thursday is also decision day on interest rates for policymakers in the philippines. the philippine central bank raised its benchmark interest rate by 0.5 percentage points to 5.5% in december. borrowing costs have been increased at seven consecutive meetings. the consumer index hit 8.7% in january, a 14-year high. analysts expect the central bank to deliver a larger interest rate hike. this time arou

accuse there's no more hawkish rhetoric coming through than what has already been described by jerome powell road back 2% the central bank will still do more when it comes to interest rates. ambitions. microsoft has big a it's now saying it will release software that will enable companies to build a chat box, to have conversations with customers. it will also be used by microsoft itself in terms of internet browsers and search engines. >> appreciate the update, karen, thank you. >>> still to come, anyegie is tracking the mid-week forecast this cough. [sfx: coughs] this'll help. vicks vaporub? vicks vaporub's ...medicated vapors go straight to the source of your cough... ...so you can relieve your cough to breathe easier. vicks vaporub. fast-acting cough relief. man: i'm not slowing down anytime soon. that's why i take osteo bi-flex every day. it's clinically shown to improve joint comfort in 7 days, and continues to improve over time. kinda like us. osteo bi-flex. because i'm made to move. plan a didn't work out? get plan b one-step. plan b helps prevent pregnancy before it starts, and it wo