we economists from what jerome powell had to say?— economists from what jerome powell had to say? powell had to say? we have to remember that _ powell had to say? we have to remember that only _ powell had to say? we have to remember that only a - powell had to say? we have to remember that only a few- powell had to say? we have to l remember that only a few weeks ago the federal reserve cut interest rates by a huge 50 basis points, and there has been circulation in the market that they might do that again, so maybe another 50 basis points potentially in november when it is their next meeting. but what we had yesterday from jerome powell was indication they will properly stick to 25 basis points, a quarter of 1% rather than half of 1%, and he said the central method is they will go perhaps twice more this year. so again in december by another 25 basis points. the markets had to downplay the expectations of how much easing will get between now and the end of the yearjust will get between now and the end of the year just to will get between now and the end of the yearjust to touch,

jerome powell not in a

he is not a fan of jerome powell.t won't be him. >> he may change that. jerome powell is do what he wants. trump has people who don't like him and he doesn't like them and they say something nice about him. and they are back. neil: the market is racing, we are at a ball market you were telling me during the break and you see that going on a while longer. >> the way the fed is reacting, he signaling we will have lowering of interest rates. a lot of cash on the sideline means we could anticipate it going into the market but driven by what jerome powell was saying. neil: not long ago we were going to see another half point cut. that has whittled down to a quarter point cut and no cut at all. i don't know where you stand but how would markets react to know cut at all? >> it depends on where they think they will go. there is no doubt we've started a cycle where rates are going to be cut, doesn't mean it will be every month but a year from now i anticipate interest rates much lower than where they are. neil: in the 3 someth

let's take a listen to what fed jerome powell has to say. jerome: policy will move over time towards a more neutral stance. but we are not on any preset cores. the risks are two-sided and we will continue to make our decisions meeting by meeting. haslinda: now is not just the fret -- the fed that's front of mind for investors. a growing number of other risks are looming large, starting with the middle east. israel says it has begun targeting ground rates to root out has bullet despite international calls for restraint. let's bring it in bloomberg's arising middle east and africa correspondent. joumanna bercetche d. we've been hearing of israel sending troops on the ground for days and now this confirmation that has happened. what's the latest? joumanna: there was speculation for weeks at a ground incursion was going to be imminent. in the last 24 hours the idf put out a statement on x saying that they have started with a call a targeted ground rate in lebanon. if thursday striking target. the idf has struck the refugee camp. in one of the ci

that's after fed minutes reveal jerome powell faced some pushback on last month's jumbo cuts. european futures higher by .1% after the record gains on wall street. the smp notching a 44th record of the year. yes, our focus shifts to the inflation print. cpi print out of the u.s. later. arguably less important potentially than it has been in previous months. given the fomc officials are leaning more to the labor market in terms of how they way up there for the response. we continue to pass the minutes and see how that reflects in terms of the pricing. markets pricing in fewer than two cuts by the end of the air from the fed. ftse 100 futures pointing to gains. s&p futures currently flat. nasdaq futures, after strength that came through from some of the tech names in the u.s. on wall street. currently holding about the 20,000 level but flat in terms of the futures as we lead up to the open later in the u.s. we look at a 10 year with a yield of around 4%. the dollar has been strong. 407 right now on the benchmark. euro-dollar at 109. rent, $77 a barrel. up. we continue to keep an

he didn't really seem to answer whether or not he is in favor of having jerome powell removed, but he did say that he believes that the president should have the ability to say where they think interest rates should be. of course, that's something that economists are not in favor of. they say it's very important for the fed to be independent yeah, he accused powell of dropping rates too far when he was at risk of being terminated. it's seemingly implying that he was trying to curry favor with trump. let's go to former defense secretary terry mark esper secretary. thanks so much for sharing part of your afternoon with us. what did you think of what you just heard from donald trump? because aside from the economic questions, he talked a lot about foreign policy months, few minutes of it. it was a very honest conversation, i think trump was being trump be speaking to the issues i thought the moderator was doing a good job in terms of pressing him on a specific questions he was asking and then trying to to argue the counterpoint, particularly when it came tariffs and the inflationary effe

jerome powell told us that we do not seek more welcome further cooling test seek or welcome -- we do seek or welcome further cooling in the labor market. saying the fed will be there to protect our labor market and that's their main focus. he went on to say a few weeks ago that the unemployment rate is the single most important one probably when it comes to the direction of fed policy. let's take a look at the chart of the unplugged rate recently density unemployment rate -- let's take a look at the chart of the unemployment rate. citi actually think the unemployment rate, there is risks it could arise not just to 4.3% but 4.4. they specifically pullout the weakening labor market sentiment when it comes to the conference board's jobs too hard to get sentiment indicator. this is a big report for the market today. but remember, we do get one more payroll print before the fed convenes again on november 7. tom: heck, tom. valerie tytel is back. thank you for the breakdown. 4.4% unemployment, that would be a standout. that would put 50 basis points back on the table this federal reserve l

however, speaking in nashville on monday the head of the us central bank, jerome powell, said overalls in solid shape and there's no "hurry to cut rates quickly". katy kaminski is chief research strategist at the investment firm alphasimplex and joins us from boston. yesterdayjerome powell indicated there may be further rate cuts to come ? how much confidence is there in the us economy right now? what was great about yesterday, he was tempering some of the enthusiasm that we needed a very strong cuts, pointing out that economic strength is there and that inflation is moderating, highlighting that we are on the right path but he has continued to suggest that he will be analysing the data and treading cautiously as we move into the end of the year and into next year.— and into next year. switching nears and into next year. switching gears slightly. _ and into next year. switching gears slightly, we _ and into next year. switching gears slightly, we had - and into next year. switching gears slightly, we had the i and into next year. switching l gears slightly, we had the euro inflation d

jerome powell was speaking in tennessee and added that the central bank was not in a hurry to cut ratesthree majoy us stock indexes saw price falls during the speech. they recovered though, posting gains when markets closed. not much reaction to those remarks here in asia. but markets are watching japan's tankan survey. it is a measure of business optimism among large domestic companies, and it has come in largely unchanged compared with the previous quarter. all this as shigeru ishiba is due to be sworn in as the new prime minister. business reporter mariko oi looks at what the leadership transition means for japan's economiy. it is fairto it is fair to say that markets are not too thrilled about shigeru ishiba. big businesses i think are waiting to find out how exactly he will tackle many of the economy challenges facing japan. we heard from a professor who told us shigeru ishiba will likely continue many of the previous policies. but what i have noticed is shigeru ishiba has a lot of support from the ruling party members, not lawmakers, in the ruralareas. i members, not lawmakers, in

this is what jerome powell, inflation number one, the cpi report came out yesterday.. cpi came in at 2. 4 versus to-3, that won't dislodge the narrative. what will dislodge the narrative, if inflation went exponentially higher, closer to the three level, he's not cutting it. we are not near that. another thing i think is the state of the consumer. of the economy starts to weaken, he did it at the end of q 4 in 2018. neil: so good at this. thank you. talking about where the markets have climbed this wall of worry with back to back hurricanes the last couple of weeks. brandy campbell on the fallout in fort myers, florida. how does it look? >> reporter: we are still seeing the aftermath of the storm. before milton made landfall we saw tornado damage. you see that behind me, this home right here had part of its roof ripped off, displacing people impacting this area. the national weather server saying there was 126 tornado warnings wednesday across the state of florida. the most issued in one day in history for this state. right now it is also impacting power issues, 2. 2

this according to federal reserve chair jerome powell. on monday he said the u.s.urther rate cuts would happen at a measured pace. >>> a big media merger. directv is buying dish and sling. the debt exchange traction will include a payment of $1 plus the assumption of about $9.8 billion in debt. directv said monday the deal would help bring smaller content packages to consumers at lower prices. the federal communications commission had blocked a previous version of this deal, citing antitrust concerns. >>> and here's your excuse to indulge in taco tuesday. it's national taco day today, and to celebrate, taco bell is selling $1 tacos starting at 1:00 p.m. eastern, and taco john is offering its loyalty members a free stuffed beef grilled taco with any purchase today. that's your "cbs moneywatch" report for this tuesday morning. i'm shanelle kaul, cbs news, new york. >> every day should be taco day. >>> up next, remembering a baseball great. we look back at the turbulent career of pete rose. rememberin baseball great. we look back at the turbulent career of pete rose.

fed chair jerome powell said the central bank would likely continue to cut interest rates, but perhapsot as aggressively as this month's half point cut, and the dow gained 17 points to set another all time high. the nasdaq added 69 and the s&p 500 was up 24. also a record close. traders are hoping the economy will keep growing as the fed makes borrowing less expensive for businesses and consumers. analysts will get some more data with the august jobs report out tomorrow, and a potentially crippling strike by port workers is likely to start at midnight. tens of thousands of union dockworkers across 36 ports from maine to texas are prepared to walk off the job unless a deal can be reached before that deadline. the dockworkers are asking for a 77% raise, and a promise that cranes, gates and container movements will be monitored by humans and not by ai. retailers are trying to secure their supply lines ahead of that strike, which is expected to cost the economy $5 billion a day. local officials are now urging folks to avoid panic buying. >> people do not need to rush out to the grocery sto

he would not answer a question about whether or not he would fire fed chair jerome powell. donald trump, believes he has the right to tell the fed what to do in terms of interest rates, which is a key question out there right now. but that he can't make them do it, but he has the right to tell them what to do. he also made what sounds like maybe off hand statement about jerome powell having the best job in the world, you just show up, flip a coin. so we'll continue to listen in to his thoughts on the federal reserve. >>> but coming up, what israeli prime minister benjamin netanyahu is telling the u.s. about a potential response against iran and what it could mean for a potential escalation in the region. you're watching "chris jansing reports" only on msnbc. egion. you're watching "chris jansing reports" only on msnbc at strapst and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 years, pnc bank has been brillian

so this is more indication that the fed and jerome powell have been getting things right?side from the initial trip—up on the transitory nature of inflation that chairman powell talked about two or three years ago, he has done quite well. we're in a soft landing in the us economy, which is another point the banks highlighted, jp morgan, bank of america both pointed out that the consumer in the united states is healthy and resilient. yes, consumers living paycheque to paycheque are being affected by higher prices in the united states, but overall chairman powell and the federal reserve have done a very good job of landing the economy into a soft landing, which you have to go back to 1995 when chairman greenspan did it, and it worked out remarkably well and we think that is the case this time as well. french luxury giant lvmh's sales fell 3% in september. french luxury giant lvmh saw sales fall 3% from july to september, because of weaker demand there demand in china and japan. the core fashion and leather goods division fell 5%. it's the first time the division have seen a

inflation is getting pretty close to the fed's target level of 2%, which was chosen because it's jerome powell'sf milk. of course, good news for the biden-harris economy is bad news for donald trump, who is campaigning against the biden-harris administration. but throughout this campaign, trump has had a very subtle way of casting doubt on positive economic reports. see if you can catch it. >> wall street ends the week on a positive note. the dow and s&p 500 both hitting record highs. >> we are a nation whose economy is collapsing into a cesspool of ruin. >> 2024 has kicked off with a bang. 353,000 jobs were added. >> you're going to lose your jobs. >> main street hiring firing on all cylinders here. >> the economy's just been reported to be doing very badly. >> one month gain in job growth best since january 2022. >> our economy is doing terribly. >> the numbers that we're getting on the real economy show that it's holding up remarkably well. >> the biden economy is a nightmare. >> look at that spike in consumer staples. everything's looking great here. >> i keep hearing about their economy. th

fed chair jerome powell spoke out saying consumers shouldn't take that. rate cut as a sign that future cuts will be just as big. rather, he anticipates two quarter point cut increments. powell did share that if the economy remains stable, the fed will only. cut rates by about 50 points at the next meeting is scheduled for november. google making $1 billion investment to increase its presence in artificial intelligence world. the company building a new data center in thailand. google says the center will help expand its cloud infrastructure in asia. the move puts ai at the heart of google's international push, and it comes as google is trying to compete with other companies like microsoft and openai. when it comes to artificial intelligence. okay, rounding up a whole lot of buffalo y people it is inevitable. they will grow up. (♪♪) discover who they are (♪♪) what they want from this world. and how they will make it better. and while parenting has changed, how much you care has not. that's why instagram is introducing teen accounts. automatic protections fo

that has been the strong indication from jerome powell and other speakers, but these are needing a week job report -- weak job report to push them further. treasury yields will flatten. the yen is probably the currency that will be most affected by all of that. tom: bloomberg mliv strategist mark cranfield on the importance of the nonfarm payroll data causing tomorrow in terms of whether or not we get the 25 basis point or jumbo cut from the fed at the next decision. let's switch focused to french politics. french president emmanuel macron has given his backing for a new temporary tax on large companies as he looks to tackle his government's deficit. he was speaking on a panel motivated by bloomberg's stephanie flanders at the bloomberg mobile dialogue -- global dialogue. >> having excessive taxation on copper is well understood by large companies. if this is for one year. it should be limited, and we do not have to forget the rarity of our economy, our competitiveness, and our competition. tom: the french president speaking to rest of their. let's bring in caroline connan or in paris f

wickedly expansionary fiscal policy under biden and harris and expansionary monetary policy where jerome powell kept printing money even when printing money on the fiscal side. david: milton friedman affect and art laffer affect, supply and demand. charles: it was a keynesian affect and arthur burns affect. because i'm talking about printing money and spending a lot of money. that will always give you inflation because the demand side will outpace the supply-side with higher regulations. here is what i would say. i go out to dinner with wealthy people, live on the upper eastside normally democrat but some of them because of what is going on in the democratic party in israel, moving to trump but they will tell you there will be a restaurant in manhattan. it is packed but guess who it is packed with, speculators, financiers, millionaires, not packed with guys that scrape and save from money. if you want that scenario, the middle america scenario my guy who owns the coopertown diner, will tell you how they are squeezed left and right on goods to cook with where their profit margins are shrinking o

. >> speaking of the fed, federal chair jerome powell said he still sees a soft landing for the u.s.t he said. >> yeah, that was very important, and it looks like the fed is pulling off the unimaginable feat, a soft landing and also protecting the labor market. he said this is also important for the rates market. he said the next cut is probably not going to be a jumbo cut, meaning a 50 baize point cut but a couple of 25 basis point cuts. the next couple of moves are going to be a lot smaller. we're expecting two 25-point basis cuts this year. >> a story we've been keeping an eye on the last couple of days. thousands of dock workers on strike this morning at the nation's east and gulf coast ports. tell us the latest. what could the implications be? >> look, the implications here could be huge. jp morgan out with a note saying the economic costs here could be $5 billion a day. this is a huge number. and, again, the ramifications here is 50% of all container trade that goes in or out of the u.s. is affected by this strike. obviously they're battling out over wages and increased automat

as you recall back in jackson hole, wyoming conference on august 3, jerome powell today pivot and came out extremely dovish. i did not understand that. with the fed dropping 50 basis points, i concluded bond yield might actually go up on that, and it sure has, because the bond market is agreeing with me, or let me be humble and say i agree with the bond market, that the fact of the matter is it was not necessary that the fed did too much too soon. >> ed, given that is your view, how do you play it from here? we have the u.s. election were both candidates are likely to expand the fiscal deficit. you think this results in aggressive steepening? is it the long end you play, or is there still juice in the front end in terms of the fed cuts that are aggressively priced? ed: i think there is a lot of uncertainty as we head towards the elections. we've had a couple major uncertainties have to do with politics. there is geopolitics. we know the israelis are going to attack iran. we just don't know where, what, or when. we also know that an election is about to occur in the united states, and e

jerome powell politicized the fed doing a jumbo rate cut this close to the election. scenario where you had to cut 50 basis points right away, unless he knows something that we don't know about the economy and they are going to be in a real are predicament if the economy accelerates. since they've done the july bow rate cut, the 10 year bond has gone down in price, up in yield, almost every day. maria: i'm trying to figure this out. why is it that rates are going higher in an environment when we're told rates are going lower? >> they're taking short-term rates down, three and five year inflation expectations are up and you keep hearing that donald trump 2.0 is going to be inflationary which us absurd. we know what a trump 2.0 is going to be from trump 1.0 and inflation was very, very anchored around 2%. so there will be a growth shock of. .there will not be an inflation shock. maria: are you expecting to be in the cabinet should president trump win this. >> i expect president trump is going to win. i would like to help had any wai can, inside or not but there are no j

going to happen when you get a report like this certainly possible a question of do you believe jerome powelldent made a lot of decisions in conflict with data i think anyone's guess whether going to be you know politically dependent or whether going to be data-dependent here. maria: there you go, cheryl what you got. cheryl: a good couple things i want to jump in with first off yeah, a revision for august, they raised it higher by 17,000 jobs but i think the one thing i want to point out here i think joanie my jump in on this biggest amount of jobs created were in food services. you know, so those an effort necessarily higher-paying jobs, i want to point that out biggest jump that i saw as far as where jobs are, 45,000 healthcare but food service drinking places 69,000 jobs, i want to say high-paying jobs, but -- >> the healthcare story did not surprise me as well, the government, you know hiring, that is maybe outlier at this point this month. maria: transact transportation lost jobs 8.6,000 leisure hospitality up 78,000 your reaction. i think even, numbers i am looking at this, of course,

control the fed but you do have some say and who's out there -- the chair and will he reappoint jerome powellthat jamie dimon is playing footsie with kamala harris? and that's why -- what you have here you have a cya writ large in corporate america as it looks like it's a possibility again, you know, lessen it's members two market here, there's a betting arts market which is -- i don't trust those lucky poly market, it's a lot sentiments involved in that but the poles have tightened the point where, you know, ads and simples is ahead, compose he's behind, is doing well in the battleground states, he's people -- their entire poles are very strong just -- i spoke with one this morning so i get back to the wall street guys and the ceos by the way the ceos pay for very, very good pulling its magnetic public things that, you know, have a margin of error of ten, you know, you know what i'm saying? the pay for real pulling their polling is showing a tightening race and momentum shifters -- nothing is going to win its what he's trying so you have that cya going on right now. [laughter] >> sandra: i k

. >> this is the thing if jerome powell had only had 25 basis points last time he would have wiggle room but he really doesn't, if the new cycle in all of this goes against him as the labor market has been showing us leading up to the point he can find himself in hot water which nobody wants to be in opposition but he gets blamed you are looking at the dow 248-point, it is not peanuts. >> oil has been on the rise we mentioned three straight days of gains one of the biggest weekly increases that we haven't seen since march of 2023, again a lot of geopolitical risks weighing in on the markets, we know charles payne is also weighing in. charles: you gave me a lot to work with, thanks a lot. good afternoon i am charles payne this is breaking money. breaking out the bull market is about to turn two years old it's time to blow out the candles or turn the volume up and keep it going, brian westberry has his dancing shoes on and bring in the music. insane, that is how nvidia described for the new chip, i've heard it before and last time it was a red flag, not from them i'll tell you where i hear

barr and earlier this year with fed chair jerome powell.nist miranda devine, she's the author of the blockbuster new book "the big guy" and president and his son sold out america about joe and hunter biden. miranda devine, what do you make of this controversy? >> look, i just do not understand why cbs is allowing itself to be dragged into more and more controversy. every time it tries to get itself out of the mess, it just makes things worse, and in this particular statement it's basically called donald trump a liar. all they have to do is just release the unedited video and the transcript and people can see for themselves if they did deceptively edit it. clearly, the answer though showed on "60 minutes" was a much more coherent articulate answer than the one we saw originally, so you know, what they say, they did that for timing reasons and that is the problem with kamala harris is that she's so sort of flowery with her language and so inarticulate and she filibusters all the time as you saw the other day when she had her fox interview wit

and the move coming as federal reserve chairman jerome powell says the fed isn't on a preset course when it comes to interest rates. powell says to expect two more rate cuts this year if the economy performs as expected. now the dow, the nasdaq and the s&p all ending higher for the month. and it was actually the first positive september for the s&p in five years. in focus today, we get data on manufacturing auto sales and job openings plus earnings from nike. roughly 50,000 union longshoremen are now on strike at ports from maine to texas. now, this could cost the economy hundreds of millions of dollars a day. delayed shipments for everything from cars, furniture, alcohol and pharmaceuticals, and raise costs for businesses and consumers. but as the holiday season approaches, toy makers such as hasbro and mattel, they may be in the clear because analysts at ubs say the company's got most of their production and shipping out of the way and routed deliveries to ports on the west coast. more than 85% of their shipments come through the port of long beach, which serves as a gateway for goods

consumer has been and how it's just powered right over the top of anything that jerome powell can do. and i think the same will be true both directions, going up and down. what really matters, genuinely, is just the health and strength of the consumer. the thing that i wonder about with rate cuts is, i know there's so much pent up demand in housing and that is the place where the consumer has most of their wealth tied up. if they think that rate cuts are really on the horizon, they're going to wait. they're going to wait even longer. if they think that it's going to take them longer, they may allow themselves to make the move ahead of time and wait to refinance. so, those -- that's a dynamic that's a little uncertain. >> i'm going to say a name to you, melissa -- >> okay. >> tim, help her. maureen mcgovern. >> tim? >> there's got to be a morning after, is the song? >> got to be a morning after. >> this is live. this wasn't planned. >> no, not at all. >> steve mentioned the regret the morning after. and that just -- >> something you want to talk about -- >> never experienced that, tim.

investors shaking off comments from fed chair jerome powell saying he expects smaller rate cuts moving forward. this was the first positive september for the s&p in five years. futures so far appear to be holding up despite the standstill now impacting ports up and down the east coast all the way down to houston. tens of thousands of workers walked off the job at midnight. a strike could cost the u.s. economy hundreds of millions of dollars per day. it may also soon delay shipments for everything from cars to retail items to alcohol and pharmaceuticals and yes, the added costs will be passed on to consumers when it comes to toys for the holiday season, though analysts say most companies plan ahead and readjusted shipping plans. cvs health is reportedly reviewing options this morning, including a possible breakup of its retail and insurance units. the struggling health care services provider is looking to turn around its fortunes as it faces pressure from investors. cvs is also discussing whether its pharmacy benefit manager business, which oversees drug benefits for health plans, shoul

sonali: coming up, fed chair jerome powell signals he is in no hurry to make further cuts.att: dockworkers walk out of every major port on the u.s. eve and -- east and gulf coast. katie: and

lisa: did you get a sense that jerome powell is fundamentally more dovish than the rest of the committeeuming that's the case and what we get from the rhetoric, but did he seem to feel he was the consensus in terms of having this predilection to cut by 50 basis points? ellen: the fundamental issue is the economy is ok, and there is not any forcing issue to cut rates. when the data is deteriorating quickly, slapping policymakers across the face, you will see how quickly consensus comes together. it seems disparate on the committee because there is no particular emergency. you are cutting in a healthy economy. it is just that rates are higher than they should be. that is what he calls this a recalibration. without an emergency driving factor, the views are all over the place and we try to figure out, is powell driving the consensus? is he strong enough to pull consensus? is anyone in the middle with him? i think he has plenty of supporters in the sense that we could do 25 or 50. the data will tell us what we need to do. annmarie: do you buy into the narrative that businesses are holding of

. >> the federal reserve chairman jerome powell said the federal reserve may cut interest rates againt of nuance to it where he effectively suggested if things were worse than anticipated, he may cut more. but there were other parts of that speech where he said, look, maybe we got it wrong, maybe we won't be cutting two quarter points if things are even better. i think this is steady as she goes. i don't think this surprised anybody. i do think there was a lot of tea leaf reading. i don't think there was much to it. >>> coming up next on "morning joe," israel has launch what had it calls a limited, localized and targeted ground operation inside lebanon with the goal of pushing hezbollah away from the border. we have a live report from richard engel when we come right back. richard engel when we come right back have you ever considered getting a walk-in tub? well, look no further! safe step's best offer, just got better! now, when you purchase your brand new safe step walk-in tub, you'll receive a free shower package. yes, a free shower package! and if you call today, you'll also recei

jerome powell said the central bank was not on a preset course for rates and the committee doesn't feell street regarding the ongoing port strikes is interesting as well. this might actually change the entire calculus for what we were just saying about the economy. if the work stoppages continue and goods do not make their way from the ports to the markets, we could see a spike in prices from food to cars to everything else in between. economists more broadly expect some of the biggest expect some of the biggest challenges to hit industries like agricultural products. the early read is that if this is not a prolonged work stoppage at the ports, that the impact to the u.s. economy would actually be rather modest, and that's because west coast ports not affected by the strike could take on some of the east ports. but all bets are off if this is a prolonged stoppage. some in the industry estimate that it takes about a week to get ports operating at normal levels for every one day or strike. that gives you an idea about the math there. we're going to end on some fun and games. it's a really

, and i can't believe i'm going to say this, poor, poor, poor jerome powsm while president biden's sipping pina coladas on the beach, powelled to deal with three reinflationary purchases -- pressures, right in biden add had resolved the middle east conflict, we wouldn't be dealing with higher oil prices. if he would have done something about the unions, you wouldn't be dealing with rising prices which are costing us $4 billion a day for the port strike. and if you look at the hurricane relief, if we didn't spend fema money on immigrants, illegal immigrants, there would be money to fund. this this is going to the all lead to inflation. i think, if you see any uptick, powell and the fed are going to have to reconsider -- lauren: and jobs origin, jobs report, right? a softening labor market p. stuart start that's right. lou, you say investors should be ready to the buy any big dip that comes along -- >> and here's why. i do expect a big dip based on history when we see a war or crises break out like the attack on israel by iran. a year ago the markets actually sold off about 7-8 8% in 20 the days after that, but if you look h