next will be larry summers. larry could not make it live, but we were able to record a video presentation with him ahead of time. >> is most unusual to see larry but not hear him. -- we will take a second to see if they are able to get an audio version of larry to work. and again, go ahead and submit your questions, and we will get to those as soon as the opening statements, presentations are included. i am going to call on you, tyler, and we will try to get back to larry after your comments. >> ok, thank you. one of the risks of speaking on a panel of four you run out of time and the opportunity to say something novel. to inoculate against that risk i decided to share the findings of a new working paper of mine, which has neither been posted nor presented, so the results of never been seen before this morning. i am going to share my screen, so hopefully that works. and people should be able to see now. a little over a year ago just as consumer expectations of inflations began to rise while by markets began to sh

we should tell you former treasury secretary larry summers says economy is in a risky position right now and a majority of economists believe the whole world is headed to recession. as for bitcoin is below $20000 i got at $19000 to 87. here is a shock gasoline up another sent overnight 379 is the national average, the real shock is california the average for california is up to $6.29. that is a gain of 9 cents overnight. the golden state has refinery problems. were pleased to say this is the end of the week and end of a tough month friday september 30, 2022 "varney & company" is about to begin. stuart: as i said the pictures tell the story ian has now been upgraded back to a category one hurricane as we said is heading towards the carolinas. >> is back getting ready for a second major hit on the united states tara lane toward south carolina and expected to make landfall today ahead of the weekend life-threatening storm surges expected after ian left parts of florida as you're looking utterly devastated, president biden describing the damage. >> this could be the deadliest hurricane o

yes on 27. >>> former treasury secretary larry summers warned democrats about potential inflation fromiden administration after another alarming economic report showing inflation up 8.3%. summers tweeted this confirms that the u.s. has a serious inflation problem. joining me is larry summers. secretary, thank you so much for taking the time to be with us. you don't see this getting better soon. can you give us sort of your assessment of where we are and where we're going with inflation. >> look, brianna, you're going to see all kinds of fluctuations because gas prices go up, gas prices go down. there's other volatile components of inflation. so what you have to do is look at what the underlying more medium term inflation rate is and that means looking at things like the behavior of wages, that means looking at the median component of inflation, whatever product each month is right in the middle of the distribution and it means looking at core inflation, so-called core inflation. and i think those statistics are pointing not towards 8 or 9% inflation, but they are pointing towards our h

larry summers couldn't make it like today but we were able to record a video with him ahead of time. i'm not sure we have audio for larry. we will take just a second there. it is most unusual to be a lessee larry. >> they are is a first. i think the team in d.c. is going to try to get audio to work in and from here. if we are not able to get larry we will jump to tyler and welcome back to him. it will just take a second here and will see if they are able to aget audio to work. again go ahead and submit your questions. some have already come and we can get to those as soon as the opening statement presentations are concluded. i'm going to go ahead and call a new tyler and will try to get back to larry after tyler. >> thank you nick and so to inoculate against that risk i've decided to share the findings paper of mine which is neither been posted nor presentedpe yet. the results have never been seen before so i'm going to go ahead and look at my stream and hopefully that works and to think we should be able to see now. a little over a year ago a survey measures of consumer expectations

. >> former treasury secretary larry summers blasting u.k. economic policies.ernment is creating circumstances for the pound to stay past parity with the u.s. dollar. the currency pretty much flat after the boe said it would step in to calm the frenzied bond market. larry summers is back to share more. it's always a pleasure to get your perspective. your take on what the boe did today intervening at the long and the market. >> this was a market maker of last resort operation. given the severe problem we had created by forced liquidations associated with pension funds who had been hedging their long-term liability. i think it was the right thing to do given the technical factors that it risen in the market and it's obviously brought some important stability to the gilt market. it does not resolve any of the fundamental contradictions in british policy or address the tension between the anti-inflation imperative and the massive fiscal expansion of being engaged in by the british treasury at the ultimate need for tight monetary policies. if major inflation is to b

appreciate your time >> thank you >> former treasury secretary larry summers warning that the uk is losing its credibility following the announcement of sweeping tax cuts last week. in a series of tweets summers said, "i was very pessimistic about the consequences of utterly irresponsible uk policy on friday, but i did not expect markets to get so bad so fast. he added that i acurrency crisis in a reserve currency like the pound could have global consequences the british pound recovering a bit today after hitting an all-time low against the dollar yesterday. the ten-year uk gilt rising to its highest level since 2008 here to discuss the ripples, michelle caruso-cabrera, council of foreign relations member, cnbc contributor and a dear friend michelle, good to have you with us >> it's a pleasure to be here, tyler. >> you bet it's not often you see a currency like the pound cratering and interest rates rising -- it feels more like be not a reserve currency but a third world currency >> an emerging market currency you see this frequently happening in emerging markets. this recently happened in

bring in annabelle. >> larry summers spoke with us earlier saying this is a time of elevated risk. oes compare that to the buildup we had ahead of the financial crisis. in the northern hemisphere, summer 2007 that's when he said we started to see nerves around the u.s. housing market and he says investors should also be anxious at this point as well. the reason he is looking at this increased debt load in countries around the world, central-bank hiking, recession fears, commodity prices, geopolitical risk. a long list for us to be worried about. he is also looking at the u.k. as another market risk. look at the debt levels we see in the u.k. near 100% of gdp. indicating how much more elevated those debt levels become during recessionary times. the risk being the energy crisis starts another major contraction looking like it could or will but larry summers saying the risk of that is that it could have a ripple effect because when a country is big as britain goes through something like this, it could have consequences that go far beyond. >> words that leave the outlook for commodities

larry summers says the dollar surge is not over yet. us what he expects further strength in the currency. >> we mounted a stronger response, michael economically to the pandemic -- economically to the pandemic. necessary tightening in respect to monetary policy, given inflation and all of the various factors making us a safe haven. a mecca for capital and that is causing resources to flow into the dollar. if it is remarkable people were saying that the dollar's day was past. given its current strength, my guess is that there is room for this to continue. the euro was in the low 80's against the dollar 20 something years ago. in some ways, it has a the states compared to europe are even stronger now than they were then. paul: that is larry summers speaking exclusively with bloomberg's david westin. time for morning calls ahead of the asian trading day. in america, traders are rushing out of u.s. equity as the chance of a economic downturn increases. the increasing cost of money is one of the factors driving investors away from stocks. u.

earlier, bloomberg spoke with the treasury secretary larry summers about what is going on. en you think about managing the economy and the u.k.. take a listen. larry: we are in complex and uncharted territory with what is happening in the u.k. and it would not amaze me if we had situations like that in more places. look, the u.k. has fundamentals that are out of whack in which the market does not believe that they have a sustainable path of macroeconomic policy that, over time, no matter what interventions you do, spells very difficult times for their long-term bonds or currency or rate of inflation and ultimately for their economy. taylor: larry summers there of course, former u.s. treasury secretary talking about cross asset volatility but the cross global volatilities we see as well. of course you can watch more of larry summers tomorrow, wall street week, happening at six clock p.m. eastern time. up next, rate hikes are coming back and serious. we dive into how market prices are rapidly trying to revalue assets, that reevaluation underway today, two year yields climbing

larry summers is smart enough to know that but he didn't. why didn't he do it? you wanted to get some headlines. i think today, and he brought down the power of his tweets, and i think it's a good time to buy the pounds. because i think there overstating the british tesco, irresponsibility, i don't see this is, you know, hyper responsible to, you know, be cutting, running a deficit of 140 actually and 45000000000. when you just ran a search was indirectly of 220000000000. that sounds like a bounce, a concert fiscal policy. in addition, the u. k. has unfunded liability, you know, like the think about the health care service service, national health service and u. k. it state control. the prices are pretty, you know, pretty well fixed are time sensitive, not arise, much faster than other prices and much faster than real economy and u. k. in the u. s, we have health care prices going out. that was due for. ready decades now, our long term fiscal situation is much worse and that in the okay, we have the same debt to g d p ratio. but our social system, our pension sy

treasury secretary larry summers says we are in for the worst and's august of 2007, with the u.k. just one example of potential breakdowns. francine: we are joined by ven ram and willem sels, global cio of hsbc private bank. good morning. i do not know how painful your week was, but there are signs that things are steep blazing for a little bit -- stabilizing for a little bit. willem: everybody is looking at what we should doing here and on our forecast for sterling, before the mini budget, we think that the u.k. remains vulnerable. we are own -- the only company that has not been burdened before that hit. it is a slow growth environment and we have the rising budget deficit and the rising interest rates will have an impact on this investment spending. markets generally are more and more turning their attention on the damage that these rates will due to growth, so that is why we are defensively positioned on the bank of england. tom: defensively positioned. ven ram, let's bring you in at this point, the warning from larry summers that there are echoes of 2007 in these markets. doe

this is what larry summers saw, jason fuhrman saw, this is what i've seen.as at the jackson hole conference were -- where jay powell kind of scared markets. it was clear then. there was a sound academic paper presented that it was biden's policy that caused inflation to lift off. again, can you imagine. they had 6% growth that they inherited because we have basically covid shutdowns. i regret being part of the team that did that but we had economic policies that got us back up and going and that's why we had two quarters of 6% growth which is a really high growth number. now we are looking at probably the third negative quarter in a row in the fed tightening. there's really no saying how bad this is going to be. especially if there's not a change in policymaking in washington. >> laura: everyone's got to get out there and vote. kevin, thank you very much for joining us. >> thank you, laura. >> laura: nightmarish economic news continuing to roll in, joe biden fled to the coffered production of his most radical supporters today. the national education associat

larry summers knows a thing or two about emerging-market crises.as a key player at treasury in response to the asian financial crisis and russian financial crisis, which then became a latin american financial crisis in the late 1990's. as a guy who was on the cusp of becoming fed chair, you don't say things like that lightly. so the u.k. now has a reputational issue to manage. that is not where they thought they would be. rishaad: dan, thank you very much indeed, bloomberg's daniel moss there. let's have a look at the first word headlines. the organization for global economic development is expecting global economic growth to slow down next year, blaming it partially on the war in ukraine. the oecd cut the 2023 global growth outlook forecast. /the gdp forecast for most of the g20, with only indonesia getting a moderately higher outlook. the oecd also saying that further interest rate hikes are needed in most major economies, to tame inflation. >> hour forecast is a challenging one because we are forecasting a significant slowdown of the economy, th

larry summers with 100 basis points needed to enforce the fed's credibility. how likely is that? dani: veteran investor mark mobius will be giving us his take on geopolitics in global markets on his central asia trip. stay with us for that. this is bloomberg. ♪ >> the core print for today was not fantastic. >> the markets are reacting to this. >> inflation is going down but not at a pace that the fed is comfortable with. >> the fed isn't going to blink. >> that's what they will do. >> the number is going up with november expectations rising as well. >> 75 is certainly on the table. >> there clearly isn't going to be a pivot anytime soon. markets continuing to predict that the fed doesn't pivot and starts to cut in the second half of next year. that needs to come off the table. >> they will probably hurry it up. >> this puts the fed into overdrive. sooner or later, they are going to make a policy mistake. dani: the latest you -- u.s. cpi data. here's a look at where markets stamp. s&p bouncing back. all eyes turn to the dollar singing lower. the latest from the bank of japan. manu

larry summers says 7.5%. probably will be somewhere between there.think a little closer to--i might think a little closer to the larry summers pessimism than the optimism. this week they came out with new projections. i suspect they will waive the unemployment forecast a little bit. we will see a much they just towards what a lot of people think is a sobering reality. guy: let's talk about that sobering reality and how quickly we get there. how fast does this unfold? how long will it take the fed to do what he needs to do to get to -- to get the economy in that kind of position? laurence: it is going to take some time. at this point there is momentum on inflation coming from the very tight labor market, labor shortage that we all see, that also shows up in the statistics. by raising interest rates, the fed can slow the economy and ease the labor shortage. that takes place over a number of months. certainly the headline inflation number can be high, low, whatever, depending on oil prices and things like that. with the underlying trend in inflation has

larry summers, by the way of the former head of the treasury, is saying that what happens in england could actually cause a global crisis. some also the current head of the treasury agenda jelena saying they're monitoring the situation. so clearly the okay is not isolated, was it's problems at the moment, ins, court and new york. thank you. and we go now to some of the other global business stories making headlines. the head of the world trade organization and go see a condo, a whaler warned that the world has heading towards a global recession. she expects her forecasters to further lower their growth rate for global trade this year from their current 3 percent projection. 16 major wall street firms have agreed to pay $1800000000.00 in fines over their failures to keep electronic records of important communications. bank of america deutscher bond goldman sachs were among those that use personal phones, text messages and other means to discuss financial information without hearing to record keeping regulations. while europe is synonymous with rail travel, but it's often a bumpy ride

larry summers, who knows a thing or two about all of this. larry, good evening to you.s for joining. which overall assessment of where things stand with the economy right now around. it'll be clearly heading into the midterms. >> we've seen some favorable developments in the near term. yes, prices are down, with it, inflation measures. the economy, last month, continue to create jobs at a strong rate. that's all to the good -- those trends are actually likely to stay in place for the next several months. beyond that, i think we do have substantial problems. i've talked about it on your show before, don. an overheated economy, the difficulty of containing inflation, particularly in an environment where there is a war going on, particularly in an environment where iran -- is not cooperating as well as we would like, and we've got these very real strains with china. i think we've got a very challenging economic environment, but we are -- you know, relatively sweet place right now. i do think, at some point, a downturn will come, given everything that's going on. >> larry,

. >> one of your predecessors, larry summers, who as you know is a shy, retiring type, his reaction to the fed announcement , he had one very specific prediction. he said, that we will see six months of them unemployment before we see inflation below 2.5. >> i don't want to get into the prediction game of exactly what it's going to take. i have confidence in the fed, i've been there, i believe deeply that we should have an independent central bank and that they should make the judgments about what's required. probably they need to ease some labor market pressure but i certainly don't want to say that the unemployment rate has to rise like that. >> i think you were saying you believe the fed can bring down patient without triggering a full-scale recession. >> i think a full cell recession is a period when there is excessive unemployment. we have one of the tightest labor markets right now that we've had in american history, and i believe we can continue to have what most americans would regard as historically low unemployment rates and a strong labor market where people can find jobs. r

larry summers warning that global economic risks right now is approaching the pregreat depression -- levels comparing people's anxiety to what happened in 2007, dominic, here is his quote. we are living through a period of elevated risk summers said and the same way people became anxious in 2007 this is a moment where there should be increased anxiety. >> if the consumer is feeling good and they are happy and go out there and spend economic activity increases, it benefits everyone. my clients are just normal, they are right there, maria, you're feeling stressed about what's going on with the markets, you are feeling stress of what's going on in the real estate market, the political situation in washington is just absolutely a disaster in their eyes and they stop spending, maria, that means economic activity stops and we go into a recession. maria: yeah, dagen, we are about the begin the fourth quarter and that's where so many people are saying this ugliness may very well start and head to 2023, i'm talking about a long and deep recession. jump in here, dagen. dagen: what the federal

larry summers, former from a democratic administration everyone likes to quote him, having worked under he's been very critical of the way this current democratic presidency has been handling the economy, he says after the numbers were out, overall this evidence suggests that we still have a long way to go to cool the labor market and that it is far too soon for a victory lab regarding the prospects for a soft landing for the u.s. economy. still a huge job the federal reserve has to do to tame inflation because we are still seeing sky high prices and we are not seeing demand destruction yet. >> and larry summers in an interview, says a soft landing is probably more hope than experience. over the last 50, 60 years, almost impossible, especially when you have inflation above 6%, unemployment below 4%, and to him, even said we need to get to the jobless rate of 6% in order to bring down inflation. >> sandra: for years, for years, not just one quarter. >> how do you marry the fact we have been talking about layoffs this week, so snap is cutting 20% of workforce, silicon valley is in a hirin

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even top obama and clinton official, larry summers he calls biden's energy poll is quote insane.ith us senator chuck grassley, congressman lee zeldin, james comer, greg stuebe, nick loris, former top cop ted williams "the hill"'s joe concha. we have a heck of a show for you tonight. this breaking news, house gop said whistle-blowers on hunter biden laptop revealed the biden family tried to carve u.s. nat gas reserves, natural gas energy to sell them to china claiming that president biden personally benefited from the deal that raked in millions of dollars. also this, that the biden family promised business associates access to a future biden white house. florida governor ron desantis he is hitting back hard against a new migrant lawsuit over sending them to martha's vineyard. right as the administration, look at this, talked about shipping illegal immigrants to the border with canada and embattled u.s. cities like los angeles. dhs was talking about that. gop house judiciary says an fbi whistle-blower claims the fbi has been quote, sidelining crime cases in order to pursue politic

. >> as you may have seen yesterday one of your predecessors larry summers who is a shy retiring type , he had a whole reaction as he often does to the fed announcement and in one very specific prediction hhe said quote, having to bet anyone we will see six months of employment above five before we see six monthsof inflation below .5 . would you say that's fair? >> i don't want to get into the production game ofexactly what is going to take . confidence in the fed. i've been there. i believe deeply that we should have an independent independent central bank and they should make the judgments about what's required . probably they need to use some labor market pressure but i certainly don't want to see the that the unemployment rate has arise in that time. >> before i turn to, one last question. your previous answer i think you were saying you believe the fed can bring down inflation without triggering a whole scale recession. >> i think a full scale recession is a period when there is excessive unemployment. you don't havea strongly . we have one of the tightest labor markets right now

larry summers blasting the new economic policies in the united kingdom, telling bloomberg "i think you could behaving a bit like emerging-market, turning itself into a submerging market and looking at the pain that some of the tax cuts and spending abroad." from your perspective, how much is it a crisis that has a wider ripple effects, especially institutional international investors don't have the same power to come into the u.s. market? >> we are carefully watching the currency market as i mentioned before, one of the asset classes almost been in a bubble bursting type of note with 20% type negative returns. the disconnect between now similar to monetary policy. , and, physical policy and tight monetary -- i mean, fis policy and tight monetary. cal [indiscernible] hi volatility environment. the risk is that you do see some financial dislocation that exists as a result of that weakness across all major in developing market currencies. lisa: all of you are sticking with us. coming up, we will be looking at the auction block. that conversation coming up next. lisa: i am in for jonathan

larry summers -- excuse me, this is larry summers today, today's report confirms the u.s. a serious inflation problem. for inflation is higher this month than for the quarter. this quarter than last order. higher last year end the previous, that's larry summers today on the state of our economy. everything is costing dramatically more. everybody understands what the word inflation means. this is entirely the result of what larry summers predicted in march 21. $2 trillion on the economy which he predicted at the time and again today is the reason we looking at 40 year highs inflation. every democrat voted for it, every republican voted against it, the most prominent democrat economists in the country predicted at the time, confirmed it again today. >> they are gathering at the white house today, 8.3% year over year increase inflation like it's a predictor. i remind people when president biden took office january 2021, inflation rate was 1.4%. they may a victory lap of the white house but the american people are not because they feel direct impact of this every single day. i

larry summers said don't expect 2008 but you are going to have buyers, even though you are only talking a few basis points here or there and monthly payment that is several hundred dollars a month. the rent versus own argument, becomes more prominent because people are going to be priced out of buying a house and people looking to rent. rental prices will not go down anytime soon. jack: you are looking at a different area in the real estate market sending a signal that maybe office workers won't be returning so quickly. jack: i spent upwards of 85 hours a week in the office, sleeping back upstairs, this isn't about me, it is about the average worker. you look at office rate and dividend yields, the average dividend yield, 7.5%, double the average. it looks too high, it looks suspicious. look at prices relative to funds from operations, half the group's price, the discount before the pandemic was 12%. basically we know the story, vacancy rates are up, morgan stanley says of trends don't improve over the next 18 months office rate have to raise outside of capital and many could cut their

we also have larry summers talking about no way of a soft landing with the principal reserve raisingates -- federal reserve raising rates the way they are. and this week we saw the 10-year hit 4% which was one of the biggest moves that we've seen in a long time at 4% on the 10-year. it ended the week off of that but, troy, what does that mean when you see the benchmark, the rate that is the benchmark for mortgages and borrowing hit a level of 4%? >> yeah. so, basically, remember, what the federal reserve wants here is tighter financial conditions, higher yields, lower valuations for equities and now lower valuations for real estate. so basically, people forget about what a huge tailwind it's been for all assets as we've had lower and lower interest rates really since the volcker era, but particularly, you know, since the early '90s. so as rates go higher, it's almost inevitable that we have more multiple complexion presentation -- compression. and the probability of a recession is so much higher now than we're more than likely going to have another leg down driven by cut equity earni

this is what larry summers saw., this is what jason furman, the chair fon saw, tr. obama said, this is what what i've seen. and i was at the jackson hole conference where jay powell sort of scared markets and said, look, i'm seriouous this time. -- wh and i think heer is e. but at the jackson hole conference, you know, it was scd absolutely clear because there was like a very sound academic policy tha paper presented that it was biden's policies that caused inflation to lift off. and again, can you imagine tha they had six percent growthherie that they because we had basically had the covid ba i regret in t the past, being part of the team that did that.t but we but we had economic policiesck u that got us back up and going. and that's why, you know, we had two quarters of six percentr growth, which is a really high growth number. when biden took office . t now here we're looking attive q probably the third negative quarter in a rowuart and the few tightening while that's happening. and so there's really no saying how bad thiss is going to be , especially if there's

shery: larry summers speaking with bloomberg.ing with the boe, market watchers say the bank is in a bind. what is the reading? annabelle: we spoke to us and said the boe has found itself in what he calls the ecb situation. another measure to contain financial risk. he says these things are in conflict. it was going to be hard to do so. mohammed's view on the program of major tax cuts, he says that is a big gamble and he thinks the boe is going to need to raise rates by 100 basis points that is not off the table. in terms of policy makers, we understand pay has been very critical of policymakers being slow to act and he spoke to us about how that is feeding in to what we're seeing in market action. >> we have to buckle our seat belt tighter and recognize policymakers contribute to volatility. this is going to be incredibly bumpy. annabelle: recession risks are building. stanley says the risk of recession in 2023 is all but certain and could be deeper than many people expected. the reason is he is pinning this down to fed policy ov

. >> larry summers says that the american economy has a problem with substantial inflation. >> they wereot wholly unexpected. i think the inflation could fluctuate substantially because we have a significant underlying inflation problem. that is what that core inflation rate where the month was faster than the quarter and the year was faster than last year, it showed close to 7% ascorbate. we have a substantial underlying inflation problem. another way to see that was the median inflation is higher than it has been since the many times we started collecting the data. another way to see that is that we are seeing substantial inflation in the housing components of the index which we know have very substantial persistence. another way to see that is in the data for the atlanta fed which i think is probably the best wage indicator on those who were switching jobs which shows where the market really is unlike those who are staying in jobs which were running at 8% or more. we have a substantial underlying inflation problem. that is not come out without very substantial monetary policy adjustme

the president was actually warned by some respected economists such as larry summers at those poll who's contributed pollution. do you dismiss that. the president did it anyway. it has been very damaging to our economy. >> what will republicans do to curb inflation. >> when you look at covid and what was done about arson paces actually with the priority of keeping people in a job, 2020, at the beginning of covid when unemployment spiked and the gdp dipped, congress got involved on a temporary basis. by the end of 2020, gdp was back to about events. we should have left that level enough loan, i think they would've left at one of the. on president biden's new in office. he wanted to push all the money out there. that was a mistake. >> i want to invite the viewers to join in the conversation. we are talking about the economy. what is it like where you live? he sits on the tax and trade ways and means committee. he is the top republican on the trade subcommittee. speaking of trade, the white house and labor secretary this morning, marty walsh, we have come to a tentative deal with the unions

in fact, larry summers the other day was saying to expect unemployment all the way up at 6-6.5%. we've got an unemployment rate of 3.7%. as the economy slows down, how significant will the job cuts be? >> i think if we have a significant slowdown because of both the interest rate increase and the tightening, the shrinking of the balance sheet which puts constraints on the economy, then we could have a significant, sudden increase in unemployment. and that is where i think the pressure will then fall on the fed. and if happens before the inflation numbers are down closer to the 2 or 3%, then that puts enormous pressure on the federal reserve. and whether they can resist it given higher unemployment will be a big question mark in everyone's mind. i think it will be difficult for them at that point. hopefully, inflation will come down enough that when they pivot, it won't be so disruptive in terms of renewing inflation impulses in the economy. maria: well, i could talk to you all day. we have so much more to touch on. thomas, i so appreciate you joining us this weekend, and we look

when larry summers former secretary of treasury told them not to spend those $2 trillion that would harm america, they went forward anyway. with steve rattner adviser to president obama called it the original sin of inflation. when they attacked american energy that fed opec supplies. we watch the price of gas rise again causing inflation. when their cries of the democrats that voted to defund the police working hard to elect woke prosecutors we watched crime rise throughout. when they watched to change the policies of our borders where more than 3.5 million have come across in fentanyl the number one of our children between the ages of 18 and 45. 300 americans will be poison that will die because fentanyl. that's the equivalent of one airline crashing each and every day in america. but the administration ignores it. so what has this one-party rule of democrats brought us? higher prices and inflation. my question to every single american, can you afford to give up one month wages? an entire month of your wages can you afford to give it up? most everyone would say no. unfortunately did th

harvard political -- professor larry summers warned that the almost $2 trillion stimulus plan was three times as large as the projected shortfall. he said policymakers need to ensure they have plans in place to address the possible and quite serious problem of inflation. instead of taking time to analyze the impact that additional government spending would have on inflation the biden administration continues to pump money into the economy and inflation continues to worsen. september 13, 2020 when the august numbers were released showing a .3% -- 8.3% inflation. biden hosted a party for the inflation reduction act. in just a few days later on cbs president biden told the american people that inflation was increased by just an inch. if the white house thinks this is what we need to raise -- measure inflation by, the american people think this is what we need to measure inflation by. president biden with an attitude toward the american people's suffering is acceptable we are working to conduct real oversight, the house republicans on this community -- committee we have written multiple let

when i saw larry summers talking about it as well, i thought i guess there is something to it. he said if you are the fed, he would. i think the biggest issue for them not to do it is that it has not been single ahead of time. -- signaled ahead of time. there have been signals from the fed even in this blackout period, the stars are lining up for the 75 basis point move. can they do that? do they need to? that is the other question. most people figure 75 basis points, 100 will be the frosting most people are not looking for. haidi: we are looking at market expectations and what is already baked in. what would 100 basis points due to rate assets? >> that will be more pressure for sure. one important thing to note is that the s&p 500 fell 4.3% but it did close above resistance level. trading at 3900. that is one indication there is some support here. 1% hike in rates will do a lot of damage. pricing in the future is caught between 75 and 400 basis points. that indicates there is some trepidation there. nobody is making in 1% yet. if we get indications about the economy, that coul