kriti: loretta mester talking to us about what we can potentially expect ahead. she is not saying anything super counter consensus. >> they are all maintaining the same language before this bond selloff. we had loretta mester claiming a need for another hike later this year, reflecting with in that dot plot already. we heard from michelle bowman yesterday claiming multiple hikes still needed on the table. and michael barr, who did not consent that we are at restrictive rate yet. he said we are likely, or very near restrictive levels. this is important because we're watching for any change of language in the fed speak. do they acknowledge this recent rise in long end yields almost doing the work for them to tighten monetary policy a bit as we near that peak in the fed funds rate? we did hear slight comments about that last week from the dove on the fed board, goolsby, but we have not heard anyone else reiterate that this rise in yields is already doing some tightening for them. that's what we're on the lookout for. yesterday's move in the markets was not led by th

loretta mester speaking at the manhattan institute to uaw president sure fain, i think you will be updatings with automakers and in a few minutes at noon we think new york time president biden meeting with the eu shunts michelle and president of the european commission, ursula von der leyen. that is happening we think at the white house. alix: what is also happening in d.c.'s third round of house speaker should vote with congressman jim jordan. looks like he is a fish -- has officially lost but the vote count is important and kailey leinz is in washington. what is the count? >> 25 against jim jordan in this third round of voting, that is a greater number than second round which was 22 and the first round 20. he has blood support each time he has gone to the floor, granted it only was three times and it took 15 rounds for kevin mccarthy to get the gavel in january but things are going the wrong direction for the speaker nominee of the republican party at this point. we will see when the gavel goes down. i have not finalized the vote yet. this is a smaller number of additional supporters flee

fed official to come out and say that, in fact, so many people you have cleveland fed president loretta mester. you've had lorie logan over at the dallas fed all saying that, well, maybe the bond volatility that you're seeing, it's actually doing some of the work for the federal reserve that's going to have ripple effects. what does that then do for cuts and for how that's being priced into the market? because if you actually pay attention here, the cut pricing is pulling back. now you are only seeing the market price in about three cuts as the most likely outcome. and that's really where this chart really comes in handy because, look, the market was convinced that convinced six months ago that we were going to see a recession and that the fed would have to act very quickly. now, in 2024, only three cuts and even those priced on the back end of the year. so again, a lot going on in the markets, but think they're finally getting the message. what chair powell has been saying all along, higher for longer. and thank you to the markets for doing some of our work. we're going to see how that's all

and cleveland chair loretta mester said a round of increases will likely be needed one more time.s first rate call on tuesday under a new governor, michelle bullock. most expecting cash range not going to change. likely to stay at 4.1%. apart from the governor, anything else likely to change? what are we watching for here? >> the broad message is going to be that that's a hawkest hold. so we are holding interest rates now but that doesn't mean we will not raise rates in the future. there is still concern about inflation and especially with oil prices going up again. i think they'll likely still talk about some of those concerns. probably talk about high hower household indealtedness and how cob samples has kind of weakened but investors will mass the statement very closely for any small change. that's going to be the key. shery: will that help at all when it comes to cooling down the property sector? it seems that's a whole different discussion of supply and demand at this point. >> yeah, that's right. it is mainly a supply problem at the moment. we have not built as many houses i

cleveland fed president loretta mester spoke this weekend in new york.she had to say. >> regardless of the decision made at our next meeting, if the economy goes as anticipated, we are near or at a holding point on the fed funds rate as we accumulate more information on economic and financial developments and assess the effect of the tightening and financial conditions. that has already occurred. rishaad: john, we have all the speakers all the time and back in the day there were many voices. are there too many of them talking at the same time now and muddying the waters? maybe we should rely on the chair and vice chair. every day we get a new speaker. john: there are a lot of speakers but this is nothing new. we have seen a range of views for the fed but i think we can see a pretty consistent pattern overall that we are at or near this rate peak as she says and i suspect we are at it already. i don't see why the fed needs to hike again. we had to consider long end of the bond yield curve in the u.s. and their doing further tightening. that is a critical

loretta mester will be speaking. we are at a point where it is difficult to have clarity. what point the fed speak snaps at this point. as you mentioned a month nobody said about -- anything about jay powell's discussion. he was talking about community forum but the point being here is that they do not have much to say. tom: 10.12 -- jonathan: what is that? let me guess that is payrolls. i am here to translate. tom: yes, it is. jonathan: you do have to translate. lisa: it depends. on monday. jonathan: chief investment strategist of cfra joins us. what is this rally? what are you looking for? sam: good morning. i think there is basically too much pessimism in the market in the short term looking at the factors of the strength index. and taking it from a technical perspective it says you push the balloon too far underwater and now it has pop at least in the near term based on possibly the reversal of you right now -- of yield right now that continue to climb. and the employment numbers and there is rise in unemployment. so basically as we head into q4 we could end up with q-

lisa: the fed speaker today includes patrick harker at 9:00 a.m., cleveland fed president loretta mester. i wonder if they create this idea perhaps we are not overly perspective. 12:00 p.m., this is going to be contentious. president biden is meeting with charles michel. the second u.s. eu summit since president biden took office. this comes at a time with incredible divisions within these allies, i am curious how that dovetails into some of the work conversations. in terms of earnings, i am interested in regional bankers that i am and some of the big banks. we hear from some of the bigger names that have had trouble. bank of california, which required pac west. we deal with comerica, huntington and a whole host of others. does this give a clearer reader on the u.s. economy than anything you saw in the u.s. economy? tom: you are right. this is a huge deal. what is interesting to me is i want to go the first week of february, that is going to be smart. jonathan: bank of america is not the bank of america. right? lisa: they do not cater to the average american. they basically have free mon