up next, amanda lynam, mark zandi on this u.s. economy.e you corporate types are still at it. just stop calling each other rock stars. and using workday to put finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars. oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah. people couldn't see my potential. so i had to show them. i've run this place for 20 years, but i still need to prove that i'm more than what you see on paper. today i'm the ceo of my own company. it's the way my mind works. i have a very mechanical brain. why are we not rethinking this? i am more... i'm more than who i am on paper. want to save on some of the biggest names in streaming on the network made for streaming? x marks the spot. now you can add the new xfinity streamsaver™ that includes netflix, peacock, and apple tv+. that's xfinity streamsaver™ for just $15 a mo

let's bring in mark zandi. last time you talked, you were trying to convince me that everything was fine. >> well, everything is fine if the fed cuts interest rates. the fed keeps rates as high as they are for a long period of time, it's a corrosive on the economy and will do some damage. i sense it's starting to do some damage. so far, no big deal. in fact, some of it might be to the fed's script, trying to cool things off and get inflation in the bottle. but the longer they keep rates here, the more likely something will go wrong somewhere and we'll get a surprise to the downside. >> so were you in the goldman think saying we're in a turning point in the labor market and they also see two cuts this year. it feels like that's what you're talking about, as well. >> yeah, you can sense what i'm saying in the labor market very clearly. if you look at things like rate of hiring, that's down. if you look at untilled positions, way down from where they were. hours worked are down. quick rates are down. the only thin

lisa: coming up, sarah malik and mark zandi, coming up next.us, lowering to hold after they lowered their delivery targets, citing a damaging profit morning. next up, goldman sachs initiating coverage of paramount but they sell rating, with progression towards streaming profitability but not enough to offset your cable had -- headwinds. when upgrading gap to abide, saying is in the upwind of a portfolio with underappreciated growth potential, talking about years of lost growth after people said you are not coming up with more staples for fast fashion? steve is here not to talk about fast fashion, but i did want to talk you about politics, as you have bold stances on it and i wonder if they are betting on the 200% confidence that you have that donald trump will be the next president. how do you translate conviction in politics into actual wagers in the market? steve: this is going to sound strange, i actually think it doesn't matter who's president for the market overall. i really don't. i think the themes of ai and infrastructure are so powerfu

. >> reporter: economist mark zandi. >> you need to report your income, and you need to prove it, andhat. that might be another unintended consequence. >> reporter: nevada's powerful culinary workers union opposes trump's idea, saying its members are smart enough to know the difference between real solutions and wild campaign promises from a convicted felon. a nonpartisan estimate this week says it would cost the federal government up to $250 billion in the coming decade in lost tax revenue. trump's ideas require congressional action, and this week, republicans close to him unveiled plans to make it law. but other republicans are skeptical. >> it's like everything else with the tax code. it's complicated, and you've got to think it through. >> reporter: ed o'keefe, cbs news, las vegas. >> norah: a suspected killer is captured after an intense two-day search. how officers caught him. that's next. ♪ ♪ love. some things should stand the test of time. long lasting eylea hd could significantly improve your vision and can help you go up to 4 months between treatments. if you have an eye inf

. >> reporter: economist mark zandy. >> you need to report your income, and you need to prove it, and to do that. that might be another unintended consequence. >> reporter: nevada's powerful culinary workers union opposes trump's idea, saying its members are smart enough to know the difference between real solutions and wild campaign promises from a convicted felon. a nonpartisan estimate this week says it would cost the federal government up to $250 billion in the coming decade in lost tax revenue. trump's ideas require congressional action, and this week republicans close to him unveiled plans to make it law. but other republicans are skeptical. >> it's like everything else with the tax code. it's complicated, and you've got to think it through. >> reporter: ed o'keefe, cbs news, las vegas. >>> up next, a cbs news exclusive. families of 9/11 victims say this video is proof saudi arabia was involved in the attacks that killed nearly 3,000 people. this story and much more just substance use disorder and addiction is so isolating. and so as a black woman in recovery, hope must be loud.

. >> reporter: economist mark zandi. >> you need to report your income and prove it.hat might be another unintended consequence. >> reporter: nevada's powerful c culinary union opposes trump's idea, saying its members are smart enough to know the difference between rell solutions and wild promises from a convicted felon. trump's ideas require congressional action, and this week, republicans close to him unveiled plans to make it law. but other republicans are skeptical. >> it's like everything else, with the tax code, it's complicated, and you've got to think it through. >> reporter: don't be surprised if this proposal comes up during next week's presidential debate. and we have a few more details on what that exchange will look like. president biden has chosen the lectern that will be on the right side of your screen, while donald trump is set to get the last word and deliver the last closing statement. >> that was ed o'keefe, and this is cbs news roundup. did you know... 80% of women are struggling with hair damage? just like i was. dryness and frizz could be damage

moody's analytics's mark zandi joins us now. >> we're at full employment. is higher over here at 4%. that's consistent with the full employment economy and i think inflation properly measured is at target, at the harmonized inflation measure excluding homeowners and rent. we can talk about that if you would like, but it's at 4.2% at 12 months. they've achieved their objectives and you have to ask yourself, where y do we need su high rate? i agree with the folks that say the equilibrium, that is consistent with restraining growth, and it is higher than it has been, but it's not 5.5%, and as long as the fed keeps its foot on the neck of the economy, it runs the risk of breaking something, and again, why? you've hit your objectives. >> except they don't hit their target, the harmonized -- what did you say? the read owners equivalent rent, and they target the pce and it's not there yet. >> it's not, but it's off the trend line. it suggests it's helpedading int direction, and off the pce and where they want to be, it's oer, and that's the implicit cost of owners

we hear people say like mark zandi do the economy needs to cut because rates are higher than they need to be. do you have a view on fed rates because you support stocks moving higher? >> i think the big lesson for the last two years is the s&p has endured some pretty severe rate hikes so we know companies are managing this cycle well. if the fed turns neutral or dovish, that's even more positive for stocks, so i think the slenvironment for equities good because it's survived a stress test but only bad if the fed raises rates. >> what makes you think we're not at mid-level? >> debt levels are not associated with business cycle peaks. it's actually more early cycle of if you look at isms, they just turned positive. that's generally an early cycle sign. i think the only thing that's late sickle in people's minds is we made an all-time high but s&ps will make all-time highs mid-cycle and will make it all the way late cycle. >> did ai bail us out in the sort of thing bass to this dispersion that we've seen, the biggest names have a lot of market growth and everything else is more lackluster

debates are tough, and certainly this one is no exception so i'm lins her body cnn, washington mark zandi is the chief economist at moody's analytics and he joins us now from philadelphia mob great to have you with us let's start with how biden and trump's economic policies differ. break it down for his place. >> big differences. president trump wants to impose much higher tariffs on imports from rolling around the world. he wants to restrict immigration and the then engaged in mass deportation. he wants to extend the tax cuts for individuals that he implemented in his first term and extend them for a corporations as well. lauren, a corporate tax rate again, of course, a lot of other changes to the regulatory environment as well president biden would continue to pursue his policies, the inflation reduction act, which is tax subsidies to try to help with climate mitigation. risk mitigation. he would pursue more infrastructure spending. the chips act was an effort to continue to be an effort to promote semiconductor production in the united states, r&d. he also wants to extend the tax cuts,

i'm thinking of mark zandi yesterday at moody's, the sticking cluster holding on the system right now, is that what this is? lisa: duct tape and the idea of no mobility in the real estate markets? this is what people are hooking into. at the same time yesterday i spoke to an investor who said we were in the sixth inning of this reckoning and she spoke to analysts who said no way, it's third or fourth and we are just getting it. that is the uncertainty underpinning the question we have been asking for a long time. how do we get rates this high in a credit market that grew up out of very low rates. jonathan: household survey for the label market, terrible. equity market, things are fantastic. commercial real estate, things are terrible. the bifurcation you are seeing in the economy right now, what on earth do you do if you are the chairman of the fed to set policy for nothing just the next couple of months, but the next 12? lisa: you don't do anything. stephen major at hsbc put out one of his bond letters and i thought it was compelling, he was talking about narrative fallacy. we hook o