mary daley having the let them eat cake moment. she doesn't feel the pain ever inflation and you wonder why the fed lacks credibility. a lot of crypto wallets have been drained as another massive hit to this industry. still we have players here. we'll talk about the future of the defi revolution. i think it is alive and well although some issues. douglas holtz-eakin on preview of tomorrow's jobs report around whether or not we'll go into recession. all that and so much more on "making money". ♪. >> the skynet funding bill is passed. the system goes online on august 4th, 1997. human decisions are remove from strategic defense. skynet begins to learn at a geometric rate. >> that's right. august 4th, that was the movie terminator. the cyborg assassin sent back to 1984 from 2029 to kill sarah conner to prevent the future birth of her son john, that would lead resistance movement that would top tell skynet, turned against its houma creators and destroyed mankind. there is resistance movement, against the establishment that pulls strings

i mean, consider what we were hearing from people like mary daley, the san francisco fed president for quite some time. she had actually been saying, listen to us, we are going to continue to act. and i don't think that most people would argue that she is one of the most hawkish individuals at the fed so how can they be surprised when powell comes out today and says i'm going to continue to do and i'm going to continue to say what i've been saying all along. this is not allan greenspan fed speak where it's gobbledy gook and we can't figure it out one of the natural things we would expect is that the fed does its job f, if it manages to get inflation under control and does have the necessary sort of side effects it's going to have a slowing effect on the economy, that actually what the ten-year rate did, which is essentially nothing, is exactly what would you expect >> yeah , and carter made that point as well on the ten-year. if i push aside the numbers i saw on the screen with the way the stocks were selling off and think about what's really happening here, j. powell wants to get infl

mary daley for the san francisco fed made clear inflation is the absolute focus for now. it seems to suggest at the very least these kind of large size or jumbo size rate hikes will be a consideration going forward. jim bullard also making the point he sees a possibility for a soft landing. he doesn't see a recession for the u.s. economy. so there's been that since the last fed meeting when they said there could be some rate hikes. i think these four officials are making it clear that inflation remains a clear and present danger for them. manus: it certainly does. thank you very much. our chief asian correspondent. stocks in asia, trying to understand what nancy pelosi's visit did, aren't they? then add in p.m.i. coming in better on the services side. balance the act for me. how are you? >> a lot more sanguine today. a lot of anxiety we had yesterday taken out of the markets. they are lifting the offshore yuan. for taiwan, down for a third. that's lifting the hang seng tech index. and we're looking ahead to ali ba ba as well. and the big e.v. batterymaker could be delayin

just a day after san francisco fed president mary daley did the old could be 50 basis points and could be 75 basis points and this afternoon the presidents of the kansas city, minneapolis, st. louis fed banks, all three were out and about. ester george said in a speech, hold off on the inflation slang victory lap. the slightly better consumer picture we got for july is "hardly comforting and there's more to do". minutes later james bollard told the wall street journal he's not ready to say inflation has peaked and he's favoring a 75 point basis rate hike next month and kashkari joined the more to do camp saying it's urgent that the fed douse inflation fires even at the cost of triggering a recession. saying we need to get inflation down "yurgently". these three speaking this afternoon, what are the traders and the fed funds future pits thinking in realtime? okay. that move 4 2% odds of a 75 basis point hike, that is up from about 34% this morning. so everything that those three said has only underscored that the possibility increases that we could see a 75 basis point hike. after hitti

mary daley having the let them eat cake moment.

meantime, mary daley saying hiking by 75 or 50 would be quote reasonable but that the exact pace wouldta, coming ahead of the conference in jackson hole, wyoming >>> and we learned from steve liesman that jerome powell will be speaking. >>> joining us with ideas on where investors can hide, chief investment officer of new wedge wealth >> i'm wondering what your take is on the declines we're seeing premarket. >> we're thinking that this rally would stall in the near term, because we've seen what we're calling a dangerous convergence that supported the rally coming out of the june yields, things like oil topping, and federate hike expect taatios topping. we've seen the dollar climb again. and what that raises the question is how durable this rally can be because as we see things like the federat rate hike expectati, it does make the valuation multiples look rather questionable we're at 19 times right now, which is really more consistent with a fed that is easing versus a fed that is tightening we do expect to see some near-term volatility >> where will we see the most sf pressure i'm thi

of the federal funds rate well above 3.75 some are talking about it being well above 4 we heard mary daleyt she does not believe this hump shape is likely to occur, she's expecting them to raise rates and keep them there for some time there's a disconnect between markets and fed, and the same thing with respect to ceos markets are much more optimistic about the fed turning from tightening to loosening than i think is implied by what the ceos are saying and seeing >> we will be getting the latest fomc minutes coming up later today. that will give us a clim glimpsa what they were thinking. >> i think you're right, the minutes are not likely to move the market it was kquite a while ago. the fed itself, at its last press conference, chair powell talked about the amount of time between the last meeting and the next meeting and how much data is to come in. but i think the market should be paying more attention to what they're hearing from fed policymakers that would suggest that the fed is intent on getting inflation down to 2% and raise rates and hold them at higher levels than the market seems

on her way to washington, mary mcleod bethune should stop in maysville, south carolina, and they told me how much it would cost, i remember the conversations i had with bill daley and i said, i want to talk to you about something and wells fargo underwrote the cause to bring her back to maysville, south carolina. [applause] and her great-niece is here somewhere. where is she? mary mcleod bethune's niece was at the unveiling. they did not know about this, probably running around this building trying to find her, this auditorium. but she is now the mayor of maysville, south carolina. she and her husband are here. [laughter] -- [applause] this is the kind of thing that makes me enjoy history so much. i will close with this. i was asked a couple of days ago what it was like, because it was announced last week that the naacp highest award will be awarded next wednesday night to yours truly. [applause] thank you. about award was first given -- that award was first given in 1918 to ernest everett just, one of the foundation -- founders of omega sci-fi fraternity -- psi phi fraternity and a native of south carolina. when i was asked what did it feel like to be getting