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powell. michael mckee joins us now and the statement is out so what are your biggest takeaways? mikejay powell is glad he's not and are bailey today. in general, the fed has a message we are still looking to raise interest rates if we need to but things look reasonably good in the economy and they will try to figure it out as they go meeting by meeting. that was in the prepared remarks which was a cut and paste of his opening remarks in the news conference last week. his key line may be pressures continue to run high in the process of getting inflation backed into 2% has a long way to go. inflation is of well above its 2% goal. they don't know how this will play out i suppose there was a possibility that don't raise rates again if we see a big decline in inflation or a big drop-off in employment. guy: stick with this, we will be back in a moment as we analyze the statement we have had from jay powell. jay powell is yet to sit down he will do so in the next few minutes. we will take that lie for you let's go to capitol hill with kailey leinz covering this event. let's talk about what

. >> taylor swift versus jay powell. mikected into the economy. maria: that's good. mark: super bowl does 600 million. it's really remarkable what she's doing but i'm going to call erroneous $1,300 per person because tickets by themselves are still going for 2,000 bucks up in the nosebleeds. i know personally because my wife and daughters are trying to go to the one in pittsburgh. if only the box didn't buy tickets right out of the gates. >> the resale are insane. the whole ticket debacle and they got in through the cue and the only tickets available were 6 to $800. mark: yeah. >> the story is incredible. she's going through cities, she was in chicago, two shows, chicago had 100% almost occupancy rate in hotels. astounding. maria: helping local economies. maybe secretary janet yellen should give taylor swift a call. yellen is saying decoupling from china could be a big mistake economically fox business lydia ho live with more on that coming up next. stay with us. ♪ ♪ ♪ ♪ ♪ get help with j.p morgan personal advisors. hey, davi

right now, there is really important economic data for jerome powell. mike why does jerome powell care about the date of this morning? mike: this is their favorite inflation monitor the personal income data it is dropped wait 4% which is the same as the prior month. and a little bit better than the 310 that was asked -- .3% that was expected. personal spending up .1%. that is worse than expected and down from before. but the numbers the fed cares about is the deflator pce inflation on the headline bases up only .1%. that was expected with the .4% rise the month before. this is the first time it is below the 4% level since the pandemic began. on the corn basis, we are at weight 3% for the month. it is expected a little bit less than it was last month. 4.6 sent it dropped on the ace effect and has been anticipating. personal income spending has been revised to a .6% gain in april. the drop to .1% is not as big but somewhat interesting that americans are spending less now. i have to get the actual numbers here. tom: i will let you do that. you are a market we w

, f would we get to powell, but before mike mckee, we will look at the second-largest homebuilder the night states. this will be spoken to with tomorrow, and we will afford to that, but of course, the main event we are all watching, the fed decision and more important, the powell news conference that is going to follow. you could be with mike mckee. >> he's not here. he's an d.c.. the third thing we pay attention to is your question. inevitably, it is always the best. they end up winding up quoting this. dieter your question? >> my question is going to be to ask what his favorite people that is that's what started a lot of interest on wall street. i got a lot of people asking questions along those lines. we're still working on those. other questions. everyone wants to know -- if they do hope this month at this meeting, when did they start again? what would it take to get them to start again. that will be the first question the everyone wants to ask. i may have to fall back on the grateful dead question the two things we are going to look at a

mike mibach and i'm julie julie haener. san francisco police are investigating a deadly shooting near the powell street bart station. let's get right to ctv's jana katsuyama with what we've learned. jana well, julian, mike, i want to show you where we are. so this is the cable car tun well street entrance. and over there is the powell street bart station. they cleared that just about ten minutes ago. rio's open that entrance as well as the one here at halliday plaza. that's because they say this is where a shooting took place. take a look at some video that we shot earlier today. police say that they responded to reports of the shooting just before 840 tonight at powell and market streets. video shows officers investigating here at halliday plaza outside the entrance to the powell bart station when officers arrived, they say they found one male victim with a gunshot wound. he was taken to the hospital where he was pronounced dead. one witness says they heard the victim give a woman a compliment before the man who was with her shot him. we're coming up the escalator to exit out of powell station and the guy shoots the

does this change your questioning to jerome powell tomorrow? mikewhat is it that will move you to raise in july? does it have to be a turnaround in inflation? we are seeing inflation sort of on the path they have laid out. tom: the federal reserve reports tomorrow we will have special coverage tomorrow afternoon. abby joseph cohen darkens the door of our studio. she is not with goldman sachs. there is a new world after being a goldman sachs partner, a professor at columbia business school enjoins us. wonderful to have you in the studio. once again, it's a market and you have to believe in optimism on the american economic experiment and within the caution and gloom equities will rise. is this a bull market off the october lows and it is it a better time for the stock market? >> there are quite a few questions embedded in their. i am delighted to darken your door. thank you for the invitation. i believe what we are seeing our in -- i see investors thinking differently than the talking heads. the people who are required to make daily comments about wh

december 18th, three people, one of them trump's former national security adviser mike flynn, his lawyer sidney powellthe founder of overstock.com were let into the white house by an aide to peter navarro, another trump adviser. trump saw them, called them into the oval office, and they start arguing the case where everyone else is failing trump and that trump can take aggressive actions to keep himself in power, and to try to impact the results of an election that he had already lost. they suggested that he use the apparatus of government to seize voting machines. as this meeting is taking place, another lawyer in the white house, eric herschmann figures out what's happening, calling in the white house counsel, pat cipollone, mark meadows at some point, derek lions, and the staff secretary on his last day at work joins, rudy giuliani gets called in. and this goes on for hours. >> how much time did you have alone with the president, and i say alone, you had other people with you but before the crowd came run something. >> probably no more than ten or fifteen minutes. pat cipollone set a new land speed

mike baker, right here. "mornings with maria" is live right now. ♪ maria: federal reserve chairman jay powell telling the houseancial services committee yesterday to expect more interest rate hikes, saying inflation and the fight to fight inflation has a long way to go. watch. >> my colleagues and i understand the hardship that high inflation is causing and we remain strongly committed to bringing inflation back down to our 2% goal. we think housing inflation will be coming down significantly over the course of the rest of this year and next year. maria: and joining us right now is iowa congressman, member of the house financial services and agriculture committees, zach nunn. thank you for being here this morning. what was your main take away from the hearing with powell yesterday? >> maria, thanks so much for having us. the key aspect is the fed has two responsibilities, that's price stability and it's full employment. right now, we see a situation in which the employment continues to be very good. in fact, my home state of iowa we're down to 2.7% unemployment. challenge here is that a lot of this unemploymen

mike mibach and i'm julie julie haener. san francisco police are investigating a deadly shooting near the powell street bart station. let's get right to v'

volatility is down depending on what powell says tomorrow >> we'll give a little back today as all three of the majors are in the red mikeood point. the fed chair on the hill tomorrow we'll be paying close attention to that and will talk about it tomorrow when i see you then for now "ot" with morgan and tyler. >>> the scorecard on wall street off the lows, the action just getting started. welcome to "closing bell overtime." i'm jon fortt with morgan brennan and we are moments away from fedex's latest earnings we will break down those results as soon as they're released. >>> the ceo of natural gas and electric provider of pseg on the outlook of home charging stations >>> and now today's market action joining us is adam from vital knowledge. adam, welcome.

powell unscripted. he stayed close to the script. mike mckee is scheduled to join surveillance. what an aude.check some of the storylines behind the data check. it will encapsulate a thursday claim. this is the first time we've mentioned claims in 12 minutes. that shows who the topsy-turvy day it's been. i want to go through equities, and pick it up with your story. futures at -11. dow is -88. the vix is 13.81 print i will call this a fractional weight to the tape after two days of struggle. what do you see? wax a crying higher. you can see this in the united kingdom with two-year yields at the highest levels going back to 2000. you can see that in the u.s. where you have two-year yields grinding to the highest levels versus a 10 year yield going back decades. at least close to that level. you are also watching the pound. this tells a significant story. the pound versus the dollar. we have reclaimed a bit of strength. but if we don't see more strength, what does that say about the credibility of the bank of england after delivering bigger than expected rate sprint >> is mark chandler said, fo

just discovered the dead because a man of powell's age, that could be a nostalgia trip and not some new-found passion. >> he and my father, long-time dead head. mike, i think there's one thing to highlight that is happening and screaming a little bit which is the yield curve we closed below 100 -- negative 100 yesterday. the difference between the two-year and the ten-year. big recession indicator. we're now back to levels of march. we're near the cycle low >> and it's been in place for quite a long time. in fact, one of the longest periods of an inverted yield curve. and i think it's worth saying, yep, we recognize it that means that the market is suggesting that the next significant move by the fed over the next two years is going to be lower not higher. that's kind of what it's saying. it's also saying inflation seems like it's going to be contained, if it's not already. yeah, we have risk of recession. no doubt about it. deceleration often leads to recession. i think that's why the bull case for now is almost like, well, we muddle through, we stay around 2% growth, earnings flatten out and maybe firm up into next year and maybe not everybody i

mike, we will give you the final word. now, that could have been higher this week, considering all of the hawkish talk from powell, kind ofelse still raising rates. >> it threatened to go higher, actually, for a little while. there has been this undertow of weaker global macro numbers, and that has dragged down globally. i don't think you can necessarily dismiss any of that. i know the economic surprises are running well in the u.s., so it seems like we immediately sidestepped that recession risk. markets have flattened out and are tilted higher over the next 12 months. all that said, it is where it is, leading indicators are where they are, and you haven't repealed their power, necessarily, to say that there could be a downturn coming. i think really, the argument comes down to, what work has the overall stock market done to take account of the possibility of targeted further declines in the u.s. economy? so, you don't stay in the range past five for stocks. it is more about the message that it sends, in terms of whether we are going to have this weight of the leading indicators of the recession drag us in that direction

street," i'm carl quintanilla with david faber, mike santoli at post nine of the new york stock exchange cramer has the morning off big day for macro as powellnd other bankers speak on a panel moderated by you are own sara eisen. >>> our road map begins with chip stocks under pressure, reports of a potential new u.s. ban on a.i. chip exports to china. >>> plus, microsoft versus the ftc or the other way around continues today, satya nadella, microsoft's ceo and activision's ceo will testify in court as the ftc tries to block that merger >>> as recession risks linger, president biden is looking to claim credit for the post-pandemic economic recovery in a so-called major economic speech that will be later today >>> let's begin, though, with nvidia and other chip makers falling in the premarket according to "the journal" today, the biden administration is considering new restrictions on exports of a.i. chips to china. the commerce department would put the curbs into effect as soon as early july, and this comes amid concerns that china could use those chips for weapons development, hacking, and this budding story about a black market for the chip

street," i'm carl quintanilla with david faber, mike santoli at post nine of the new york stock exchange cramer has the morning off big day for macro as powell with chip stocks under pressure, reports of a potential new u.s. ban on a.i. chip exports to china. >>> plus, microsoft versus

powell has to keep an eye out on. tom: which fed pal will speak are you looking forward to? mikealking about the economy or monetary policy. tom: michael mckee with her economic coverage. lisa: i just want to bring this end, the judge in the case has set a date for the trial august 14. it's going to be about two weeks starting august 14. it is very much front and center aside from the political drama. my key question, how much have we seen at bottom? tom: mr. trump said he would not participate in the debates. this is a real sign of the end of this terrible pandemic. we all agree, we want to be like peter huber ensconced in new hampshire. he is deutsche's bank economics. i'm going to rip up the script. what were your thoughts with all of your experience of the international monetary fund to see the three year and five year outlook of economic growth from the institution? is that cautious view valid ? peter: we are still facing a global inflation problem. we had a little taste of that last week from jay powell. i think certainly the u.s., europe, the u.k. especially looking out in

mike diamon shared this from his morning walk across aberdeen beach. and matt powelli have ever heard. �* ., ., heard. if you couldn't avoid it there is no — heard. if you couldn't avoid it there is no hope _ heard. if you couldn't avoid it there is no hope for- heard. if you couldn't avoid it there is no hope for the - heard. if you couldn't avoid it there is no hope for the rest| heard. if you couldn't avoid it | there is no hope for the rest of heard. if you couldn't avoid it - there is no hope for the rest of us. the rain was torrential and flooded everywhere quickly. big thunderstorms around yesterday, this was one of our weather watch pictures from shropshire, there were over 3,000 lightning strikes yesterday as the heat built, we can see those lightning strikes across parts of the west midlands, into east wales, northeast wales, north—western parts of england through yesterday. today we will see some thunderstorms as well. yesterday was the hottest day of the year so far, 32.2 c in church in surrey, we will not quite reach that today but it will still be a hot

mike did a good job summarizing the impact. overall gdp growth now is over 2% annualized q2 over q1. to put that into perspective, chairman powelld to see several quarters of growth below potential growth. potential growth is around 1.8%. if we are coming in above 2%, it is not slowing enough for his liking. tom: what are domestic final sales? define domestic final sales. are they a recession statistic? kathleen: domestic final sales is one of those core measures of gdp. it excludes changes in inventories. you don't know sometimes why inventories are moving. they could be intended. they think demand is picking up and they want to replenish their stocks because consumers will be strong and purchasing. it is unclear at this point how that works out, but we tend to like to look at final sales. you could even take it a step further and look at domestic. that takes out the trade sector, which could be very volatile. >> as long as we are talking gdp, let me ask you what you think so far. yesterday we got some news that suggested businesses are spending money again at least in terms of durable goods quarters. i'm not sure what you are