i myself am a powel scholar. i have been working on the project that i've been doing for about three years. i will have a chapter coming out in an edited volume that will be published by the university of virginia press in january of 2022. i very much look forward to sharing that with you all in the future. i'm going to go ahead and pass it over to my colleague and dear friend, kayla anthony. i will pass it over to you. >> thank you so much sam. thank you to mount vernon for asking me to speak today. i'm excited to also share elizabeth's story. i think you will all enjoy it very much. i am executive director for the philadelphia society for the preservation of landmarks. we are an 89 year old nonprofit which has saved -- the powell house, where i am tonight. i am involved with the powel house. it is the ancestral home of samuel and elizabeth powel. we have the -- house which is just around the corner from here in society hill at philadelphia. we have germantown, in historic queensboro. our mission is to not only

i myself am a powel scholar. i have been working on the project that i've been doing for about three years. i will have a chapter coming out in an edited volume that will be published by the university of virginia press in january of 2022. i very much look forward to sharing that with you all in the future. i'm going to go ahead and pass it over to my colleague and dear friend, kayla anthony. i will pass it over to you. >> thank you so much sam. thank you to mount vernon for asking me to speak today. i'm excited to also share elizabeth's story. i think you will all enjoy it very much. i am executive director for the philadelphia society for the preservation of landmarks. we are an 89 year old nonprofit which has saved -- the powell house, where i am tonight. i am involved with the powel house. it is the ancestral home of samuel and elizabeth powel. we have the -- house which is just around the corner from here in society hill at philadelphia. we have germantown, in historic queensboro. our mission is to not only

information on elizabeth powell. so i know you want to talk about a really lovely portrait of samuel that that we have or that you have. so go ahead and let you explain good old sam. so this is daniel pal. so this is this is the man who's house. we interpret here in philadelphia samuel was he was born actually in 1738 into a wealthy. philadelphia family is a grandfather was a carpenter and a mass quite a bit of wealth, which he inherited in his early 20s. he also well his biggest claim today. i suppose was the fact that he was the last mayor of philadelphia under the british crown and the first mayor of philadelphia in the new republic. he also had his hand in a number of different organizations in philadelphia. he was a member of the library company in philadelphia the american philosophical society the hand in hand fire company and the society for promoting agriculture, which if you're well familiar with washington, you can imagine that was a horse an interesting topic between the two of them. sam will talk about l

chair powell: how long? it really depends on how long it takes for wages and more than that prices to come down for inflation to come down. what you see in our productions today -- projections today is inflation moves down significantly over the course of next year and mourned the next year after that. i think once you are on that path, that's a good thing. things will start to feel better . they will feel lower inflation into the economy improving. if our projections are close to right, you'll see that. the cost in employment, there meaningful, and certainly meaningful to the people who lose their jobs. quite a lot. at the same time we would be sitting up the economy for on the long period -- this rewrite has been noted for long expansions, three of the four longest in measured history since we got inflation under control. and that is not an accident. when inflation is low and stable you can have these 9, 10, 11 year extensions, and you can see what we saw in 2018, 2019 and 2020, very low unemployment, the

chair powell: good afternoon.y colleagues and i are strongly committed to bringing inflation back to our 2% goal. we have the tools we need and the resolve it will take to restore price stability. price stability is the responsibility of the federal reserve and serves as the bedrock of our economy. without it, the economy does not work for anyone. without priced ability, we will not achieve a sustained period of strong labor market conditions that benefit all. today, the fomc raised its policy rate by three quarters of a percentage point, and we anticipate ongoing increases will be appropriate. we are moving our stance purposefully to a level that will be sufficiently restrictive to return inflation to 2%. we are continuing the process of reducing the size of our balance sheet. i will have more to say about today's monetary policy actions after weekly reviewing the economy. the u.s. economy has slowed from historically high rates of 2021, which followed the reopening of the economy following the pandemic. growth a

that's what powell has to put himself through. remember, we're in powell's head and he's thinking we have too many jobs and too few workers. that's what is causing relentless wage inflation and central bankers worry about wage inflation because it's sticky and spreads throughout the system powell can't create new workers but make fewer job openings but raising rates where they cancel plans and hit with significant layoffs. given he's keeping rates raising -- continue to raise rates, but you know what despite what these people did with q and a, it's pointless to ask when this will be done it will be done when it's done it will be done when the help wanted signs are replaced with no help needed signs or now leasing signs. powell isn't worried he'll hurt the stock market with tough talk not at all if anything, he's worried stocks are too high as people have lots of money left from covid transfers from the government. he wants you to deplete your savings to force more people back to work you may think this is a brutal way to beat infl

powell had a great deal of clarity. they did exactly what we all predicted they would do, and the fed is trying to gain credibility and they're very much on target to beat inflation. investor point of view and client point of view, they're a bit scared and fear out there because markets are very bumpy and you get a huge runoff one day and a huge decline another day. the only thing i have to say based on especially what mr. powell said today is expect more of the same, at least until year end or longer. we have to manage our expectations. the reality is that trillions of dollars were printed and this is not going to be the push of a button where we'll turn it around like that. it's going to take time. liz: nancy, in a time now where the era of really cheap finances and borrowerring is clearly in the rear-view mirror, what do you say about that and what does that mean for the investor? >> there's a point where this will pause when they feel inflation has been tackled at a certain level. that's expected to be at around 7%

now of course the last time out powell sounded too dovish. he sent the market higher but that prompted nonstop hawkish jawboning from his fellow fomc members, preceded infamous jack hon sole speech where he restored fed's credibility on wall street, at least that was the attempt. that want be fleeting. there is no way to please everyone with an condition on policy. this remind me of the book "of mice and men." our limitations despite best intentions ultimately everybody wants to know how we get back to normal which is 2% inflation? there is a growing camp says we will not get there for many, many years. joining me to just yardeni research president ed yardeni. ed, in your vast library, you have a copy of poem to a mouse by robert burns that inspired mice and men there is a important part. providing foresight may be vain. the best laid schemes "of mice and men" to oaf array. i leave us nothing but grief and pain for promised joy. the fed's task, when i look at this i think about the fed's task, in some ways isn't it almost impossible and from

. >> chairman powell has one mission to stamp out inflation. >> the real question is >> the terminalate on the fed funds. >> the number is going up but the fed has come out more hawkish. >> powell is extremely hawkish and they will not be a pivot anytime soon. >>. just chairman powell put the kibosh on that at jackson hole. >> they are seeing their way to. >> the ship. kriti: let's jump right into the conversation. you are making a contrary and call back in july, moving the terminal rate up to 5% from four. tell us what you made that change. >> we saw back then that some of the sticky components of the cpi is moving up. we thought the electricity prices would be pushing up i think that's what we are seeing and wages, pass-through from wages to final prices is happening. i think the fed is becoming more concerned about that and you see that coming out of research from the fed staff. going forward, the fed would be much more mindful about keeping rates high at a longer duration. kriti: at the core of that thesis is the labor market story. at the same time, there is a conversation in th

jay powell is warning that it will hurt. he admits that the chances of a soft landing are diminishing. let's bring in our correspondent enda curran. 4.4 percent this year, 4.6%. is powell saying without saying it that this is a recession we are headed towards? >> he does not want to say it but he came pretty close. heard you say, a 75 point basis hike was expected. the upgrade forecast and the warning that the economy will have to shift pain has driven home to a lot of observers that the fed has not finished the reaction. goldman sachs increasing the forecast for the extent of interest rate hikes. it is not just a 2022 story. markets well over 4% in 2023. 75 basis point move by the fed is a very hawkish message and signals we have a lot more to do in the months ahead. dani: let's talk about the worst for needs to be done. transmitting policy through tightening financial conditions. are we starting to see the cracks yet? what does the fed me to do to get some of those cracks into the market to get inflation back down? >> this

thank you, and i look forward to your questions >> hi, chair powell.ank you for taking our question i wonder if you could give us a little detail about how you'll know when to slow down these rate increases and how you'll eventually know when to stop >> so, i will answer -- i will answer your question directly, but i want to start here by saying that my main message has not changed at all since jackson hole the fomc is strongly resolved to bring inflation down to 2%, and we will keep at it until the job is done. so the way we're thinking about this is the overarching focus of the committee is getting inflation back down to 2%. to being a publish that we think we'll need to do two things in particular, to achieve a period of growth below trend and also some softening in labor market conditions to foster a better balance between demand and supply in the labor market, so on the first committee's forecast and most of those outside forecasters do show growth running below its longer run potential this year and next year on the second, so far there's only mo

chair powell: so, you're right. in the sep, what i would characterize as a moderate increase in the unemployment rate, given the decline in inflation, wise that? -- why is that? that is what we generally expect because we see the current situation as outside of historical experience in a number of ways. i will mention a couple of those. first, job openings are incredibly high, relative to the number of people looking for work. it's possible, i will say that job openings could come down significantly. they need to, without as much of an increase in unemployment, as has happened in earlier historical episodes. that's one thing. in the cycle, longer run inflation expectations have generally been fairly well anchored. i have said, there is no basis for complacency there. but to the extent of that continuing to be the case that should help restore price stability. the third thing i would point to is part of this inflation is caused by the series of supply shocks that we have had a beginning with the pandemic, and with th

i mean -- >> but that -- that's what i mean is jay powell -- are jay powell and company going to be allowed hairier and you're right, they're countering what they're doing by spending more. >> right, they're making it more difficult for jay powell, the democratic majority is just insistent on trying to continue to push out checks to people i mean, that's really what they're doing. i mean, you look at all the things that they've done, the most impactful to inflation are these transfer payments, like the rescue act, which was $2 trillion, and now this student loan money that's on top of the infrastructure bill, the c.h.i.p.s. bill, and the other things so, again, there's some counter, sort of, activity going on there, and as you know, the federal reserve is supposed to be independent, and yes, there's going to be political rhetoric that's coming out, trying to blame the fed, but the administration's always said it is up to the fed to try and tame this inflation so, you know, i think, look, the -- sort of the table is set as far as the upcoming midterms are concerned, and i think obviously my

that's the win for powell.e wants your house to go down in price he wants your stock portfolio to go down. he wants you to feel inflation and be worried about your job. these are the things that happen, none of them pleasant. i didn't hear anything about powell saying, don't worry, we'll get through this he's not saying that, david. >> no, you know what jeffery gundlach was a guest on closing bell overtime yesterday with wapner. always like listening to the bond king. remember when he used to come on with us many years ago he seems to be echoing some of the things you're saying, jim. >> i think the economy is going to be showing signs of weakening, so i think the unemployment rate is going to go up and i think we're headed to a recession, and i think the fed should have paced this differently, but now they're so committed to this 2%, that i think the odds of a recession in 2023 are very high i mean, i would put them at 75%. >> 75% and/or if he's right, what do you want to own? what do you want to not own? >> we

coming up, jay powell takes a shot at crypto.urrencies as such don't appear to offer, have not offered, don't appear to offer much in the way of public interest in using them as payments. it is not a great store of value. what it is, is a speculative asset. charles: we'll put him down as a maybe. we'll ask jim bianco for his reaction after this. ♪ go. go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson. ♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. another busy day? of course - you

jay powell just wrapped it up.nd dow have now turned negative we were higher for most of the news conference, lost the gains, moved up again, now giving some back the dow is down about 110 points right now. the nasdaq is flat, sort of outperforming, thanks to some stronger moves, though amazon and apple are under pressure, so a split tech trade the ten-year has turned lower. it spiked earlier on the news that it was raising interest rate hike projections for this year and next. let's bring in mike. how do you read it >> i think there's huge hazards in an attempt to make perfect sense you see and i know it's often unresolved however, it's significant that the s&p 500 was down more than 10% in five weeks leading up to this the market was already in a defensive crouch, not really expecting direct overt relief from what chair powell had to say. did not get it so while we had a bit of a ratcheting higher of the ultimate target rate for the end of this year into next year, it didn't move the time lute out. my read is we

powell should tell us by how much. have no fear, lauren is here and she will explain all momentarily. in advance of the interest rate reveal, stocks in a narrow range this morning of yesterday's gains, we should tell you the europe central bank hiked rates by 75 basis points earlier today and we have the dow falling a little and off about 100 points for the dow and 17 for the s&p and 80 for the nasdaq and bitcoin back to $19,000 level and 19152 right now. look at oil, big sell off wednesday, no real recovery today. china extended the covid lockdown in several cities. germany and britain on the verge of recession. it all brings down the demand for oil and the price goes down, $83 a barrel right now. the good news is that gas prices should continue to fall. regular is down another cent overnight at $3.75 and diesel down one cent, $5.04. on the show today, a broadside from mark cuban aimed at progressives and senator elizabeth warren in particular. victimology from oac in a lengthy interview with gq, she talks about the h

are they still not taking powell as seriously as they should?ction to the really hot cpi report last week, the inflation numbers that came out, right away the market said, okay, we had hoped that inflation wouldn't be this sticky. we think interest rates are going to go up. you saw the market price in another quarter point. that may actually take some of the drama out of today's meeting because markets have moved higher in terms of that whole term structure of where they see interest rates going. but james, i think, the other point is if you look at the problem that the fed had before vulker you had a weak dollar and you don't have that right now. who knows what's going to happen over the next 6 months but right now that's one luxury perhaps that powell has that volcker did not have when he took office. and so we will just have to see how this plays out. dagen: nick, it's dagen mcdowell, i read the piece about jay powell as well. but you clearly point out that the market reaction during the summer between like mid-july and mid-august was not wel

as soon as powell and they come out and say it needs nothing >> entirely hawkish. they've got to go past it. he said the economy doesn't work if there's not price stability he only leaned on one side of the mandate. didn't really talk about employment talked all about price stability. they're going to go a lot farther than they feel that i had need to. >>> minimizing meta. will they trim to bring layoffs? we're all over afterhours action shares of kb home and lennar on the move "fasmoy"s ckn o. t ne iba itw finding the perfect project manager isn't easy. but, at upwork, we found him. he's in adelaide between his daily lunch delivery and an 8:15 call with san francisco. and you can find him, and millions of other talented pros, right now on upwork.com i was having challenges with my old bank. lots of red flags. yellow ones, too. fees, penalties... unnecessary fees! playing dirty. so i broke up with bad banking and moved on with sofi checking and savings. now, i get up to 2.0% apy on all my money, and pay no account fees. feels good to get my money right. banker disq

chair powell is likely to --.g in frankfurt, the ecb has taken major steps to cap inflation. she expects to raise interest rates further over the next several meetings. china says it has the patient's to bring taiwan over -- bring taiwan under its control. he says they realize the future is in unification. in taiwan, showing skeptical views for beijing. officer doug ramsey was arrested on charges after he bit a man's nose at a college game -- a college football game in arkansas. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am lisa mateo. this is bloomberg. ♪ >> i thought the 4%, they certainly will by the end of this year. i think they are going to have to go high at the beginning of next year, then i think they will pause. i don't think they will slow down the rate hikes. jon: that was megan green, lobo chief economist at cairo institute. morse -- more people looking for the 4% rate. the nasdaq 100 by a little bit

jay powell warned against premature easing. they are going to focus on the totality insight as to how big it should be so the new cpi number out next week tuesday morning focus. it wasn't just jay powell. another also said that he could see the 75 basis point rate hike. definitely leaning in that direction. as for christine lagarde and the ecb, it was considered a tossup. the have an energy crisis, yet they have high inflation. >> the governing council today decided to raise the three key ecb interest rates by 75 basis points. this may set front load the transition from the prevailing highly accommodative level of policy rates toward levels that will ensure the timely return of inflation to our target. >> just as important if not more so, she said they see more hi hikes as needed and importantly it wasn't just the hawks pushing the doves in that direction. the doves are on board also. >> not a done deal. before this meeting before we heard these remarks and saw the kinds of things we were seeing in their statement, people were

we'll bring you the words from the chief, jay powell. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> stocks are seesawing today the dow up as much as 200 points and down 260 at the low after fed chair powell vowed to fight inflation until the job is done opinion steve liesman joins us now on powell and the rest of the fed speakers we have heard from lately. steve? >> good afternoon, tyler fed chair jay powell speaking to his hawkish script and saying the fed intends to keep raising rates until the job of bringing down inflation is done powell said nothing that leaned against the market price for the 75 base point price. he was backing off too soon and underscored about the public's inflation expectation becoming unanchored >> the longer that inflation remains well above target and the greater the concern flat public will start to just naturally incorporate higher inflation into its economic decision making and our job is t

powell is going to say?nd what powell is going to say, you only have to spend three minutes and we read his very short and pointed speech from jackson hole that is rates are going to go up, they're going to stay there for a time there's going to be pain in the economy. and that that pain is necessary to vanquish inflation from the economy.vanish inflation from the economy the market is priced for a 4.5% peak funds rate. i think that might be a little higher than the fed is thinking right now although i think the fed has flexibility to go higher if it needs it what the fed is thinking is this idea of somewhere around 4% before they stop and look around, but they may go higher than that. right now our fed survey has 4.25, the market has 4.25. i think the fed might give the rate hike some time to see how they work but i don't think that he's going to let on about that. >> rick, do you agree? if he's right, what do you think the markets think? >> well, first of all, real quick. viewers and listeners understand,

a lot about job market very important part of this economy as we move forward dictate how jerome powell at a good sense where we are we get that jobs' report coming out in 25 minutes' time or so, coming up americans now questioning, who is behind biden's student loan bailout who will reap benefits kentucky congressman james comer to weigh in on that next we are 20 minutes away from august jobs' report breaking down everything you need to know i don't mean to miss a moment of it maria" continues live. ♪ ♪ ♪odd. >>> >> only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ [whistling] if you shop at walmart, you already know how to get what you need when you need it. ♪ 'cause you're just as good at saving time as you are at saving money. ♪ you know how to spend a little less, ♪ to get a little more, to make life a little better. ♪ ♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professional evaluated my hearing loss and helped me find the right devic

powell has shown more tolerance for taking pain that i anticipated he would. and that's what i'm expecting him to say on wednesday is i said pain. i meant pain, and we're going to see pain and i think that's going to be reflected in the new summary of economic projections with a very soggy growth rate for next year, and probably a half year or more increase in the unemployment rate so i think the new scp is going to have a distinct stagflationary flavor to it at a minimum. long answer to your question, i think he is willing to take a fair amount of pain. >> that's a dot plop which is always more confusing than valuable sorry, just to put a bun on this we're not really seeing pain in the jobs market. >> yes. >> we can talk about recession or not it doesn't matter. if you have a job, and people are getting jobs right now, there are millions of job openings, unemployment claims have been down for the last five weeks. so if you're expecting pain for unemployment, we're not seeing it. >> you're absolutely right, sarah, and you and have i talked about it before. the

powell was quick to pour cold water om— water on.talk about collaborations - water on. it's hard to talk. about collaborations where people have very different levels of interest rates, there were co—ordinated cuts and races at different times but we are all in different situations.- are all in different situations. j ., , , situations. by raising interest rates banks — situations. by raising interest rates banks are _ situations. by raising interest rates banks are making - situations. by raising interest rates banks are making up i situations. by raising interest i rates banks are making up more expensive to borrow money they hope people will spend less and this will ease upward pressure on prices the danger is if they go too far it could choke economic growth, and cause a spike with joblessness, a very real fear with the federal reserve admitting getting inflation down, well hurt. let's go to kansas city now and speak to thomas hoenig. as president of the federal reserve bank of kansas city, he sat on the fed's rate—setting commit

alix: did we learn anything new from jay powell?ichael: the only thing about the bit kind going holding up the sign in back of janet yellen a couple of years ago, turned out to be the moderator's new son-in-law but other than that, we did not learn anything new. he said they will stay the course and continue on until they get the job done and break down the inflation rate and they will be flexible and do what it takes to get it down. they could adjust the qt process if they need to and he ruled out any additional changes to the fed mandate and ruled out using rules, things he has said before. guy: maria, you're going from the ecb conference tomorrow and christine lagarde talked about the idea that federal stimulus could be inflationary. issue making a difficult decision without an understanding of what the ultimate policy response from europe will look like when it comes to calm the energy markets? maria: if you follow christine lagarde, she always said there needs to be federal support. today she had a different to and talked about

when you listened to jay powell today, when you saw the dots, is it clear than ever that jay powell has finally embraced the idea that without slowing the economy to the point of recession, giving up all hope of a soft landing is necessary that's what he has to do that's what they have to do now to finally down inflation. >> that's the core of it. i don't think you would say he has completely given up the idea that it would be something that is soft issue. the rate is only going to be 4.4%, that is still much to sanguine. fig is going to go beyond 5%. -- i think is going to go beyond 5%. there is going to be more pain. is it necessary? >> the interesting thing is not that they moved 38 that they expect to get to to 4.6 from 3.8 , look at the dots. you have six along the top almost at five then six along the bottom who are closer to 4.4. then you have the median in the middle. lately we have found that has been the more hawkish dots, the hawkish people on the fomc who have led as we went forward. you are in the 5% on's. why? >> i think they will most likely be in 4.5% to 5%. it really de

there is plenty more in the game plan that could make life easier for jay powell and let's start with auto zone on monday look, the average car keeps getting older because we can't make enough new ones and the old cars need more replacement parts. i expect aenin bang up quarter i wonder if they see an end to the crucial beating inflation. whatever paul talks about bringing the pain to cool down the economy, he's speaking of wages, homes and cars. wages, homes and cars so auto zone can give us real insight. if the core companies could meet the demand, they're nowhere near doing so and used cars aren't coming down enough for powell to stop here. they're a point of pain and contention that makes powell have to be tough by the way, we're seeing a similar dynamic in housing later tonight, we're speaking to ted decker, the ceo. you should know the average age of the housing stock is around 40 years old both cars and homes are getting real long in the tooth they need care and that kind of care costs money on tuesday, one of the most despised stocks in the world owned by a lot of people is nv

then, we hear from chairman powell.at the cato institute where the chairman shows up, it is a different thing tank. there should be different comments there. jonathan: futures unchanged on the s&p five hundred. live from new york city, good pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps r

and then powell accelerated it do the down side, right?eally the fed's, the perception that the fed really does want to get the market back on its heels and not have the market rally and anticipate a turn toward a dovish policy. that's been the biggest factor, also this idea of just how much of the tightening that's already in place bit y the fed. are we sort of just waiting for the economic numbers to get worse here have we got tonten to that poin where's inevitable i don't think it is, but that's where the market is. >> joining us to talk about the continuing global bond rout is sri. we said a hundred times he's going to be hawkish. we said a bunch of times that all the other fed officials had said we're not going to be cutting, we're going to be higher for longer. why weren't people in the equity market listening >> that's a very good question, steve. that was something that i wrote about last saturday as well. markets emerged significantly from the bond market the treasury's hardly budged on friday but the equities crashed. so i think

dagen: that is one of the things i takeish timiraos has this column about jay powell inflation when is% paul volcker a straight reported piece from nick timiraos, i am not criticizing him but to say that jay powell is trying to follow this volcker attack on inflation, jay powell in have large part caused all of this. we never needed -- again, you don't have to take away punchbowl if you didn't serve up hooch to investors, and enrich leveraged rich two years for two years, by the way, the end of 2020, they still passed the trump administration and everybody still passed additional covid relief, before two trillion dollars from joe biden after he took office, they were still doling out money, right and left. we didn't need it we already had vaccine, all of the stimulus should have ended when we got a vaccine, period. >> did cancels, end of 2020 jay powell term coming unwanted to be reappointed, the progressives pushing lael brainard down his throat competing with her to get reappointed you can't convince me it was also not political what was going on with the stimulus as well watching th

powell and company should not take it as compliment. jawboning is working, working maybe more the wrong reasons. this begs the question is jerome powell really for the common man? how much should we fed is for main street when they were created to serve big banks? ralph bostick says the central bank has not lost credibility with the public. tweet me your thoughts, do you agree or disagree. should the fed be abolished? tweetee @cv page. i will share your replies at the end of the show. oil at nine-month low. tracy shuchart tells us where she sees it next. have you ever want to be a venture capitalist. we have the arc fund on the show to discuss a new venture. all that and more on "making money". ♪. charles: got to tell you asking, the stock market carnage to me is the most underreported story in the nation. i think in part maybe because it is somewhat orderly in nature, but listen, the media is looking the other way. if you think about this americans with without 401(k)s no more about monkeypox than the stock rout of 2022. this is the fo

what is the powell pain trade?o, let's bring in anastasia amoroso, i capital's chief investment strategist. what do you thing is going to cause that pain? >> i think investors need to take him at face value. he is trying to engineer a slowdown nation. to do that, it you have to crash not just the economy but the labor market. before, we were preparing for a soft landing. i am not so sure that is the trade now. what markets really need to do is pricing a recession, because it seems like that is what a weakness in the labor market would also cost. unfortunately, we have been on a trading range from 3700 up to 4300. i think we nee -- we may need to see a break below that to find this dirt cheap value inequities and we are just not there yet. the trade for now is to actually be defensive and to get paid while you wait for a sort of bottom in the market. the good news, if i can finish this on good news, is that there are a lot more ways to get paid. when was the last time you saw 4.6% on cash? ? ? 2007 to see that. fina

shery: jerome powell on fighting inflation.ining momentum as top fed officials just heard from chair powell. they are opening the 75 basis point door even wider in the ecb is walking right through it. our global economic and polity -- policy editor kathleen hays is here. there was a message from jerome powell and christine lagarde. kathleen: inflation is high, it's way too high. they know it will be aggressive and be willing to do whatever it takes. but definitely that's the mantra for central banks, do whatever it takes to bring inflation down. chair powell says they will do this until they win. let's listen to what he said. >> we need to act now and we need to keep at it until the job is done to avoid that. we think we can avoid the kind of very high social costs that the fed had to bring into play in order to get inflation back down, and set us up for a long time of price stability. kathleen: jay powell is alluding to former fed chair paul volcker, the man who displayed the roaring inflation of the late 1970's and early 1980

maybe 8% if jay powell goes nuclear. you're a sucker for taking 4% when yields could be headed much, much higher you think that's crazy when i got into this business, inflation was raging double digits and you could lock in 14%. buying the 30-year in the early '80s was one of the best investments of our lifetimes will it happen again i think the bond sellers are betting the fed will hit us with a 75-basis rate point hike with promises of larger hikes if inflation remains stub bborn and that would be ugly but sellers have a pretty good track record, certainly better than the buyers i like to say there is always a bull market somewhere and i promise to try to find it for you here on "mad money." i'm jim starts now >>> hurricane fiona now a major category 3 storm and strengthening. i'm shepard smith. this is the news on cnbc flooding reseeds in puerto rico leaving catastrophic damage and most residents in the dark. >> around. >> the victims' plight and where the storm's headed >>> the migrant flights to martha's vineyard, n

that is what i believe chairman powell thinks he needs.st don't think that's true, because we see so much deflation. and one more thing. we also see a massive inventory overhang around the world. you've got europe in recession, china in recession effectively, and here in the united states retailers are bulging with unvenn -- inventories which will have to be cleared with discounts. so we hi we're going to see some major downside surprises in inflation during the next 3-6 months. maria: so many important points there. want to get your take on what this means for the macro story. first off, on inflation will the fed be able to reach that target of 2%? and when do you expect the fed to see inflation at these targets? >> so the fed is looking at the pce deflate arer which peaked in february at 5.3%. it's down to 4.6, and we believn some negative numbers. nobody believes them. we do. we believe we're going to see some more negative numbers during the next 3-6 months. so wouldn't be surprised to see it well down into the 3s in the next 3-6 month

powell made no effort today to push back against it. lael brainard, made no effort to pushback against that pricing. it pushed back against pricing in the past. they know how to do that. they didn't do that this time and that sends a very strong signal. liz: that is exactly the point i think. thank you for making that, nick, it's great to see you. scott, jon, always a pleasure. a busy day on the trading floors and in "the wall street journal" news room, no doubt. get to the treasury secretary that's just vowed to rid the u.s. of dependence on fossil fuels. she did so while visiting a ford ev plant in michigan. details on janet yellen's visit and explosive comments in dearborn. that's straight ahead. closing bell, 49 minutes away. dow is up about 60 points. watch the s&p. we did get to about 4,010. scott bauer mentioning that and we're coming back on the "claman countdown". ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliabl

dow industrials up 223, s&p up 31 and nasdaq higher by 129 following federal reserve chairman jay powell's comments yesterday. the fed chair vowing to raise interest rates to fight inflation, quote, until the job is done. take a look at interest rates this morning which are coming down, ten-year down 5 basis points at level of 3.273%. at 6:30 a.m. eastern, i will be speaking about inflation with arc invest ceo kathy wood, don't miss her ideas on finding growth in a slowing economy. kathy wood joining us in about 30 minute's time. meanwhile stocks closed yesterday higher, take a look. dow, s&p and nasdaq finishing up two days in a row with dow up 193, two-thirds of 1%, the nasdaq higher by 70 and the s&p 500 higher by 26. oil prices this morning look like this as we take a look at the price of brent higher by 1.58, one and 3 quarters percent higher at 93.73 a barrel. this morning european markets are higher following the european central bank's record hate hike, -- rate hike, historic one. the cac quarante in paris up 95 and dax index in germany higher by 150. and in asia overnight, green a

jerome powell announcing another 75 basis point rate hike.t was expected but good morning, lauren. take me through it all. lauren: ashley, good morning. three in a row of 75 basis points and the fed signaled another 125 this year. jay powell was pretty blunt about the pain this would inflict on the economy. >> what we hear from people when we meet with them is that they really are suffering from inflation. if we want to set ourselves up really light the way to another period of very strong labor market, we have got to get inflation behind us. i wish there were a painless way to do that, there isn't. lauren: they were late to do it and goldman sachs and barkly see it moving again in november by 75 and 50 in december so what does that do? it takes the fed funds rate to around 4.5% this year. takes edp down to just 0.2% and inflation for the pce index stays elevated over 5%. that's the definition of stagflation. little growth, high inflation. ashley: yeah, that is exactly a frightening word. ask japan. they were in stagflation for decades. thank

right now, we go to an event with federal reserve chair jerome powell. this is live coverage on c-span2 >> the new monetary framework, and average inflation targeting. the idea was to make up for shortfalls by temporarily allowing inflation to exceed 2% while averaging 2% in the longer run. yet, no specific time frame was given. this flexibility increases uncertainty about the fed's commitment to price stability. until recently the feds mantra in setting its policy rate was lower for longer. and the forward guidance was often misguided and the macros were unreliable and forecasting errors eroded confidence in policy making. the fed initially saw inflation to transitory and slow to increase the rate, however, the consensus has changed and fed made it clear at that rates will rise until inflation falls to a more normal level even if the u.s. faces recession. of course, the underlying problem with our current monetary regime is too much is expected from policy makers. the limits of money policy are often forgotten, moreover there's no clear rule for guiding

jay powell wanted to get reappointed. heels, pushed forward by alexandria ocasio-cortez and the progressives. he was afraid he would get the job. he flooded the system with stimulus and called it transitory. this is where we are. dagen: this wasn't just powell. this was eight of the 16 fed governors. maria: yeah. i can assure you robert kaplan wasn't on the list. he was a dissenter. and there were plenty of the list that said i'm a dissenter. thomas hoenig was a dissenters in 2010. in 2020 robert kaplan was a dissenter. the morning mover is take two. the video company down after an announcement that a hacker made one of the biggest leaks in video game history. dozens of videos were posted in an online message board over the week end. the hacker is looking to neglnegotiate a deal, asking the company to contact them. take two interactive software shares down 30% year-to-date, this morning down 6 and-a-half percent. it is a busy monday morning. stay with us. calling out bidens' bad policies, miami mayor frances suarez is her

yvonne: jerome powell signals recession may be the price to pay after the third straight hike. >> the fomc is strongly resulted bring inflation down to 2%. we will keep at it until the job is done. yvonne: futures tumbling on that hawkish outlook. the hang seng closing at that level. next up, bank of japan. rishaad: britain, taiwan, decisions, the treasury market, and the dollar on an absolute tear. david: yes. the peso is pushing 58? the taiwan dollar continues to fall. the ringitt moving out. you see the bright red on the chinese currency. 7.10. that should not come as a surprise, the declines in the asia-pacific. futures in the yield space higher. this does not seem to limit itself to asia. we will likely see a lot of pressure on equity markets. we are looking at these futures are trading. s&p futures down. almost 1%. europe. 2.2%. this adjustment is making itself felt. yvonne: how much more do you have to keep asking have we reached peak hawkish nose. you see -- hawkishness. you see they're willing to take more pain and hike into a recession. it seems like policymakers can't map t