waiting on jay powell.tine lagarde will also take center stage today in wyoming as nagle warns it is too early to consider pausing. >> what i said is we have two be stubborn, even more stubborn on inflation. this is what we have to do. it is our mandate. lizy: donald trump turns himself in and is booked on charges of conspiring to overturn the 2020 election result in georgia posting his own mugshot on social media. good morning and happy friday. all eyes on jackson. investors are nervous ahead of jay powell's speech after 3:00 p.m. london time. markets really want to know whether after this week's dismal economic data the new fed narrative is high for longer rather than higher for longer. and the worries about potential hawkishness from jay powell has even eroded in videos triumph. the nasdaq had its worst day in three weeks. an asian stocks following wall street lower. s&p is flat. for more on how asian markets are faring, let's get over to paul dobson in singapore. asian stocks following wall street lower

and when the people who organized the to powell thought that they you know, we're disloyal to powell and they were a little bit hero worshipers of powell. so you know, they thought these guys who disappeared were, you know, deserters or cowards and they didn't deserve to be the plaque. but anyway, so they're missing. and that's always been a source of controversy among river runners. but anyway so powell did succeed he went back to to washington and it became a pretty important national leader. i became head of the geological survey for some years and founder of the u.s. bureau of ethnology, which is studying native american tribes. powell was actually far more sympathetic to native american tribes. and and that in the late 1800s and almost any americans were so thought their cultures were interesting and were studying and their languages that were worth preserving before. a lot of them were already starting to disappear. so but powell maybe biggest contribution in his in his washington career was that he a warning about our future national growth in patterns and our assumptions abou

there's jay powell with lagarde.be it's an opportunity to talk about what's happening in europe, too, which is -- they're sort of in a no forward guidance. everybody is coming to the end of the rate hikes, loretta. >> we're mirroring -- we've talked about this before, getting close to where we need to be, but as chair powell said in his remarks this morning, we have to be very diligent about this. we've come a long way. we don't want to be satisfied, we want to be assured it's coming down in a sustainable way and timely way. >> when you think about what's happening overseas in terms of japan kind of ending yield curve control, does that help us? higher rates over there? >> we've had common shocks, right? the pandemic affected all economies. different economies with different places to start. and what we're seeing -- and very countries took various actions. japan was different because they were in a very low disinflation, deflationary regimes so they started in a different place than other countries. when we started o

bracing for jay powell. stocks in a holding pat an earn -- pattern ahead of the fed's speech at jackson hole. >>> wall street coming off the ugly session yesterday with the dow doing something for the first time since march. >>> forget about a rough session. how about a rough decade? the check on shares of disney and what is it doing with amazon and espn. >>> zillow solution for struggling first time home buyers. >>> later in the show, former president trump returns to the platform formerly known as twitter. the first time in two years the former president has been on x. it is friday, august 25th, 2023. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm frank holland. let's kickoff the hour with the check of the u.s. stock futures after the rough session for stocks yesterday. the dow posting the worst day since march. s&p and nasdaq with the worst day since august 2nd. futures in the green across the board. a short time ago, the nasdaq was lower. the dow wo

start for jay powell.program, we have adam pozen from the peterson institute, the imf's chris delina george eva will join us, the philadelphia fed president is on the show and friend of the program. bloomberg opinion, -- columnist and cambridge president mohammed al arian will be on the show. later today, you don't want to miss tom keene's exclusive interview with the ecb president, christine le guard. that is live from jackson hole on bloomberg television at 4:00 p.m. eastern. this is bloomberg. ♪ my cpa told me i wouldn't qualify for the erc tax refund, so i called innovation refunds. their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your small business qualifies. wake up, achievers. take the first step to see if you're making the most of every hour of your life. except the hours that you're sleeping. so why do we leave so much untapped potential on the table? this is a next level bed, for a next level you.

what are we expecting from jerome powell's speech? expecting from jerome powell's seech? ~ . ., , speech? what the fed does, the world typically — speech? what the fed does, the world typically follows. - speech? what the fed does, the world typically follows. what - world typically follows. what we are expecting, some analysts say it may be more nuance and investors may be disappointed, those investors hoping to hear if this may be the end of these tight interest rate policies we have seen over the last 12 months that have successfully brought down inflation to just about 3% from 9%. many had been hoping he may signal this is the end of this policy, particularly optimistic investors may have been hoping interest rates may have been coming down from their levels now, they at the highest levels we have seen into many investors may be disappointed and it may be a nuanced speech given, perhaps signalling the fact that when it does happen, inflation will hit the lowest economic level so mr powell keeping his options open. these features can be market movers and because they h

what you think we can expect from jerome powell today?- jerome powell today? good morning. — jerome powell today? good morning, good _ jerome powell today? good morning, good to _ jerome powell today? good morning, good to see - jerome powell today? good morning, good to see you. | jerome powell today? good | morning, good to see you. i jerome powell today? good - morning, good to see you. i am hoping and expecting we don't see very much. i would say i'm not expecting to see too many fireworks one way or the other because the market has been doing well, the economy itself in the us has been holding up much better than i think most people would have expected so far this year. and inflation is coming down. i thinkjerome powell has to continue to thread a very fine needle with respect to trying not to rock the boat too much. but recognise and give the message that rates have to remain higher for longer. that rates have to remain higherfor longer. i don't higher for longer. i don't expect higherfor longer. i don't expect he wants to give too much away one way or t

he told chairman jerome powell. he told central bankers _ chairman jerome powell.ld central bankers around _ chairman jerome powell. he told central bankers around the - central bankers around the world that the us will continue to raise interest rates at quote, if appropriate, as inflation remains too high. is currently just over 3% which inflation remains too high. is currentlyjust over 3% which is higher than the first 2% target. mr powell set interest rates could rise a further and stay higher for longer which will disappoint many investors who were hoping his speech might signal the end to the us having its highest interest rate in more than two decades. he cited the effects of russia's ongoing invasion of ukraine as one of the factors keeping prices elevated globally. a few things we're paying attention to this week. country garden is one of china's largest property developers and on tuesday, it'll report earnings for the first six months of the year. the company is under scrutiny because of a severe downturn in china's property market and it warned earlier t

i don't think i've ever heard chair powell be as balanced. on the one hand and on the other hand, and he just went back and fort. back and forth. really, there wasn't much conveyed that that he hasn't already said and repeated over and over again, and i think that that was, that was what was important. it was that he's not changing his stance even though there's pressure on him to raise the inflation target which that's what every american household wants. they want for their dollar to go even less far. charles: yeah, but by the same token, nobody wants to lose their job either, right? it seemed like even within the speech he's acknowledging that there's certain things that the fed can't control, and yet if they keep hiking rates, the parts they can the, they may be overdoing it. so certainly a quandary, it feels like. >> it is, charles. and, you know, to your point, with 48 states between the 50 plus washington, d.c. where there are rising numbers of continuing jobless claimants, people collecting up employment benefits. we hear with greater

you can't blame powell for wanting lower inflation. that's the job you can blame the mayflies for taking profits out of fear, though there sure was a lot of it they might not even know what they're selling. they're really just dumping the s&p 500 futures and it might not occur to them that the s&p's heavily weighted toward the mega caps these traders don't have time to learn the stories. i know this because i'm a bit of an anthropologist of the hedge fund species i know they go out many nights a week and see and do things i wish i had their lives and they eat a lot of expensive dinners where they don't even look at the bill because that would be poor form did they read what he said on snowflake's earnings call? it was too late. they had gone out and had such a good time. did they listen to jen simon on nvidia's call? no they had somebody else did they bother to check out what mary dillon said when she launched the nuclear warhead on the heads of foot locker's shareholders nah. they just looked at the calendar and laid off the risk to t

did you learn anything new from what powell said on friday?i would say it was not a surprise insofar as you wanted him to continue to sound tough. the fed wants to see market expectations for more cuts sooner than next year than the fed said. they will get the market up to where they are. they want to sound ough. that is how he spoke. i think this is the message. it is data dependent. we don't know how inflation or growth will evolve. neither does the fed. we have non-farm payroll coming up. we will see it shows another strong month which will move you back to the hawkish hcamp. >> what has driven the yields higher? joumanna and i discussed it on the show. there seems a lot of factors have contributed. >> one with ofof the key things% treasury yields. i think the fitch downgrade was the catalyst, not the cause. that will not drive treasuries high for that long, but it highlighted the worries and that is discussed at jackson hole at debt levels. go back to the global financial crisis. that was a debt problem. eurozone was a debt problem. we hav

next battle that powell has to deal with. that reality is now sinking into assets and markets. if the fed funds rate will stay high for a while, do i really want to pay that? now, we are seeing the retail earnings that are pointing to a softening consumer and what that means. i think this rally in the markets deservedly is getting tested right now. at the same time, bonds are selling off. you are sort of in that 2022 situation where, debbie we are on the cusp of an equity cell, at the same time, bonds are hiding off, no way to sell other than short-term treasuries. >> i think that is right. i think the conversation is transitioning away from how high will the fed raise rates, maybe they will do one more rate hike, maybe they will not. number two, where is the kind of neutral level of interest rates that is going to need to provide restriction, nor stimulus to the economists. that is what rates will be centered around going forward. that will determine the level of long-term yield. what i am interested in from chair powell's c

be on what federal reserve chairmanjerome powell says chairman jerome powell says when chairmanjeromeowell says when he delivers his speech on friday. investors will be looking for signs the us central bank is nearing the end of its push to raise interest rates which are at their highest level in 16 years. by making borrowing more expensive, the fed has been able to try to tame inflation but if they go too far, the us economy could slow down too much. the chief us economist at tivo press told me her expectations on the interest rates. . ., ., rates. the final inflation has been the — rates. the final inflation has been the defining _ rates. the final inflation has been the defining moment l rates. the final inflation has | been the defining moment in jerome powell's post pandemic helm at the fed. what i would be looking for is, given the recent progress in the data where core inflation in the us has fallen significantly from the highs of 2022, willjerome powell be ready to declare victory and recognise the progress that has been made so far? and in this way indicate to financial marke

we look ahead to jay powell. this as fed officials continue to differ on how much rates should be raised. >> we are in a position that this august. powell's speech was very blunt. we knew what that hathor was going to be. now we are in a position that is very different from that point. there is a divide over additional hikes. at this point we are expecting a pause as we can step -- hit september. maybe there is another rate hike on the agenda for this year. there is something that was implied on the fed dot plot. for jay powell, the task here is pretty tricky. it is going to have to be about navigating what exactly the path forward looks like. what does he mean when he says data-dependent? we have seen some fairly significant market reactions to a lot of different data points. whether we are looking at cpi, the labor market statistics. give us a little bit more clarity on what exactly that means. >> it is a difficult task forward. >> powell will be hawkish. the question is how hawkish he will be. >> yes. that was

i think inflation is coming down , i think you are talking about powell, i think powell will talk osher you look at the message, i think you will agree with john williams, the president of the federal reserve bank of new york, and say we are making progress on inflation and if we continue to do that, we will have to lower interest rates next year. jonathan: do you think you will entertain the conversation, the idea you don't want real rates to get more restrictive and keep a consistent? edward: i do. i think john williams is influential at the fed and i think he and powell tends to talk to each other quite a bit and williams tends to be the year rotation and powell is the pragmatist that implements policy. they can't really afford to see this bond yield keep going up so they have got to calm the bond market down and i think they will have to concede or acknowledge inflation has come down. the cpi excluding shelters of only 2% year-over-year basis in july. the cpi core excluding shelters up to .5%. we are under 2%. all we have to do is we for shelter in relation to come down. lisa: where

it does feel like you could find a hawk and a dove within jay powell's speech. get to that in a moment. a couple things look at. the dollar index is up. the dollar-yen is at its highest level we've seen so far this year. just keep

hour, despite the nvidia blowout and what that might mean ahead of tomorrow's key speech from jay powell rates up today ahead of the comments investors on edge about what he might say and what all of it might mean in the months ahead take a look. the dow weighed by big moves in disney and boeing and walgreens and intel. we'll watch the stock in this final hour to see if it closes positive or negative you see the stock is still green. that's been a probably watching 4400 on the s&p brings to us our talk of the tape, the message with stocks struggling through a tough month and about to head into a seasonally tough stretch what is the best way to position for whatever happens next? let's ask joe terranova, a cnbc contributor. welcome back good to see you. we said there are two massive events this week nvidia was the first one to get through. you check the box. we now turn our attention towards jackson hole what do you make of this market? >> you told us last week when you returned it was a sell the rips market and that's what it is we're up against very strong historical seasonals the weakn

powell made clear no decision has been made just yet. there were a few remarks, not many, including that payroll growth lagged and rate hikes could hit the economy. but overall message was a fed chair skeptical that maybe enough had been done to bring down inflation and willing to give the economy some time, but kind of maybe a little if si to hike again if inflation does not cooperate. >> let me start off our q&a segment. what are the data on which the fed will be most dependent in. >> start with inflation, the pce number, which we're going to get next week i'd be looking at the growth numbers as well, the payroll numbers to see if there's that loosening up. i think it's important to note, tyler, that powell repeated his idea from last year that bringing inflation down was going to require a period of below trend growth, so that kind of tells you, watch gdp. the chair wants gdp running below 2%. that's a place he'd feel confident inflation is being brought down more convincingly. >> steve? >> so, steve, when i heard chairman powell make

powell is due to talk at 10:00 a.m.astern time and that's when he's talking to folks in jackson hole and we've got it all covered for you. the 10-year treasury looking at a positive day for the markets and just went negative. it was up positive in the first half hour of trading. now it's down just a tick. almost flat but it is down 0.6 basis point-blank layupses and oil we saw before was up to 80 and come down a little bit and just over $80 a barrel and now $79.83. still up a percentage point from where it was. bitcoin was up as well. let's see if it stayed there. no, that's come down a little bit. we got the latest read on consumer sentiment. lauren, do we have the number s? lauren: yeah, jay powell is watching this report. how do consumers feel about inflation and the state of the economy? final number for august, 69.5, less than expected and less than the prior month. look at current conditions, more depressed about that. that number lower, 75.7. expectations, lower, 65.5. one year inflation expectations higher, 3.5%

lagarde, powell, which will be more interesting tomorrow. i think powell will be fascinating.aring from both of them. tom keene has an interview tomorrow with christine lagarde. it will be an amazing conversation. the data turning quite significantly here in europe. you are seeing real challenges for the central banks. all central banks seem to have challenges at the moment. turkey is emblematic of the diverging paths to various central banks. what happened to gradual? alix: dollar lire is down by 5%. 750 basis point worker -- worth of hikes. it did surprise the markets. what did happen to gradual? >> we do not know what happened to gradual. last month the central bank governor kept her narrative that rate hikes would be gradual. judging by the rate hike, of this month's increase was probably somewhere around that level, but to see the central bank increased its key rate to 25% from 17.5, the current level it's the highest in two decades. whatever happened between last month and now it has seemed to change and really stunned markets today. guy: do we think this means rates hav

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bracing for jay powell.tocks in a holding pat an earn -- pattern ahead of the fed's speech at jackson hole. >>> wall street coming off the ugly session yesterday with the dow doing something for the first time since march. >>> forget about a rough session. how about a rough decade? the check on shares of disney and what is it doing with amazon and espn. >>> zillow solution for

la buscaba powell. barreal.del primer tiempo suplementario. cambian de campo y seguimos, a ver, en un partido que tiene pausas de hidrataciÓn, esto yo lo sigo hablando con la gente de fifa, no tiene sentido que no le den descanso en el suplementario, entre un tiempo y el otro. >> se lo toman. >> a los jugadores. >> sÍ, pero el Árbitro despuÉs empieza a apurar. >> claro. >> bueno. >> es mucho tiempo, son 15 minutos, que si terminan como estos Últimos 5 minutos va a ser difÍcil que aguante el inter, tiene que hacer algo distinto. >> increÍble! y este error, es lo que te decÍa, la salida solo. le dan la pelota y perfectamente ahÍ el pase de cremaschi para que defina por el medio de las piernas. >> es el propio miazga el que regalÓ la pelota y llega tarde al cierre de martÍnez que con su olfato goleador tiene ganando al inter. >> yo creo que messi no tomÓ tantos electrolitos en su vida como en estos partidos con inter de miami. >> no, y gel y todo lo que se pueda. es increÍble la deshidrataciÓn. va a meter otro camb

said chair jay powell -- the said share jay powell will be speaking -- federal reserve chair jay powelln the details. bond traders continuing to fixate on this mutual rate. there is a lot to wait -- to away coming out of jackson hole. annabelle: fed officials are focusing on the session. central bank is said to have done enough and powell set -- and susan told yahoo! finance we might be a place where we could hold but the open for japan and korea has started trading on the bull yet -- the move yesterday was for treasury yields and dollar strength put stocks under pressure in the session. no surprises perhaps the nikkei 225 coming online 1.3% to the downside and still watching the japanese yen given we just pushed above the 140 six level with the greenback strength. japanese inflation figures, tookie ones came out half an hour ago, considered a leading indicator for the country but consumer prices fresh food rising 2.8% below 3% for the first time since last september, weaker than predicted. boj says price gains will moderate due to following commodity this year and into next but it is i

we'll see if powell addresses that in any direct way today. >> if you were powell, mike, would you saye're done? they have to talk tough because it sends the wrong signal. >> i would say nothing explicit about changing the target or declaring victory but acknowledge progress while saying we still have to maintain vigilance. however, how he characterizes the level of rates right now, whether they're where they need to be to get inflation down, that's a big question. do they really believe that this hot streak we have in the economy at the moment is something that's going to be sustained or are we getting a little bit of front loaded activity? also he's talking about structural changes. what do we make that unemployment stayed at 3.9% and we had cpi come down to 3%. >> talking movies, where the hell is godzilla when he's not finally attacking, like tokyo or something? i think king kong was on skull island. do you know where he is when he's not -- >> does he have just like an island retreat? some kind of a cave? >> does he swim? how does he get to? >> not to get grim about it, andrew was

charles: drum roll, folks, powell, jay powell,'s big moment coming on friday at jackson hole.ere so break down what we might expect. madison? >> reporter: charles, friday jay powell speaks on the economic symposium, the focus will be 2023 structural shifts in the global economy. last time powell spoke at jackson hole he was determined to have the market take him seriously hence the famous pain speech. there would be some pain to households and businesses but failure to restore price stability would mean far greater pain. markets got the message including stocks which proceeded to tumble in the ensuing weeks. we should note generally markets move higher after these gatherings. the question now, has there been enough pain for the fed to stop hiking? only recently has the fed financial conditions index turned down but the reality is it is still elevated. still, the street is looking past rate hikes and modeling for the next rate cut markets move higher in lower yield environments but the first rate cut is often associated with turmoil. a majority of investors see weakness in the

powell maintaining that commitment in jackson hole on friday. roger ferguson weighs in this hour. >>> in china, a high stakes meeting for gina raimondo as beijing does the best to keep the floor under the sagging economy. >>> and appearing to backtrack on the anti-trust lawsuit. >>> later in the show, retail traders are doing in the face of the worst month of stocks this year. it is august 28th, 2023. you are watching "worldwide exchange" here on cnbc. >>> good morning. welcome to "worldwide exchange." i'm frank holland. let's start the hour with the check on the u.s. stock futures after the best day since august 7th. look at futures right now. you can see in the green across the board. the dow would open up 65 points higher. we always say it is early. among the biggest gainers of the nasdaq 100, tesla, moderna and palo alto networks up more than 10% on the week. we are checking the bond market as always with the benchmark 10-year treasury trading at the highest level since 2007 at 4.22. important to note the 2-year treasury is back above 5% at

whatever jerome powell says is difficult. he had a pretty good neutral line at jackson hole but the data coming in the next few weeks will be a challenge. we will have choppy trading conditions through to the end of august. in september we have -- we will have a clearer idea of whether the fed is an position to hold or not. for now the markets are not giving much either way. host: thank you for the warning. mark cranfield, we will come back to you later in the program. powell was not the only highlight. we heard from christine bogard. in an exclusive interview she explained the ecb will leave rates at high as needed for as long as it takes to bring the inflation back into target. she also talked about shifts in labor, energy and geopolitics. >> we are facing major shifts. i will mention three for you. one is there is a complete change in the labor market. there is a complete change in the energy future that we are facing. there is a complete shift in how geopolitical forces organize our economies. host: how did those comments

powell was a environmental profit before his time. i'm not sure were still quite hearing that message were still on the southwest spirit living beyond our means. the colorado river at thed botm of the grand canyon is part of the canyon is a very powerful rib it's not that big of a river compared to what eastern rivers. it does not have the big of volume of water. it is now supporting 25 or 30 million people and a lot of agricultural areas do not have any that major water source besides the colorado river. the demands on the river the legal obligations are already beyond what has as a supplies of the water under normal conditions the colorado river site have enough water to meet the demands on it. lately been a drought mode we been a drought for about 20 yearss now by the rivers going downward like powell who is the head of the grand canyon upstream from the grand canyon is down to about 50 it's down to about 40% paper not very far away from where were going to have a water crisis. where the water supply totemic phoenix and tucson is g

last year's powell speech intended to spook the markets. does it compare to what he said friday morning? >> well, so far it is pretty clear that market reaction has been fairly muted. it was not anything like what we had a year ago where the market took a dive on his speech. last year's speech was often described as the pain speech. get ready, we are going to create a lot of pain because that is the only way to bring inflation down. the basic message we will have to bring inflation down and that may cause some pain. that is what he said back then. the markets did not like to. the stock market took a dive and bond yields rose. a lot of it is kind of a repeat of the previous statements by the fed chairman, by other federal officials. we know they are serious about getting inflation down. what was important about the speech, apparently, chairman powell trying to squash any idea that they will even consider raising their target to 3% for inflation. quite adequate to keeping it down to 2%. carleton: make sense. just curious, we have seen interes

does it conclude with powell. will the power -- will powell be the nonevent of the week. you want to set up and think about where expectations are the moment. the real surprises could come elsewhere. the bar is really high. it'll be worth watching. do we start to cease some spillover effect from china in that data. it will be interesting for the equity market. powell needs to confirm next year. if he doesn't do that then it will be an event. how long he talked for and what he says there will be significant nuance. lagarde also speaks that day as well. alix: the nvidia story is quite key because last quarter sparked the rally. to the numbers actually matter or is it more the stock reaction but will to tate and set a tone for the market. that part will be interesting. we get a read on the pmi's. that's also going to really show the economic direction. >> absolutely. i think that tone will be important. we talked to bruce williamson later this week. i think europe we haven't talked about the economy very much. maybe for the first time in a while we will talk about it because

jay powell, the fed chair, is going to speak.or more, mliv strategist mark cranfield joins us now. what do you expect will be the key takeaways for jackson hole? mark: nobody will be surprised if jerome powell talks about wanting to keep interest rates high for a long time. that would not be a shock because inflation still has not reached its target but by the time people review jackson hole, they might find that christine lagarde turns out to be the star of the event. she has got a lot more to worry about. the german economy is the most important, showing clear signs that it is heading towards recession. in fact, the data this week, before she even speaks at jackson hole, may confirm that germany is backing into a recession and that is a huge worry for the european central bank who were trying to say they would be more -- there would be more interest rates to come but she might have to backtrack on that. because china especially is really affecting the german economy. german exports these days are less than half they were to chi

sidney powell, who was the trump campaign lawyer who was indicted in this georgia election subversion case, has also surrendered at the fulton county jail in atlanta as well. >> our zachary cohen is in atlanta, i believe outside the court house, or the jail behind you there. tell us what you've seen as the president's, the former president's former personal attorney arrived there. >> reporter: we just saw an suv with tinted windows arriving here through entrance behind me. he was expected to surrender after a meeting with prosecutors to reach a bond agreement which we know he did. $150,000 bond was set. he now appears to be inside the jail turning himself in like several other defendants we've seen come and go in the last day and a half. so rudy giuliani is the most high-profile defendant we've seen in addition to the sidney powell, a fellow trump lawyer, who has also appeared here today at the fulton county jail. >> a lot of action there. these are two pretty key figures. just to remind our viewers what they're going through. this is extraordinary. rudy giuliani walking into the fult

colin powell attended and graduated from.ell us about that partnership and how this started. >> he is so dear to he was on our board for 15 plus years. he would refer to his children, linda and michael, by name, but then he would say "my kids," when hsaid that, it was the city college of new york, a colin powell school, and those children. and the students were studying that. what was special about them? most of them came with their parents as immigrants to this country. most of them are people of color. most of them have not left new york. and his vision without school was to give them an opptunity to jt ossom. -- to just blossom and bloom. there is no better way to honor his legacy than to go to that school, recruit ts, who honestly looked like me -- look like me, a person of color who immigrated to this country. this is giving back. this is honoring powell's legacy, and we did with both the city college of new york and marshall university in west virginia to show that technology and our industry needs to be a lot more incl

then powell's got autos.eah, he just drew that second king with a high on fault new cars because auto financing has become so expensive. little alternative as used cars don't offer much of a bargain. i'm predicting there'll be price breaks galore, though. how about lending? we're finally getting the crack down on lending we predicted when the regional bank crisis happened back in march. many loans are turned down and nothing slows the economy like reducing access to credit. many businesses that want to expand won't be able to. i think powell would like to see more creative destruction at this point, more merger induced layoffs. d.c. is doing everything in their power to prevent the companies from merging which means the rationalization we normally just see just hasn't happened. i think powell is showing a queen purely because of the lending crack down. so far so good. finally, wage growth is slowing down, too. it's possible for companies to hire people less expensive on a year ago. it's killing what was a par

it does feel like you could find a hawk and a dove within jay powell's speech. we will get to that in a moment. a couple things look at. the dollar index is up. the dollar-yen is at its highest level we've seen so far this year. just keep that in mind as we go through this session. the best-performing sector is energy. why? we don't know. there's no explanation. but the worst performing stock is dollar tree in the nasdaq. so keep that with a gain of's -- grain of salt. 10 year yield going nowhere. we did want to look at the two-year because this is where you really get the push and pull from doves and hawks room what jay powell said. we are there around 10:00. you come in with yields moving lower as the -- as he keeps talking and you digest the speech. it has pushed higher. at one point, it reached a 5% level. the highest level since 2008. >> some of this is fed related, but there are some stocks related to this. it is now in positive territory. reports are that they will start resuming these 747 max jets. they haven't on that in four years. since two jets crash

powell, looked like powell went according to the same script as volcker but he is not getting the samerough the same script as volcker, if you do the volcker thing keep going. i do expect the fed to raise interest rates 25 basis points on september 30th. june, the dots, projects said two more before the end of the year. they did august 1st, sorry, july 27th, right on time. look for one more in september. that is what you have to do if you want to get this inflation under control. as far as mojo is concerned the fed doesn't have any mojo. control the short end of the yield curve absolutely, trading repo market, buying t-bills, funding them overnight you care about that. that is not the economy. the economy is in the 10-year note. greenspan invented this thing, yield to maturity on 10-year note is the present value of a strip of short-term rates. there is no empirical evidence. the 10-year note goes where it wants to go. it can be volatile. nothing to do with short-term rates. the fed is mostly pixie dust and really good pr. we pay a lot of attention to it. i do. i'm a fed watcher like e

those are things that powell quoted. the second estimate of gdp. we get revisions -- i can keep on going on. i won't. but you're right. we have a gap for about ten days on important data. next week is -- could shape what's going to happen in september. >> you made good points. appreciate the time. see you soon. shannon and michael see later on in the market zone. let's get to your question of the day. how many more times will the fed hike rates this year? once, twice, or none at all? head to @cnbc "closing bell" to vote. the results a little later on in this hour. meantime, a check on some top stocks to watch from kristina. >> thank you, scott. well, shares of affirm are jumping today after reporting earnings this morning. we had a revenue and profit beat well past expectations and this is a buy now, pay later firm, they improved their full machine year outlook. the ceo said gross misdemeanors volume is growing despite inflation and higher interest rates. shares are up a whopping 30%. but definitely a different story for hires of hawaiian electric

investors have been worried about interest rates, we are waiting on jay powell's speech this morning at the jackson hole summit, that is at 10:00 a.m. eastern time. the momentum from nvidia's result not to lift the embassies after the stock hit all-time highs, were to get into that story. the premarket stock is slightly higher, european markets let's take a look at those still in the green, the cac 40 and the docs are higher. in asia overnight, markets mostly lower, shanghai having a flat performance. meanwhile president trump surrendering to fulton county authorities in georgia returning to ask for the first time in two years to post his own mug shot, the house judiciary looking into da fani willis motivation for prosecuting the former pres president. all this is a house oversight picks out 16 times that joe biden lied about his connection to his family's business schemes. joining the conversation all morning long paying capital management ryan payne and council minority leader joe bradley. "mornings with maria" is live right now. and for the first time in u.s. history of former pre

when we talk about the lawyers here, some of those who were indicted, co-conspirators, are sidney powelln eastman and rudy giuliani and mike pence on the campaign trail has been referring to them as his crack pot lawyers. what do you think about some of the lawyering that went on in this case, leading up to these indictments? >> i mean, look, you can always sit there after the fact and pick apart things that lawyers have done. i will tell you this, based on my representation of multiple people, not just the president, but bernie kerik, i will say that sidney powell is one of those lawyers that everything i've seen she was putting out theories that she didn't have any backup for. and that was actually one of the things that, you know, this indictment makes it seem like rudy giuliani and sidney powell were shoulder to shoulder. everything i've seen is the opposite. rudy giuliani was trying to push her out because she was pushing theories that she had no backup for. so i do think that that is a split that you're going to see develop a little bit more fully as this progresses. and also it is

we need powell,.equity market to settle and yields to settle, and to continue to move higher for the equity markets, powell has to reaffirm what the dot plots were saying. it will be cuts in 2024. we were never fans of cuts in 2023. the market has come along to that positioning but the market wants to hear there will be cuts next year. if you reiterate that, think you will see the longer end of the curve can down, equities go a little higher and the growth story will continue. lisa: are you saying yields have to come down for the equity rally to resume? >> i think they have to stabilize. we can't continue to see this move higher. everyone wants to see a re-steepening of the curve but they want to see it with the lower end yields coming down, not the higher end moving up. i think we will need to see yields at least, down from where they are, or come lower on the longer end to let people know that inflation is in check, the fed is going to cut rates next year. that is what the equity market wants to hea

this is about a minute and a half of chair powell. [video clip] paola: it has been my view consistently that we do have a shot. my base case is we will be able to achieve inflation moving back down to our target without the significant downturn that results in high levels of job losses that we have seen in some past instances, many past instances of tightening that look like ours. that has been my view that that is true. i think that is consistent with what i see today. but it is a long way from assured. we have a lot left to go to see that happen. the staff now has a noticeable slowdown in growth starting later this year in the forecast, but given the resilience of the economy recently, they are no longer forecasting for reception. i just want to note, the staff produces its own forecast which is independent of the forecasts which we as fomc participants produce. having an independent staff forecast as well as the individual participant forecast, is really the strength of our process. there's just a lot of i think constructive divers

what's your reaction to this market reaction to nvidia ahead of powell? hyper rational in some sense which is what made nvidia good which was, of course, largely anticipated, is mostly good for nvidia as opposed to it being a broad excuse to have another wave of enthusiasm talked yesterday before the close, scott, about how there was nothing really wrong with microsoft and apple's reports but the market needed to back off at that point. it felt like we already priced something in today it doesn't feel it was more vulnerable. it was an incomplete pullback process or one that needs to be tested >> apple is down today >> apple is down microsoft has pulled back. i think the point is we got the minimally acceptable 5% pullback you got sort of marginally oversold the point is it wasn't a fat pitch that said, that's it, we flushed everything out and created bargains no buying panic but also because jackson hole hovers out there. i don't think we're afraid of any specific thing the market is in tune with the message that will come out of there. you never know unt