ahead of the speech, atlanta fed president raphael bostic will join us at 8:30 eastern. >>> the other big global market story is the chrisis in europe. it will double the price cap on energy bills that means it will rise to 3,549 pounds which is up from 1,971 pounds a year ago starting in october. the price cap starts -- i should say starting in october. this is how much the average is on for a year. 1,971. up 810% to 3,549 that caps the standard charge energy regulators can charge for electric and gas bills it does not apply to businesses. it could be more it covers 24 million households. that cap was 1,400 british pounds last fall it has tripled in a year and is likely going higher when the regulators reset in january. all of this is coming as european natural gas prices are soaring. now over $94 u.s. per contract that is ten times what we are paying here and about 30% of british homes use gas to heat homes. this comes as uk policymakers try to dump gas in favor the wind power in the last decade. this story is something brian sullivan has covered very well you are talking about pric

raphael bostic saying we should stay there for a long time. jim bullard saying a similar thing. so it does feel like there is a consensus at least about getting there and holding rather than cutting right away, which is what the market has come to anticipate. dan, you are talking about how the data rolls in, and it feels like the data that rolled in at 10:00 a.m. eastern was overshadowed by pal's speech. inflation expectations did take down. is that all gas prices? what is your read on that? dan: it's a good question, and i have always been a little nervous about relying too much on inflation expectations as a guide to policy. you know, intuitively of course you can see how the expectations of businesses and households matter for the future course of inflation. but we don't have a very good idea of what changes expectations, and i think there is a fair amount of evidence for the proposition to which you just alluded, that at least for short-term consumer inflation expectations gas prices have a very, very big effect. and, of course, those fluctuate with much less attention, or m

jim bullard, raphael bostic joining bloomberg. jay powell is the first to ever bring people inside the room since he has been doing the meeting. it is interesting to figure out why now. [laughter] you guys are laughing at me. i am curious to see how much it comes down and how comfortably are with pce coming down. remember we would've been talking about the university of michigan sentiment. does anyone care about that anymore? jonathan: can we sleep now? i think it is fascinating the listing. it it is so consequential for the country and i think it is about time. lisa: i think that is a question to ask fed officials heard is this new transparency necessary given the pushback from the public with the rage airfield with inflation. tom: this is a debate. one of the things we should talk later is how much communication is too much. stephen major joins us now. your expectations for chairman powell later this morning. stephen: good morning to all of you. i haven't got a great expectation. i am more interested in the speeches and roundtab