joining us is richard clarida. you got out just time for this craziness.l this work, what the british central bank is trying to do >> i think it will work. they're putting their full faith and force behind it. the real question is what happens in a month when this program is over, and they're hiking rates right now, so it's a bit of an awkward situation to be tightening policy and interveninging we'll have to see. the real quit is what's going to happen with the government policy getting a rebuke from the imf? >> wow, it's been a while. >> that's like an emerging market. >> the new government came in with its own idea at tax policies at a time when they're trying to reduce inflation they're trying to work it out in real time. i think that's what we're seeing >> can you invest in that country right now, given the opposing >> certainly if you do, there's a lot of volatility you'll have to stomach i have a feeling a lot of investors will be on the sideline. >> listen to what was sad. >> last week people said don't invest in a single thing in the uk that's whe

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richard clarida is known -- it is dynamic. general equilibrium theory.is still casted, it means things are moving rapidly. seth carpenter from morgan stanley knows decidedly it is a stocastic 2022. what is the process or path to get to calmer times and cal mer markets? seth: that prospect will require a lot of luck. the fed are feeling their way to how far they have to raise the federal funds rate. they want to be restrictive and they want aggregate demand to slow down a lot so the underlying inflationary pressure starts to ebb, but what they do not want to do is intentionally cause a recession. getting to that point will require luck. tom: how you respond to the idea that the inflation impulse has a certain effect on the public, but the jobless impulse has a much greater effect? seth: i think they are both very important. their labor people have lost their jobs, it is very difficult, it creeps their spending a great deal. we do not have any meaningful rise -- if you look at the last jobs report, that was superstrong. so far that has been ok. the inflati

here's what vice chair richard clarida said earlier today. >> we could have a downturn in the u.s. with a sharp turn in growth it's too soon to tell what will be required. i do think it will be more of a rise than we've seen in the projection. >> there has been some good news on inflation gasoline prices are down in fact, morgan stanley said it's possible we could see a negative print on that cpi number on tuesday. here's the bad news on inflation. one of the biggest components is housing and rents, and you know they've been going up, up, up, and they matter a lot more to many people than gas so if the fed wants to bring down inflation, does that mean the fed has to bring down housing with it? steve liesman and diana owelick are here we're jumping off your excellent interview with richard clarida this morning i was listening as i was driving in, and he kept sort of mentioning housing around the margins. first off, how critical is housing to the macro cpi print >> it's the easy -- it's a big chunk of it, and by bringing down housing, the fed can get a lot of mileage out of the decli

miner says a 20% drop is still in the cards >>> plus failure is not an option former vice chair richard clarida says it will come hell or high water. >>> kroger shares up ahead of the open >>> ppi two three instead of the prior four two, the first time ppi has come in below cpi in a couple of years. >> it reflects what's happening with china's economy which is basically stalled and continuing to go through these rolling shutdowns for millions of people but for those in the markets, and there is a growing camp of people, investors saying we've peaked on inflation, it's coming down very quickly, the fed should be looking at these forward looking indicators, it's more proof that that's happening around the world and it's good news lot fed is singing a completely didn't tune. it almost doesn't matter who you hear from now, the biggest doffs, label brainard is talkinu getting up higher rates to fight inflation and not leaving until the job is done. they're not really paying attention to some of these forward looking indicators like china, like what we're seeing in commodities, oil prices coming down

tom: this thing with richard clarida and, 2 p.m. wednesday afternoon, mark your calendars. of the fed to this is a different richard. as a public official he had to really tell a certain dialogue, a certain set of adverbs and adjectives. i'm fascinated what he thinks is the response to higher inflation. not now, but into november, december, and the next year. lisa: i just want to ask if neel kashkari has a bloomberg terminal on his desktop. [laughter] tom: this is the former devo columbia economics. he's not going there. -- dean of columbia economics. he's not going there. [laughter] lisa: from london, with tom keene, this is bloomberg. ♪ >> it's very important that we send a clear message that we take care of household and businesses but at the same time we are not getting any discounts to russia. sanctions are here to stay. we stand by ukraine as long as it takes. lisa: the big issue, energy crisis in europe. todd and taylor joining us now. because, starting with you. we have heard a number of efforts to cap prices. what's the latest on the plan from the eu? todd: it's th

tom: former vice chair richard clarida will join us here in a number of hours.einhart as well asvincent reinhart -- as well as vincent reinhart. he is chief economist. vincent reinhart invented modern resort -- modern research in washington and has terrific perspective on forecast. vince, thank you so much for joining today. i went back and i did a google search of the fed rates an indian number of days of --. when does the central banks stop fearing to go the other way? vincent: right now, it is easy for central banking because they are so far away from their inflation goal. one power wakes up in the morning and says inflation is too high, he worries as he goes to bed at night, inflation is still too high. it will get harder when you have to top out where you raise rates. close to the goal and unemployment rate is rising. tom: we are sort of used to higher interest rates. we have all been there before. does the media and the guys wall street, do they overplay the world is coming to an in? vincent: the fact is, we have been here before. the fed goes to tightenin

richard clarida saying they are watching the rest of the world, not the u.s..e will talk about that with the head of research for the americas and head of fx strategy at ages be securities. the s&p deepening some of the losses ahead of the opening, down 1.1%. this is bloomberg. ♪ ♪ >> today we have lee lyons on the finish to a very difficult week. we look at what is happening with the expectations. this week alone, s&p futures are poised for a more than 4% loss. the s&p down more than 13% or will be so far since august. the nasdaq down 4.3% on the week. russell also following. it all has to do with yields. jonathan talking about the front end very much so. it is very much about what is going on with deals a broadly. it is in the u.s.. you're seeing the yields continue to climb with the 30 year yield, three point 67% 10 year yield. the real issue is the united kingdom. we are looking at a british market with the biggest tax cut being proposed since 1973 at a time of rapid inflation and the potential now for a one hundred basis point rate hike. it really highligh

of course, richard clarida. just a fantastic lineup yesterday. thanks to all involved.&p 500. a lot of southside research coming through. pal and the committee planned to move nominal rates above underlying inflation, resulting in millions of new unemployed individuals to relieve inflationary pressures. this is not a positive scenario for risk. tom: a spike up to 30 during the carnage yesterday, but we come back down and we will have to see what -- how equities play out. we go to britain, and what jon knows, and i got lost in the streets. you go out -- i can't pronounce them right -- go beyond the bank of england come out past that pub where i have a beverage of my choice, and you end up in the world of david blanchflower. i believe it is called aldgate. you end up in a different london than the fancy stuff we are talking about everyday. jonathan: danny, it is fantastic to catch up. at the heart of these decisions, what do these decisions mean for everyday americans when citi are saying millions are going to end up unemployed. his higher unemployment a price worth payin