let's talk to ron insana, also a senior adviser to schroeders north america.ho said that the market really was sort of overoptimistic right now >> yeah, i think in many ways that's true, and i would guess at least this is just a guess at this point in time, what we have experienced is a bear market rally. like corrections in the bull market are short, sharp, and scary. rebounds in the bear market are short, sharp, and alluring there are still quite a few headwinds. what a fed won't be able to do is fix all of the things not only your first guest talked about but courtney talked about with respect to retail i think the headwinds still outweigh the tailwinds for the moments and we need to see as much time put into repairing this market as price >> we just talked to sheila bair and her view is inflation has nowhere near peaked. will peak maybe and start to abate some time next year. i asked her whether in the classic cliched parlance, the fed can achieve a, quote, soft landing. she said no. >> it hasn't been done before. i was talking to my league yesterday who i

susan dell percy, ron insana, thank you both. >>> still ahead, what's the russian army fighting for? the importance of military mission, that's coming up next. the importance of military mission, that's coming up next i'm jonathan lawson here to tell you about life insurance through the colonial penn program. if you're age 50 to 85, and looking to buy life insurance on a fixed budget, remember the three ps. what are the three ps? the three ps of life insurance on a fixed budget are price, price, and price. a price you can afford, a price that can't increase, and a price that fits your budget. i'm 54, what's my price? you can get coverage for $9.95 a month. i'm 65 and take medications. what's my price? also $9.95 a month. i just turned 80, what's my price? $9.95 a month for you too. if you're age 50 to 85, call now about the #1 most popular whole life insurance plan available through the colonial penn program. it has an affordable rate starting at $9.95 a month. no medical exam, no health questions. your acceptance is guaranteed. and this plan has a guaranteed lifetime rate lock so yo

let's bring in ron insana.nk are going to be the long term implications. >> i'm trying to make sense of what is going on and away from the pure inflation argument about supply chain disruptions and the post-pandemic environment i was caught by something that hr mcmaster said on cnbc. the world over the last several decades traded global supply chain security for supply chain efficiencies and now finding that we are vulnerable to interrupgs that could i think in some ways change the arc as globalization the integration of world economies, china into the wto, russia part of the g8 and now most favored trading nation status revoked >> ron, what does it mean if the world goes back to one in which there are spheres of influence or dominant regional powers that do not fuse economically the way gears come together? sometimes they grind but for the part they work what if that happens what are the implications? >> i think that's a subject for a subsequent column because i v haven't figured out who construct a portfolio

i want to bring back carol lee covering the white house for us and ron insana, cnbc senior analyst. talk to me first, carol what, stood out to you in the president's speech today. >> well, yasmin, the president passed this as essentially a bap on putin's war machine and saying that this effort is intended to no longer help fund president putin's war in ukraine. that's the frame in which the president announced this. he also says that this has bipartisan support in congress and he's knowing the that. again, there was a lot of pressure for the president to take this move from members of congress, from democrats and republicans, and the president said that he thinks that this also has support in the country and that's where you get to what you just mentioned with how he's going to mitigate further increases in gas prices and he mentioned the 30 million barrels of oil from the strategic petroleum reserve that the u.s. is going to release. that's already been announced. what he didn't do is say what other steps the administration is prepared to take in that regard, but, again, he tried t

let's talk through with cnbc senior analyst ron insana. >> it's great to see you. super important with the misinformation. is this because the keystone pipeline, yes or no? >> no. >> is this because of not enough domestic drilling, yes or no? >> to an etent, domestic drilling has rebounded but not at peak levels. >> why did domestic drilling stop or why did it slow down? >> the pandemic drove -- well, a couple reasons. you have to go back to 2014 when saudi arabia and russia flooded the world market with oil. to drive u.s. frackers out of business, making their business uneconomic. many went bankrupt. some emerged, so instead of drilling when prices were substantially lower than they were today, they returned capital to shareholders. now they're starting to drill again and production in the u.s. is back to nearly 12 million barrels a day, about a million shy of an all-time high. the keystone pipeline would have delivered, delivered, not produced 800,000 barrels a day. we still get that oil from canada. we just don't get it through the pipeline. >> would the keyston