valero and marathon oil coming up we'll hear highlights from sara's panel with wells fargo ceo charles scharf including whether the u.s. is heading to a recession and his latest read on the housing ma market jerome powell vowing to fight inflation speaking at the european central bank forum earlier today saying the biggest risk to the economy would be to fail to restore price stability but a soft landing still possible >> we think there are pathways for us to achieve that, to achieve the path back to 2% inflation while still retaining and sustaining a strong labor market we can do that that is our aim. there's no guarantee we can do that it's something that is going to be quite challenging >> joining us now from jeffrey's, david, how are you feeling now about the markets and about the fed's chances of this soft landing? i mean, he's not saying i feel really confident we can do it but maybe. we're still hoping >> yeah, i think his message has been very steadfast and i don't think there's much that's changed here he does believe maintaining that inflation anchor on long-term inflation expectati

, ceo of wells fargo, just in case you -- >> stagecoach, charlie scharf. i didn't know we had to point that out >> there are some viewers out there who aren't with us every day. >> true. >> we want them know what we're talking about. >> i think people had to watch us every day >> they do add cameras. >>> hi, chafrlie how is the quarter we'll get an answer soon. >> he'll never, ever come on with us. >> no, he won't because he doesn't like you >> is that what he said? >> no. >> add him to the list >> oh, man oh, my gosh. >> four minutes in, you have to remind me? he likes me now. you know that. i told you >> a great segue into salesforce. >> it is >> there will be headlines today that say salesforce trims full-year revenue guidance don't like that. >> so the yen -- mark was talking about -- mark from salesforce was talking about how you go to the yen you cannot believe how cheap it is. but when you're selling into japan, the dollar went nuts against the yen. if you add back the currency, you see he literally did raise numbers, but a lot of people don't know

. >>> tomorrow on "closing bell" i'll have highlights from charlie scharf it will be really interesting if he's more in the brian moynihan optimistic side of the economy or the jamie dimon side of the economic outlook. we'll have that for you tomorrow. >> looking forward to more and more great stuff from you, sara. give pat my best as well what's not getting the best today is the markets let's check on those the dow is down more than 450 points, about 460 at this moment the s&p off almost 2%. the nasdaq off 2.75% coming up, we're going to talk to former treasury secretary jack lew about the odds of a recession in america and what the fed can do, if anything, to stop it from happening and as we head to the break, check out some of today's top search tickers on cnbc.com the 10-year yield again having the most interest followed by tea,sl nike, the s&p 500 and the dow. we'll be right back. ♪ dream, dream ♪ accenture. let there be change. >>> welcome back let's check out today's stealth mover. farfetch shares of the online luxury fashion retailer under a lot of pressure after ubs downgraded

now, at a separate conference, wells fargo ceo charlie scharf said "the scenario of a soft landing is extremely difficult to achieve in the environment that we are in today" so in other words it'll be tough to dodge a recession as the federal reserve hikes interest rates. as top u.s. bank ceo's flag what they see as growing risks to the economy, and as interest rates rise in a fox business exclusive , we welcome federal reserve bank of richmond president thomas barkin. welcome, thank you for joining us. >> hi, liz, great to be with you. liz: great to have you. all right jamie dimon playing weathercaster aside. what signs of a coming recession or stormy economic weather do you see right now? >> well, as i talk to businesses, they are talking about the risk of recession, but then i always ask the follow-up question, which is are you changing what you do? and right now what i'm still hearing is people investing, consumer spending, you can't find a recession in the data, and you can't find it in the actions of executives, so i grew up in florida. i learned you always prepare for hurricane

tend to do that here at that desk and we want to get everybody in >> we're changing it >> charlie scharf, the ceo of wells fargo. >> one of the largest banks in the country. he's saying we should be focused on losses and criticized loans the lowest at wells fargo. i think you have to go back to the stagecoach days. >> stagecoach with john fortt would be fabulous. who's the director >> john fortt. >> oh, he was the director i'm sorry, who was the -- >> well, on the one hand >> all right >> we're 9:04 and haven't got on the gamestop yet what is the deal >> i don't want to talk about them yet i want to talk broader markets gamestop is a sideshow let's talk about them a little later. >> you're right. we have been getting mixed messages every day, and. it's annoying because what will happen is you'll have a company that our viewers might actually know, which is c3ai. >> i remember when it went public >> another debacle at this point, revenue well below the street mongo db is good, but what's the commonality? all the price targets were set in the halcion days, back in november no matter what y

it all filters through, but again, it would be messy going through it >> good to hear from scharf, who we don't hear from a lot clearly the mortgage business will be a big piece. >> a lot of it has to do with the fact that fewer people are going to be doing refinancing of their home we also, of course, have seen mortgage applications decline for first-time home buyers, for those looking to move as well. he also said at the bernstein conference we'll le right-sizing shifts in the mortgage environment in particular, same is true with jpmorgan. we're seeing this across the street, really the overall pain from the higher interest rate environment. >> there are fewer mortgages outstanding now that pay to refinance than basically there have ever been, because of how fast the rates have gone up. so essentially almost nobody has an incentive to do that 689. >> right. >>> we are getting breaking news this morning out of the supreme court on the epa brian sullivan has been reading through it hey, sully. >> an 89-page decision, 6-3, a big win arguably for the fossil fuel industry. the supreme cou

kosciuszka division and other communist leaders there, and also applies to almost all states of the scharfout liberation. we are not talking now about the context in which they say it, we are talking about the fact that they do not talk about it at all. now we will show, then we will continue the conversation with another survey that was conducted on the streets of polish cities. but this mind incomprehensible. it's just mind-boggling for them it's no let's see who won the second world war. usa america great britain france i don't know at all, i don't want to understand it, you can say that england is the winner. and as they said at home, you lived in poland, right? well, you see, i lived in the countryside, the conversations were a little bit limited, not as much as they talk about it in the city. well, of course, they didn’t say that the russians won, who won the allies in world war ii well, and who was the allies? poland is also switzerland switzerland yes, the best. she went out, who won the second world war? well, the germans lost. well, who won? poland well, more were allies. who els