but baseline is not until q of next year. >> all right seth carpenter, global chief economist.have you here thanks for the insight. >> thanks, frank. >>> let's head back over to main street another rate hike today doesn't just impact your portfolio it matters to the daily expenses of average americans first let's start with credit cards. the average rate is now 20%. that's an all-time high and 29 basis points higher than they were just a year ago consumers will pay an extra $31.7 billion in interest over the next 12 months because of the fed's nine straight rate hikes since march of 2022. and if the fed hikes again today, add another $1.7 billion to that number while mortgage rates are locked in for years, new and existing home buyers are not so lucky the average 30-year fixed rate mortgage, 6.6% massachusetts of last year was 4.3% a new loan, the average, $181,000 we have a similar story for the equity line of credit market, now sitting just below 8%. how about a new car? the average apr for a new car loan is just at 7%, up from just over 5% from just a year ago, but it's not

i was told by -- in have ellen coming on, i was told by seth carpenter, cohead of -- tom: carpenter had say hello to her and thank you for the advice on the sunscreen. tom: 4.20, we have to look at the yield at five basis points from 386, 387 over the last couple days to much higher to your yield space. lisa: we were looking front implement claims to keep rising. they are going in the opposite direction. is this enough for the fed to hike further? that is what i think a marcus plane with an not only that but how much does this keep them from cutting rates? you can see that in the fed funds futures now the idea of creeping higher. the idea that perhaps there's a greater probability the fed remains on hold. tom: when the piercing notes of the air has been out of this pandemic where there was a belief in transitory and one day the chief u.s. economist at morgan stanley said i'm wrong, maybe it is not transitory and something new and different, ellens egner joins us now. on from a transitory economics and in your note today, you are framing out a new job economy. we are in a $250,000 run ra