particularly if labor force participation moves up >> everyone stay with us we want to get to steve liesman for more on the news conference. steve, we referenced your question that was really the key on how he's thinking about substantial further progress >> yeah, i always walk away disappointed, as you know, when i ask for a direct answers on details and data and what he's looking at let's run the aforementioned sound here so that people know what we're talking about when i asked him, give us some idea of what substantial further progress will look like, and here's what he said. >> i'd say we have some ground to cover on the labor market side i think we're some way away from having had substantial further progress with -- toward the maximum employment goal. i would want to see some strong job numbers, and that's kind of the idea >> all right let me pick up with what scott said earlier you don't -- if you are a ways away, you can't get there in a couple of weeks, a couple of months, maybe not a couple meeting. the practical effect of this is it takes september off the table for an announcem

steve liesman is standing by with more. steve? >> yes, inflation was topic number one he was barraged with questions bin flation and cars were a big deal, as you said. i don't think powell gave very much ground on policy, sticking with policy suggesting there's about a six-month window for the fed to get these inflation rates down and then the fed would act, guys >> we also see sort of observing with notices comments about some of the happenings in the crypto space that seems like an area where he's probably going to be under pressure for more regulation especially as it relates to commercial paper market. >> yes,'s he has all of his egg in the basket of the federal reserve in september, punting on what the fed will do, putting together a detailed report how the fed should act and what it should do with digital currencily for september he's getting a lot of question and interests what the fed will do with digital currency >> he said a couple of times as i was watching "i don't know the answer to that it's difficult to predict the

. >> all right we're going to take a break right here and go to steve liesman who has the fed decision right now. steve? >>> no change in interest rates. the federal reserve is keeping rates 0 to 0.25% on the issue of tapering the fed didn't say the words but saying the fed said the economy has made progress to the goals of substantial further progress which is the way it assesses whether or not to eventually begin to taper soap it's made progress towards that goal and will assess the progress in coming meetings. so that's the nod towards the idea they're thinking about or still considering this idea of tapering, and they say they've made some progress on the economy they say the economic unemployment activity has continued to strengthen. sectors most affected by the pandemic have shown improvement but the fed saying those sectors are not fully recovered. continuing the language on inflation saying it largely reflects transitory factors. there's that word again. so give yourself a point if you were waiting on it the path of the economy the federal reserve continues to depend on the vir

we're taking you to the hearing as soon as it begins steve liesman, i think the words

combine with the inflation head winds, what does it mean for the recovery our gdp expectations steve liesman is here with the details on the latest update steve? >> reporter: kelly, thank you. the cnbc rapid update shows a modest eruption of growth. overall the forecast for the strong gdp in the quarters ahead and declining inflation. wall street investors are not embracing the sell-off in stocks or the economic pessimism you might see if you look at the bonds market now and the yields there. the average of 14 economists we surveyed shows growth peaking in the second quarter and just above 9% down from the 10% forecast in the beginning of the quarter inflation is eating a piece of that away. at least the growth is duetch said it's the fastest turn around from a recession that we've had since 1949. gdp gradually seems declining but the numbers are still above trend well into next year. rsm said we expect american households flush with cash and rising wages to steam through rising prices on the back of supply that will soon begin to ease inflation is forecasted at 5.7% at the second quarter. i

costs are spiking seemingly everywhere these days, but it's not hurting corporate profit margins steve liesman has a look at some of the records companies are reporting. steve? >> kelly, thanks very much the july survey showing business experience as you say, sharp increases in costs from wages to materials. but they're able to overcome them and they're hitting their highest profitability in the survey's history the net percent of businesses with rising profit margin hitting 35%, the most on record or the highest on record for the national association for businesses industry survey that beat the april record, and of course it far surpassed business profitability before the pandemic profits surged despite rising costs. businesses seemed to raise prices by more survey show net 28% hike prices, and 42% see prices charged going up in the next three months. cnbc is chronicling company and earnings reports and calls about how they are dealing with inflation. and some of the comments coming back seem to back up the findings of the survey robert nap said we're passing through the infederation we're ha

steve liesman joins me with the results of the latest fed survey as well as the latest fed decision steve variant has definitely become a factor in forecasting the economy. right now respondents to our fed survey believe the exact will be limited. we asked about five areas. nearly 80% of the 34 respondents do not see another round of lockdowns coming 52% don't think there's going to be widespread mask mandates. that was asked before the cdc acted. 30% did see them coming. 55% do not believe it will delay the economic rebound compared to 39% who do 64% think it's going to delay the return of workers to their offices. another impact, while 40% thought the pandemic was over in the june survey, 60% now say it ain't over yet thomas costerg says the virus is going to persist and indeed we will have to live with it. it's going to be more of a microeconomic rather than a macroeconomic problem going forward, he says the average respondent did push ahead by one quarter, to the first quarter of 2022, their estimate of when the economy will be fully recovered. here's the gdp outlook growth overall a

we're taking you to the hearing as soon as it begins steve liesman, i think the words maybe best describe the fed clair today, staying the course. >> yeah, for sure, looking the inflation numbers right in the eye and not blinking really, scott. i didn't layer anything in the testimony say he was planning to accelerate the asset purchases or the winding down of asset purchases or indeed raising funds rate any sooner than expected when i look at where the market's priced, he has the market with him, scott he has stocks with him, certainly bonds with him the 10-year at what is it now, 1.36, 37, it's not screaming inflation concerns the 2-year at 24 not screaming inflation concerns, even know the numbers have been hotter than expected, powell is sticking to his guns and he expects inflation to moderate and they have a long way to go when it comes to the labor market. >> it's a delicate balance, though, right, steve he acknowledges front and center inflation is hot, going to remain hot for some time before he thinks it will moderate but the employment market which you know how keenly focused h

let's go to steve liesman with cnbc. >> thank you very much. mr. chairman, i wonder if you could put, i don't know, maybe some numbers or more details around the concept of substantial further progress. what counts as the progress, numerically, if you will, or exciting data, if you could that you cited in the statement today and if you could be more specific about what substantial further progress would look like and if that would then lead you to an announcement of an actual reduction in the purchases of your assets? thank you. >> great, thank you. so more detail on substantial further progress. so, let's talk about the maximum employment part of that. as you know, with maximum employment, unlike with price stability where we can target a number, 2%, with maximum employment there isn't a single number, we monitor a broad range of data about different aspects of the labor market. there's unemployment, unemployment among different age groups and such. there's participation, there's wages, there's all kinds of flow data and we look at all of it to tr

steve liesman joins us now with the results of this month's survey steve? >> morgan, good morning.ed is going to do much about any of it the outlook for fed action among the 34 respondets is fairly unchanged with the taper beginning january. $18 billion expected very modest. it would take several months to wind it down first rate hike in october 2022. fed funds rate ending at 0.41% that little change meanwhile the outlook for inflation as you'll see the second, it has changed drastically. 2% inflation call in january now above 4% for this year 2.4% average in january for 2022 now above 3% it is seen peaking in november above 5% two-thirds of respondents do believe it will prove to be temporary. that said, respondents think that the fed is making a mistake in not reacting to higher inflation. 10% want the fed to react by raising rates now. 58% want to start tapering right now in response to higher inflation. chief investment officer at bleakley advisory group, says they should begin tapering as they have overmedicated the patient and results are being shown particularly in housing.

. >> steve liesman's eyes will be on the fed. >> steve liesman's eyes will be on the fed. >> steve liesman'sactual statement. >> but i think a lot -- i think a lot of eyes will be on the covid news so let's talk about that for a moment. because the cnbc now saying fully vaccinated individuals should wear masks inside in certain areas of the country where there's substantial or higher levels of virus transmission cdc director saying people may be able to transmit the virus. she stressed the vast majority of cases are from those that are unvaccinated the cdc saying all students, teachers and staff should wear a mask at school this is regardless of their vaccination status meantime, president biden says its administration is considering a covid-19 vaccine mandate for all federal employees. comments coming after partner of veterans affairs required it and said it will be requiring its medical affairs being vaccinated dr. scott gottleib, former fda commissioner, cnbc contributor he serves on the boards of pfizer and i will lumen na doctor, it feels like over the past 24, 48, 72 hours things have

will employers need to pay even more the great steve liesman. steve? >> reporter: thank you, and good afternoon. the economy adding those 850,000 jobs but we're still 6.7 million jobs short of where we were before the pandemic and the unknown is whether those jobs are coming back and whether wages need to rise more in order to fill that joe brusuelas says what we have here is a clear case where labor has decided after four decades that the time has come conditions at the bottom of the labor market need to change. practically revolutionary talk from him average hourly wages up 10 cents to $30.40 after gaining 33 cents the prior two months combined. st stephen stanley says the binding constraint for employment these days is not as typical rather, it is the willingness of individuals to make themselves available for a job. he hasn't seen that in his 30 years on the job little change in the bond market suggests markets don't have too many concerns about runaway inflation and that could be because a few more reports like this one should clear the way for th

for that, we turn to steve liesman. hey, steve >> good morning, carl. yeah, the new york fed survey showing the highest one-month increase in short-term inflation expectations in the survey's eight-year history the one-year inflation expectation raising 0.8% to a new record of 4.8% is what is expected by the 1300 member panel there for inflation in the next year. long-term inflation expectations, they're unchanged. still near their record of around 3.5%. consumers were upbeat about their jobs, their wages and their housing price outlook. the expected probability of losing your job hitting a new series low for the survey. the expected -- of finding a job a new series high. a lot going on tomorrow, the cpi, consumer price index at 8:30 and we'll discuss all of this, the inflation, the economy, and how tech may work into all of this tomorrow with san francisco fed president mary daly coming your way at 11:15 tomorrow, deirdre. >> looking forward to that, steve. thank you. thank you for keeping us updated on those numbers too >>> now, we did talk about chin

maybe even china here to explain are steve liesman and rick santelli. steve, let me just kick it off with you what's the kind of prevailing one now? is it covid? >> yeah, that's the number one thing that i hear when i talk to guys who are throwing this money around and doing the dumb thing of buying bonds at 1.20 which your last guest was talking about. there's a fear of growth there somewhat in the united states and also globally. this idea of the delta variant, we have a large percentage of americans who are vaccinated that's not true in other parts of the world where the delta variant can be problematic there is a debate about how fatal that disease is relative to the alpha variant that's what the bond guys are talking about. there are other reasons, you ticked them off. the idea that powell sounded a little bit tougher on inflation last week. that's one aspect. this is where my colleague from chicago rick santelli excels is the technical aspects of this are a big part of what is moving that around? >> what are the technicals, rick what do you see as

investors paid close attention to the fed chair, testimony on capitol hill steve liesman joins us with the fed's easy monetary policy >> high inflation readings coming from a small group of goods and services directly tying to the reopening of the economy. >> with all due request chairman powell it's housing, it's appliances, food price, it's electricity. it's gas >> we are monitoring the situation carefully and we are committed to price stability >> powell said the fed will keep to the current fed funds rate around zero until its employment and inflation goals are reached. the labor market has a long way to go. only concession if inflation is "materially and persistettely" above the fed's target policy would respond. a six-month time frame determining whether that was the case the beige book released while powell was testifying prices increasing at an above average pace around the fed's 12 districts and some folks passed along the increases and others did not. growth is moderate to robust around the country >> what should we be looking for in the transitory debate to see whether he sh

the fed chair being grilled, currently testifying in front of senate banking steve liesman has an updatelling senators this morning that the fed is an active consideration of the criteria for figuring out whether to reduce its asset purchases. that's a step further than he did in his testimony yesterday before the house he said the consideration started at the june meeting and will continue in july. powell continued to insist in the face of persist ent questioning, grilling, but said if it is not, the fed is going to act >> we're experiencing a big uptick in inflation, bigger than mr. expected, bigger than i expected and we're trying to understand whether it is something that will pass through fairly quickly or whether we need toant we act. we're not going to be going into a period of high inflation for a long time. we have tools to address that. >> powell is getting heat from republicans for helping drive inflation through easy monetary policy with their concern and criticism of higher spending plans for the biden administration and he's criticized from democrats for reforms to banking

our steve liesman has the story for us steve?d stronger than expected, for the first time in three months and raising the question whether we're finally on the cusp of the massive rebound, including people coming back to the work force that has been expected or this report would be out, 508,000 was the number 706,000 was expected unemployment rate though, 5.9%, actually ticking up with an increase in the unemployed, average hourly earnings a modest 0.3% because of low wage jobs created, and the labor force participation rate 61.6%. unchanged. no big return to the work force. leisure and hospitality, that's what you would expect. 343,000 jobs added there and government coming back 188,000. but still, well below where it was before the pandemic. retail also adding manufacturing as well. but construction declining that could be a problem with both lumber prices, other issues as well as finding workers to build those homes. u.s. economy, overall, add it all up, still short 7.3 million jobs compared to where it was before the pandemic

>>> the fed says the economy continues to strengthen even in the face of covid resurgence steve liesmann we talk, steve i have a question for you. you need to do the professor thing. you need to explain something to me >> all right >> make it clearer go ahead >> you want know do the bit here, joe? i'll bring people up to speed. the fed in the july meeting left interest rates unchanged near zero. jay powell said the fed had, quote, the first deep dive in the discussing of tapering in the $120 billion of asset purchases. the fed up grade the assessment of the economy and made in the reducing of purchases. powell suggested more improvement was needed in the economy to start it up >> i would say we have ground to cover on the labor market side i think we're some way away from having had substantial further progress with -- with -- toward the max employment goal. i want to see strong job numbers. that's the idea. >> all that suggests the if i had fed is likely to taper in the next meeting in november or later and reducing that to asset purchase as early as december. more likely in january th

think gains for stocks will be minimal for the remainder of the year our senior economics reporter steve liesman with more. steve, why do you thinks that? why did they say >> well, base cthey think it's done for this year but better next year. the respondents think we have clocked the gains for 2021 pretty pessimistic group, scott. but they think neck year holds promise. here are the numbers mostly pessimistic 34 respondents to the fed survey think the s&p topped out at 44.11 this year. they see a 7% rise in 2022 58% think stocks are overvalued down from 72% in january next year's rise in stock prices comes along, by the way with expectations for higher bond yields not necessarily huge deterrent, 10-year seen rise attention from the currently left level to 1.65 by year end and 2.13 in 2022 higher than forecast at the beginning of the year. but below the june estimates so coming down a bit as to why the 10-year has fallen, a big debate most see a combination of technical and fundamental factors by delta variant and lower growth expectations top the list >> it's interesting. always is. your survey

. >>> and now let's get to san francisco fed president mary daly with our steve liesman in a cnbc exclusive'm joined by san francisco fed president mary daly. after this inflation report came out, president daly, thank you for joining us >> thank you, steve. nice to be here. >> let's get right to the hot inflation numbers. 5.4% on the top line and 4.5% on the core numbers how do you react to this do you feel more or less secure knowing that your outlook that inflation is temporary >> sure, this has really been expected we expected a pop in inflation like this. and it will be for the next couple of months and the reason is there are a variety of reasons we have all cited them we had low prices during the depth of the pandemic. prices are recovering in airlines and other travel services once those are done, we don't expect those to keep growing we have bottlenecks, demand came back faster than supply and there are temporary bottlenecks. now it is steady in the boat, don't read too much signal and let's get through this volatile period so we can see where the economy is >> mary, when you look

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. >> all right we're going to take a break right here and go to steve liesman who has the fed decisionthe federal reserve is keeping rates 0 to 0.25% on the issue of tapering the fed didn't say the words but saying the fed said the economy has made progress to the goals of substantial further progress which is the way it assesses whether or not to eventually begin to taper soap it's made progress towards that goal and will assess the progress in coming meetings. so that's the nod towards the idea they're thinking about or still considering this idea of tapering, and they say they've made some progress

cnbc steve liesman joins us. because last july we were home doing nothing, prices tanked. now they're obviously going up from there, but beyond the base effect, numbers are up a lot. most we have seen in 13 years. >> the base effects are one piece of it that you had big declines of when we were shuttering in during the pandemic, now that we're coming back out, you have a huge surge in demand. frankly, businesses weren't ready for surge in demand. workers weren't in place, supply chains weren't in place. i look at three things. one is huge demand from reopening going on, the other is supply bottlenecks, chip shortages made car production lower than it ought to be, and massive stimulus from federal reserve and fiscal side giving people a lot of money, means they can go out and spend, but price for goods is going up because goods aren't there on the shelves now. >> the argument has been, though, this will be short term, transitory, once things normalize, prices go down. do you see that happening? with demand up as m

steve liesman joins us with the latest on that steve, good morning. >> good morning, andrew.ing sharp increase in costs from wages to materials but they're able to overcome them and hitting their highest profitability in the survey's history take a look at profit margins. the net percentage of businesses with profit margins, hitting 35%, the most on record. that beat the april record and far surpassed business profitability before the pandemic profits surged despite rising costs. businesses seek to raise prices by more. the service shows in that 28% hiking the prices they charge just off april's record of 42% prices charged goes up in the next three months. cnbc has been looking at company comments and earnings reports telling us how they're dealing with the surge in inflation. some back up the findings in the survey we're passing through the wage inflation that we're having and we've actually expanded our margins. whirlpool, they're having a great time over there significantly raising guidance to affect the strength of our business from sustained consumer demand and wait for

let's go to steve liesman with cnbc. reporter: thank you very much, mr.man, i wonder if you might be able to put some, i don't know, numbers or maybe more detail around this concept of substantial further progress. what counts as the progress numerically if you will or citing data if you could, that you cited in the statement today and if you could be more specific about what substantial further progress would look like and if that would then lead you to announcement of an actual reduction in the purchases of your assets. thank you. >> great. thank you. so more detail on substantial further progress. so, let's talk about the maximum employment part of that. as you know with maximum employment unlike with price stability where we can target a number of 2% on average, with maximum employment there isn't a single number that we can target. we monitor a broad range of data, about different aspects of the labor market. there is unemployment. unemployment among different age groups and such. there is participation, there is wages, there is all kinds of flow dat

to be addressed >> let's dive a bit deeper into the data we got. 850,000 jobs we god last month steve liesmans stimulus, but not so fast, especially because more strong numbers could be on the way. labor supply constraints gradually dissipates and that would be the asset purchases later that year. the fed funds market, though, did not move up its schedule for rate hikes in june 2022, it's about 50% october 22 it's 100% of course that depends on the outlook for inflation and whether, by the fall, labor supply constraints have proven to be temporary. that would make the surge transitory if we still have inflation in the fall, the fed timeline could accelerate. >> in that debate between september or meeting shortly after that would he use it so set out a long-term shift rather than the more regular short-term meetings i think what probably happens is powell says the writing is on the wall, and it's time to start reading the writing on the wall. remember, wilf, the whole purpose of the federal reserve, even more so than it is to avoid inflation. is to avoid a taper tantrum. powell may have succee

mike santoli is tracking the record, and steve liesman has a look at the data you said trfr fridays looked god lately, but what happened? >> there's been a graph stational pull under the service market just more stocks down than up. there's been a problem how many stocks were undergoing profittaking, and really in correction mode, whereas the s&p 500 just about 1% off its highs, but definitely showing we're in a two-week pause take a look to outside the s&p 500, it sells some of the story of the below the surface weakness the vanguard extended mark is everything in the u.s. market. it was a big outperformer, small caps doing great, large cap emerging tech doing great. that's done nothing since february now we have crossed over where we have really, it's the blue chips really holding things up the nasdaq is actually a bit weak today maybe at the violate some technical stuff on the down side moderna shares up a lot today, but they've been up a lot for the past year, year and a half almost 2,000 percent over the last two years up 9% or so today, likely because testify announced that the stock

yesterday, he told the house the central bank is a way off from tapering asset purchases steve liesmanuist one word can send us into a tail spin or soaring based on the removal or word in the english language body language matters, too >> translation, joe, of letters and words, into numbers and terms and interest rates that's the story what i saw, joe, over three hours, lawmakers on the house financial services committee grilled jay powell over concerns of inflation powell yielded very little in terms of the plans to throttle back the easy monetary policy. here are three things he said. the fed keeps to the current rate until the employment goals are reached. the labor market has a long way to go and substantial further progress that is the metric to figure out when to reduce asset purchases still a way off. now powell continued to insist the inflation spike is temporary. made a few concessions to the concerns and acknowledged it was not moderately above 2%. it is possible the fed could be wrong about it temporary he has this new test of what caused the fed to change course and tighten

our own steve liesman and rick santelli we have seen some weakness in the last couple of numbers that'soast. the big number, please >> 850,000 better than the 700 plus we are looking for. looking at change in private payrolls they are up 15,000 better than expected 662 average hourly earnings month over month better than expected an hourly earnings year over year. 3.6% average weekly hours a bit light. we look at the underemployment rate 9.8% with the labor rate holding steady at 61.6 interest rates they've moved up a basis point or two the jobs seem to be getting better and pushing back on some of those added benefits and maybe the inflation story is about services than goods. becky and the gang, there's your numbers. back to you. >> important point there let's get some instant reaction there. let's start with you what jumps out from you or is this just a goldilocks number? >> it is a good job. adding and the government coming in strong. loobing at where the strength is i'm seeing it in trade transport and utilities. looking at professional business services tech up 33,000 some of the

. >>> let's bring in steve liesman for more reaction to powell speaking in the senate today, steve. >s that maybe you missed when you were talking to mr. costin earlier was that powell made a little bit more about where the fed is in thinking about tapering he said we're in active consideration of figuring out if we made further substantial progress >> we said we would begin to reduce our asset purchases when we feel the economy achieved substantial further progress measured from last december. so we're in active consideration of that now. we had a full meeting last june, last month, to discuss that. we have another meeting coming up in two weeks. so we'll be making that assessment and as we assess the progress of the economy toward that goal, we will begin to reduce our asset purchases >> so that's where they're at. just a broad overview idea, mike, which is that the democrats are not happy with powell when it comes to financial regulations. both senator warren and senator brown have hit powell hard on the issue of easing regulations on the bank, which is arguable whether he did that

chief economist steve liesman now. >> thank you senior economics reporter. >> does that come with a checku winning your bet this weekend. you have supply shortages and supply sales we never thought we'd have a problem with auto supply maybe some return and maybe a shift to internet sales with a shift to 4% decline coming out and writes high frequency and appear to show a solid performance with an economy of services spending to pick up towards some services not captured in the retail support unclear of this weakness or if it is something that chairman fed powell said. i asked who was buying these and he said, who is not buying unclear if there is any unclear policy in this yield. >> do you think there comes a day we look back and say, oh, that's what it was >> you are saying it is the most unexpected trade it is there for it is. that doesn't help either but it is true. >> no. i thought the chinese were buying. >> the one thing, two things picking up from the conversation yesterday and again the tips spread and not a lot of inflation. they are kind of flat at 2.5 getting back to something

steve liesman joins us with the details of his latest rapid update and this addition of liesmania withhat's great, joe you sound like a 1950s announcer. to infinity and beyond cnbc expecting strong growth and higher inflation part of the landscape for at least the next four quarters with both peaking in the second quarter. here's the cnbc rapid update we have a dozen forecasts that we've averaged here. shows growth peaking this quarter at 9%. that's down. we had double digit forecasts at the beginning. inflation looks to beat some of the growth outflow gdp gradually seemed declining but remaining above trends into next year. for the year economists forecast 6.7% growth followed by 3.9 in 2022 or double economic potential. lowest comes from the trend of 1.9% for the first time the cnbc rapid update includes update and they prove inflation measure and here we go inflation to have it 5.7% in the second quarter that would be the highest level since 1990 gradually comes down this year into next ending up at 2.2 which is .7 higher than the 10-year average of 7.9%. i asked some of the forecas

. >> steve liesman joins us now with more on what he's seeing in this data. it comes to reducing its asset purchases i don't think this changes the track but certainly keeps them on track for some kind of announcement in september. these kind of numbers they're going to look at and see specific stories inside. rick talked about those as well. for example, i will tell you, used cars, up 10.5% on the month. that was one-third of the overall increase that was there. food prices, up 0.8. that's double what it was, inc including food away. i don't know if you've been out for dinner, but eating out is costing more and eating at home is costing more as well. we'll have to watch that it's bleeding over into the services sector as well. the federal reserve, i think, is going to look at these numbers and say, you know what this all may be temporary, but it might be more prudent to act. i don't think it means act quickly but certainly keep on track with the idea of reducing asset purchases and announcing that early some time in the fall. >> reducing asset purchases, you

senior economics reporter steve liesman is here to report on money managers and analysts can possiblyen-year yield that's moving the wrong way. i would argue this is far more provocative than the moves we've seen in the stock markets. you're not surprised to see stocks come down 2% once in a while. to watch the ten-year fall below 2% is shocking. >> it is becky, from my reporting no single explanation is dominating for the bond market rally that, the best way to put it, defies the gravity of resurging inflation, while the reopening has bought not just yesterday but since the recent peak in march here are the explanations i'm hearing. the delta variant has a risk-off trade. you have peak inflation. you have a fed by the opec agreement yesterday and the chart i showed you that inflation is expected to come down a fed more series on inflation from powell's comments last week and some profit taking by institutions i'll talk about that first, since fed chair powell spoke last week, the inflation came down. even while stocks have reversed it's down from 1.74 in march john canavaran from oxf