cnbc's steve sedgwick with more of what to expect.rning. >> yeah, really good morning and that is the quandary for the fed. why not go higher sooner and get it over and done with? i saw a commentator on cnbc saying rip off the band-aid. don't go 75 basis points go for 150 the problem for americans and viewers will know this full well, the fact is mortgage rates have already gone up from some 3% the start of the year, now 6% if you rip off the band-aid that will create a lot of household pain what can we expect 75 basis points, possibly 100 basis points hike this time around but it's what he says, what jay powell said. the announcement at 2:00 about interest rates have a look at the summary of economic projections it's basically a window into what the fed thinks will happen the next couple of years and then 2:30 season time jake peavey speaking. that could be interesting to see what he has to say because not always what the fed does, it's what they say about the future that is key. the markets are worried about it they are down aggress

our steve sedgwick joins from us london steve, i know you have been watching the mourners gathering. 1 million people are expected to gather in london to observe the queen's funeral. >> reporter: contessa, good morning. good morning, dom. it is an extraordinary event the largest security event in the history of post-war britain is occurring with the hundreds of thousands and perhaps 1 million of people on the street here in central london and on the processional route that the hearse will take after the ceremony here in london to the west of the capital to windsor with another huge number of crowds and two more parts of the day's proceedings. at 6:30 this morning, the doors closed on westminster hall and the final people who observing the queen's lying in state were ushered through westminster hall the ancient part of the palace of westminster behind me then the preparations for the funeral began as well. at 10:44, in less than an hour, a short journey from the queen's coffin on the state gun carriage moving from westminster hall to the short journey to westminster abbey. it goes thr

our steve sedgwick is live in rome with more on the fallout over the election results. good morning, steve. >> reporter: good morning, frank. we just don't know what will happen next. what you just said in the i introduction is spot on. this is the most right wing party in power since 1945. incidentally, the roots of the f fratelli party draw measures from mousilini she was the only out of the government of mario draghi and let her go into the election in 2017, she got 4% of the vote. this time, a huge increase she and her coalition partners with silvio berlusconi and his forza party and salvini who leads the party wcalled lega. they will have contention with the eu and some of the stunts over sanctions salvini and burerlusconi will b part of the government led by giorgia meloni it it is a stunning victory for her. the day of voting with 64%, the lowest turn out, frank >> it is a stunning victory. are there broader implications for europe with the results? >> reporter: frank, not only broad implications for europe, but for europe and g7 and nato giorgia meloni is backing

joumanna bercetche and myself, steve sedgwick, are live in rome he with insight and analysis these are your headlines center right coalition claimed victory with 44% of the curren vote the brothers of italy topping the table paving the way for giorgia meloni to become the country's next prime minister. >> translator: the great goal we have given ourselves as a political force was to ensure italians could be proud to be italian. be proud to wave the flag. this is our task and it is the one we will fulfill if we are called upon to govern the nation. >>> the yield on the 10-year bond edges to the ten-year mark since 2013 all ahead of the ecb rate hikes and tighter market. >>> and turmoil intensifies with the 10-year gilt yield at the highest level since 2008 >>> unileve vrks eunileve rcee after five years at the helm >>> no great surprises pretty much as you called it from your travels to sicily. well played. the polls got it right giorgia meloni on track to be the next prime minister of italy with the center right coalition led by brothers of italy party on pace to win majority in both h

heads of states and top market players gathering along the waters of lake como in italy and our steve sedgwicks lake side at the forum for us steve, a very good morning to you. what a great series of interviews you have been doing so far throughout the morning. what is the key take away? particularly on the all important macro outlook for europe and energy outlook? >> reporter: good morning, wilf. i know you have been looking at the conversations. i was listening to mike pompeo, the secretary of state under the trump administration, talking about his concerns i was talking to the minister of investment our viewers will remember him as the man who put together opec plus with the russians saudi delegation here. a lot of u.s. politicians in town the clear and present concern in europe is the crisis emanating from ukraine conflict and what that is doing to any hopes of economic recovery. europe does have a plan. it is a very well financed plan. hundreds of billions of euros in order to build the next generation eu. it has been blind sided and some issues necesgated by the chrisi from ukraine that

steve sedgwick has those details for us good morning, steve. >> a very good morning to you phillip.w much of you have noticed, but burger king has been slipping in sales behind key rivals wendy's and mcdonald's it was agreed in las vegas at its annual franchise convention, they're going to spend a vast amount of money to revive u.s. sales. $400 million this receives support from those franchisees in vegas over the weekend. elsewhere a really important move on gun controls, categorizing sales from gun shops now. visa, mastercard, amex are all going to be categorizing sales at gun shops that's a major win for those looking for some form of gun control but also track suspicious sales of gun sales that could be targeted massively to gun shooters. this will be opposed by gun activists and gun lobbyists as well very interestingt by the payment companies as well. the next question is will the banks follow suit and have some kind of rule in place. a big change back to you. >> that is a key question. will the banks follow. all right, steve thank you. >>> will it be a rainy start to the week

se steve sedgwick has more. >> reporter: becky, thank you. this is the first of three ceremonies this is the state funeral. later in windsor, the commitment service for the queen and private burial service members of the guards carrying in the queen's coffin and the standard and septre and crown. it made a short journey from the westminster hall to westminster abbey. president biden and dr. jill biden paid respects yesterday. the procession took a short journey to westminster abbey through the west gate. we see the procession followed by the king, king charles iii, followed by his sister princess anne and behind them is prince andrew and prince edward as well the four children of her majesty the queen. behind them, the prince of wales, prince william and the duke of sussex as well in that procession moving into westminster abbey. the procession and service will last just under one hour time. it will be conducted by the dean of westminster and archbishop of canterbury liz liz truss will be making a reading. huge numbers of dignitaries from aro

let's get to steve sedgwick now. steve, tell us what is happening at westminster abbey and what we can expect in the hours ahead. >> reporter: let's start off the beginning today. after four full days of laying in state at westminster hall, a short distance away from where i'm standing, her majesty's lying in state came to end at 6:30 this morning with the final members of the public filing past her coffin. the doors shut to the public and preparations for moving the queen's coffin that distance from westminster hall at the houses of parliament to here at westminster abbey. those preparations began we have been seeing the grace and good host of dignitaries, up to 2,000 people attending, for the queen's funeral have been coming in. a coach coming in now full of dignitaries. the great westgate or west door of the ancient abbey they have been filing in all morning in the last couple hours ahead of the funeral service which starts at 11:00 local time 1:44 bst, the queen's coffin will be transferred to the state gun carria

economic affairs minister is likening this situation to the l lehman broths moment let's get to steve sedgwick on the shores of lake como. steve, i'm curious what leaders have been saying about the events in the last 72 hours. >> reporter: it has been extraordinary of the juxtaposed position of the economy we have beening covering the next two weeks. i'll leave the italian elections aside for a moment we have clip coming up to explain more is there an outward shocker over what the russians have done? absolutely not this is a chess game with putin and the west knew and this was a possibility. let me make the point for comparison it was a cold war, an arms race with the west and soviet union for decades. russians never turned the taps off for russia for energy to the west for that period vladimir putin has done something that the soviet union did not do at the height of crises turned off the taps to europe. is it logical? well, from his point of view, maybe. in dissension and creating a cost of living crisis and response of eu support of ukraine as well. crashing the european economy. sending eu

. >>> britain today is saying a final good-bye to queen elizabeth ii steve sedgwick is in london withng to you. britain and the world, i would suggest that, because apparently this is the world's largest television event potentially a worldwide audience, believe it or not, up to 4 billion team have tuned in to see what has been the most incredible day here in london. events have now moved on to win windsor. i'll explain about that in a few moments' time. we've already today seen three processions and a service, the state funeral of her majesty, queen elizabeth ii, who of course reigned for 70 years. a huge break with the past now, with the queen's passing this is a woman who met many, many u.s. presidents, 13 in total, including herbert hoover and every u.s. president during her reign, apart from lyndon johnson. the proceedings started very early on this morning. the gates and the doors to westminster abbey opened at 8:00 a.m. and the huge set of mourners started walking in at that time. 2,000 in total, including, of course, u.s. president joe biden and his wife, dr. jill biden as wel