let's bring in tom porcelli.t most viewers don't care what the fed does only inasmuch as what it does that affects their life, mortgage rates, credit card rates, auto loans. so i'm just wondering, if the fed is going to 2.75 or 3%, how much is already priced into our bond market and the interest rates that our viewers pay for stuff? >> hey, brian. so i think quite a bit of that is price data. the market is looking for funds going up to 4% yeah, i think that the -- the fed hinting to the journal a couple of days ago has sort of done the trick terminal funds as defined by the market have now issued as a result yeah, it is. i think most of it is priced in at this point. that would seem to be a little bit of good news >> good newsness that i guess the market is priced for it. what we have to know is it's pretty well in restricted territory. i don't know how much good news is there many are concerned that this is going to be recessionary speaking with some of our he can witt if i investors. for the most part, they wan

jonathan: tom porcelli, rbc capital. tom: this is an ancient conundrum.e living in a nominal world. the fact is, we are nominal, living with inflation. in the fed's defense, there is a lot of research to eliminate out selected things. take out airfare, let me know. one oddity right now. jonathan: it is getting stickier, it has gotten broader the last few months. lisa: do we have to focus on the inflation expectation or have a special one that comes out? the key issue for me is that broader aspect. how much and how quickly do rents come down, how much does the cost of health care come down, how much do other costs around services based on how much wages go up go down, that might determine the trajectory of what the fed has to do. jonathan: housing stats down more than 14%. how much more are we going to see? kathy jones coming up, looking forward to that in the next hour on bloomberg tv. ♪ ritika: the leaders of germany -- and italy are in kyiv today. they traveled together by overnight train. in a show of salade it -- solidarity, the trip comes as a recomm

that was tom porcelli from rbc capital markets. on the nasdaq 100, up a little more than 1%.her by a couple basis points. energy at the heart of a lot of this right now, not just for the chairman of the fed but also this administration, front and center. lisa: gas prices leading to some of the low approval ratings for president biden. we heard about exxon making more money than god, we heard about possibly taxing profits. at what point does the start to work, especially given pushback from a lot of the companies who have been saying we have been investing, doing everything we can. it is up to you to come up with cohesive plans. jonathan: stephen schork joins us now. if i could be a fly on the wall of a meeting between the -- what do you expect will happen in that room? stephen: i would expect a lot of pushback. it appears the industry and the white house are talking past one another. the white house has refused -- this is the first real outreach that they have made to the industry, and they have gone to some nefarious characters prior to this. and yet, they will continue to d