and this is, jay has zero aggressions. >> and then jay's story inspired others to try cannabis, including the zartlers. it was on a car ride like this when the zartlers first tried marijuana, and rides before cannabis they never even dreamed of taking because this would happen. >> we're going home. >> but one day in june of 2009, they had no choice. kara had an important doctor's appointment five hours away in galveston, texas. christie and mark decided to try the marijuana brownies their neighborhood had made. >> i just gave it to her and she ate it. it was about an hour where she was sitting -- no longer rocking and no longer hand-flapping or hitting, and she's sitting there looking out the window and looking at me and smiling. it was like a miracle. >> i got to see it up close when i went on a drive with them after kara had a dose of cannabis. >> we would never be able to do this. >> this is an easier life for everybody. >> yes. >> an easier life, but one that would ultimately put their whole family in jeopardy. that story is later. but first why would it work? how would it work? unrav

jay: that is a little bit of a concern. the bigger concern for me in terms of the labor market is what happens to inflation expectations, what do people think will happen going forward? if people generally start to believe inflation will remain elevated, then they start asking for bigger wage increases as you go forward and that starts to perpetuate the whole inflationary cycle. so far, we haven't seen that at least in terms of the further out inflation expectations. this is certainly not the 1970's yet but if we get to that point and people believe inflation will remain elevated, you start to have a problem. in the near term, the labor market tightness could cause issues but assuming the pandemic starts to recede, though short-term issues start to go away as well. it is longer-term inflation dynamic that is more concerning. dani: what would you say to those who argue that we've seen inflation show up in consumer sentiment surveys but we haven't gotten that wage price spiral, therefore it is unlikely to affect sentiment? ja

jay powell turns hawkish. the fed chair d

and this is, jay has zero aggressions. >> and then jay's story inspired others to try cannabis, including the zartlers. it was on a car ride like this when the zartlers first tried marijuana, and rides before cannabis they never even dreamed of taking because this would happen. >> we're going home. >> but one day in june of 2009, they had no choice. kara had an important doctor's appointment five hours away in galveston, texas. christie and mark decided to try the marijuana brownies their neighborhood had made. >> i just gave it to her and she ate it. it was about an hour where she was sitting -- no longer rocking and no longer hand slapping or hitting, and she's sitting there looking out the window and looking at me and smiling. it was like a miracle. >> i got to see it up close when i went on a drive with them after kara had a dose of cannabis. >> we would never be able to do this. >> this is an easier life for everybody. >> yes. >> an easier life, but one that would ultimately put their whole family in jeopardy. that story is later. but first why would it work? how would it work? unrav

i have to ask jay, jay works for cnbc, essentially, a contributor. so just so you know, i mean, i understand why he can't come on our air. we asked him for a comment, they did not provide one. so why do these guys don't like each other? particularly garlinghouse does not like jay. jay's last thing, the last thing he did while sec chair in december 2020 was i sue ripple over the sale of its xrp cryptocurrency that the sec said should have been a registered security xrp, and ripple says, no. liz: versus a currency. >> now, you know, cryptocurrencies like bitcoin, like ether, the sec has deemed them currencies or commodities. they do not have to be regulated by the sec, they don't have to go through the rigamarole of registration which is time consuming, and you have to put out quarterly reports on your underlying company. it's a big thing. so garlinghouse didn't do it. garlinghouse believes, and the ripple management, that xrp has many of the same characteristics as bitcoin which is not registered, obviously. ether, the ethereum cryptocurrency, which i

>> no. >> and it was jay's story that inspired many others to also try cannabis. >> okay. she is ready. >> including the zartlers. >> all right, girl. it was on a car ride like this when the zartlers first tried marijuana. rides that before cannabis they never even dreamed of taking because this would happen. >> but one day in june of 2009 they had no choice. kara had an important doctors appointment five hours way in galveston, texas. christy and mark decided to try to the marijuana brownies that their neighbor made. >> i gave it to her and she ate it and it was been an hour where she was sitting, no longer rocking, no longer hand flapping, no longer hitting, and she is sitting there and she is looking out the window and she is looking at me and smiling. it was like a miracle. >> i got to see it up close when i went on a drive with them after kara had a dose of cannabis. >> we would never be able to do this. >> this is an easier life for everybody. >> yes. >> an easier life. but one that would ultimately put their whole family in jeopardy. that story is later. but, first,

jay powell underscoring the strength in the u.s. economy. the handoff from wall street was reflected in asians shares, particularly the nikkei up or than 2%. here we remain up across the board. the benchmark up more than 1.4%. the dax gaining 250 points. the cac quarante, 1.4% gains. the ftse a little less, currently up 1%. steepness of the yield curve is worth focusing on the twos and the fives. let's switch to the sectors, you saw the nasdaq rally into the end of the session yesterday. technology is leading the gains, getting 3%. top of the list by far. bottom of the list is utilities, food and beverage. the risks around omicron and whether countries are complacent around the variant. individual stocks, airbus has secured a deal worth $4.6 billion with qantas. a boost, up 2.8% as they rushed to the end of the year to catch up with boeing. boohoo, a very different picture for this company, the online fashion retailer, down almost 11%, reducing guidance for the full year, saying returns have been higher than expected. margins will be squeeze

jay could be monica lewinski and o.j. trial and dave could be like there was a squirrel today in the park. you know, just some bizarre offbeat thing. so you're not going to just get monologue jokes about the front page. it's whatever dave wants to do. sometimes it seems like a cable access show, like why is he throwing a watermelon off the building? >> i think that's an important consideration for all of us. and believe me, ma'am, you've come to the right place. >> you don't tune into letterman to see what's going on in the country today. would you have tuned into jay to see that. that's the difference. comedy of character and personality, then a great joke teller. let's see face it, if you don't like who dave has on and you don't like who i have on, now you can click around, why don't we go back to jay? gee, here's something i might have missed. >> i found they both evolved their style. they came out of the carson thing and first instinct is to kinda sorta do it like that and then their personalities emerge and they did

names like comcast or oracle and what is the gameplan away from jay powell. monday is a great example of what i'm talking about one of my favorite drug companies, regeneron will have an investor event where they'll s showcase a growing portfolio, including rna base therapies an gene editing i think the stock is worth owning, but it's a clarion call of what they have going. regeneron is a biotech name, but it's profitable. that makes this tangible, not co conceptual, because it trades in ear earnings, not sales. so if regeneron tells a great story, the stock will be rewarded if it were losing money, i would say pass i wouldn't even mention it in the game plan, but it's not. it's making money. it's making money hand over fist i said over and over again, we're living through the roaring '20s this is a booming economy and the vast majority of companies are doing well, except the ones that lack the ability to raise prices so one of these challenge companies is a company you know called campbell's soup, and it struggled with end sales growth, but they have an inves

but jay's neurologist was initially reluctant to even consider it. >> he was very worried that if he helped us get a license by prescribing it, that if it ever got out he was prescribing pot it was going to look very bad for him. >> now remember, it was 2008, and barely a dozen states had legalized medicinal cannabis and, federally, it was still illegal. the thought of giving it to a child? unimaginable. but they were lucky. they lived in rhode island, where cannabis was legal. >> he was probably the youngest person in the nation to have a cannabis license. >> with that license in hand, marie was able to access cannabis from a grower in rhode island. but she was still nervous. there was no road map for a strain or particular dosage. >> i am a big guidelines person, so not having a protocol was probably the most difficult part for me, because what am i doing? >> what marie decided to do, make herself the guinea pig. she would try devin strains and doses first. if she felt okay, she would give them to her son. >> this is my writer diary. >> in fact, she shared a journal entry from one

jay leno! [cheers and applause] ♪ ♪ [cheers and applause] ♪ ♪ >> jay: hi, everybody. thank you very much, welcome to "the kelly clarkson show." i am not kelly. i am jay leno. it's my second time doing it. you know, it's the holiday season and kelly is taking some personal time with her kids to do some shopping and all that kind of stuff, so she asked grandpa jay to come in and take over for a little bit. so i certainly appreciate that. we have a lot of guys here. hey, guys, you like shopping, guys? really, you are lying. you don't like shopping. you know something, my wife said to me the other day, every time a light bulb blows in the house, you go to the supermarket and buy one bulb, can you go to the home depot or lowe's and just get a box? i said that's a great idea. if so i go to home depot and i'm walking around, oh, how are you doing? i said do you have a bunch of assorted light bulbs? they say i will get you a combo pack. it comes out with a box this big, it's perfect. it has a bunch of light bulbs, how much is this? he said $118. $118, that's a lot of money fo

jay powell turns hawkish, tighter policy earlier than expected. omicron uncertainty, germany moves a step closer to make covid vaccinations mandatory. tightening travel rules, the white house is considering testing all travelers to the u.s. within a day of departure regardless of vaccination status. it was a powell pivot that markets have had to adjust to. the drama is filtering through the front end of the curve. this is powell, not only captain of team transitory, but has a different word to have a faster taper and wrap it up months sooner than many expected. the two year yield jumped 10 basis points in the span of 30 minutes. this is after days we saw the two year yield fall over the omicron fears, with powell days before trying to have a more dovish stance. this pivot means we saw the u.s. spread fall to the flattest since march, 2020. this is a market that has had a lot to reconsider. there is not just drama in the treasury market, let's get into credit markets, and tell me if this sounds familiar. bankers are repackaging assets and selling h

we were relieved that jay powell was nominated for a second term. i support that. he could have been less doveish over the course of the next nine or ten months. i think he's on par with basically the right approach and i trust him. the problem is everybody that comes after him and dodder c's y would certainly be a problem. one chairman can only do so much when they're surrounded by elizabeth warren accolades and that's what cordray would be. we've experienced that with the cfpb. to have him in a supervisory role would be problematic for sure and it would be -- i think it would be a very difficult senate confirmation a process he's. now, 50 democrats and the vice president can do whatever they want. but we would certainly make it difficult. maria: yeah, it doesn't look like he is a lock-in for the nomination. maybe this was an opportunity for a trial balloon to see who says what about it. senator, it's good to see you. thanks very much for being with me this morning. senator kevin cramer. >> pleasure is always mine. thank you. maria: coming up, oil's roller coaster

jay ellis is with us. we have music from the record company. [ cheers and applause ] and we will be right back with ben affleck. but before that, here is google's year in search for 2021. >> this year has been extremely challenging for me. i am broken. and i am healing. >> i'm here at the memorial wall. i wanted to do something to remember my mom. >> for some reason i'm having anxiety. obviously it's normal with everything that's going on right now. >> i think i'm going to take a break for a while. >> you can get through it. and if you can get through it, there's a greater reward on the other side. >> just like anybody else, you know, i'm just trying to do my little part to try and save my community. >> i'm just really excited we're back open. >> incredible scenes on the day the fans came back. >> welcome back to the theater! >> you guys, it's been so long. >> you're looking at yourself in the mirror and you're just like, there i am. >> be your best. never, ever, ever stop dreaming. i don't care what they

we have inflation rising at the same time that growth is slowing, it makes more of a conundrum for jay powell and his colleagues. for more, let's bring in our cross asset reporter. what are you expecting to see from the fed and how is the market reacting? well it -- >> well it should be early exciting. starting this week, he says fed meetings should be fun. we are expecting some fireworks in the big question is if the fed is going to actually double the pace of the taper to $30 billion per month, finishing around march of next year. that is the big question. and of course, the fed and jay powell have really tried to d-link rate hikes from when the tapering wraps up but it does open the door to the earlier lift off then was expected and you have the dot plots to play with. fed officials are expected to project two rate increases next year, three after that. 2024, 2 more. there is a lot of data to chew into and that's before jerome powell even starts speaking. david: right now we are -- matt: right now we are at $2 trillion on the fed balance sheet. i would love to look at it. we will se

yesterday, markets had a double whammy jay powell talking about a so-called faster pace of a taper. >> economy is strong and pressures are high it is appropriate to consider wrapping up the paper of our asset purchases which we announced at the november meeting, perhaps a few months sooner i suspect we'll discuss that at our upcoming meeting >> some on the street did note jay powell's new aggressive stance kind of coming out of the blue and very soon after the confirm operation to a return. the worst of the worst yesterday for oil. down still in a month coming into this morning. gol goldman sachs saying oil may be near a capitulation. in the meantime, we'll see a check of the early trade heading it to our friend in london juliana. >> your yan equity markets starting december on a high note as you can see here, the german,ity an yan and ftse market in france, the cac 40. the swiss market lagging a very broad based rally also broad based just one sector trading now. that is utilities most defensive part of the market travel and leisure up nearly 3%. basic resources up along commodity wi

rappers like jermaine dupri, jay-z and ja rule were saying to the world can you believe this? this is about survival and surviving racism in america and we're going to share this with the world. ♪ uh-oh another episode ♪ ♪ to everybody that's living it up we say ♪ ♪ what i do ♪ >> hip happen's no longer the bratty kid on the block, it's the predominant music. and then what really takes it over the top is a young rapper from detroit. ♪ you act like you never seen a white person before ♪ >> in 2000 eminem puts out the marshall mathers lp, marshall mathers being his real name. suddenly the biggest star in hip-hop is eminem, bar none. ♪ 'cause i'm slim shady ♪ ♪ all you other slim shadies are just imitating ♪ ♪ who's the real shady please stand up ♪ >> eminem came from a white working-class background and those are the stories he told. it just put him on a different level because he brought his own authenticity to the game. >> deejay. kick that shit. >> i saw "8 mile" in times square opening night and had to sit in front of the theater. it was one of th

if he is listening, if jay powell 3.0 is actually jay powell 1.0, remember, december, 2018 i was on this set it would be like watching paint dry. let's see how hawkish he is. i think he is pressured to bep more hawkish. charles: phil, you applauded most moves jay powell made, you two or three months ago started to get a little agitated. you wanted to see the fed get more aggressive, take action. what we're seeing seeing with tt plot, is that more action. >> it is on its way. charles: you want to see more dots? >> i don't want to see commitment to a dot-plot. i think we're at peak inflation. the reason it rolls over, supply chain getting righted. we have a postrecovery f they're overly hawkish that will create a problem we could recess. what i would like to see, based on data coming in carefully unwind the balance sheet. go careful on bond-buying program and make slow, methodical decisions on a rate hike. charles: we talk about sticky, but even with the flexible stuff, we're not worried about that but the sticky stuff is still elevated. >> it really is. charles: so that is not coming down

please welcome jay ellis. [ cheers and applause ] ♪ jay, welcome. >> thank you. >> jimmy: last time i saw you i think was right before "top gun" was supposed to come out. >> yeah. >> jimmy: it was like 14 years ago, right? >> 15. >> jimmy: 15 years ago, a long time. you got delayed by covid and everything. >> yeah, it's been a while, man. it's three years now. >> jimmy: three years. >> since we started this movie. but it's been amazing. the anticipation for it obviously has been amazing. we're excited for it to come out in may. >> jimmy: wouldn't it be fun to just never put it out? [ laughter ] have the anticipation go on and on and on? >> people just ask me about it over and over again? >> jimmy: right. well, it's a good thing tom cruise doesn't age. >> no. >> jimmy: that's probably working in your favor. >> he doesn't. but i'm getting older. [ laughter ] he doesn't age, but i do. >> jimmy: no, you look great. you play a fighter jet. you're too tall to be a fighter jet pilot, right? >> i'm right at the limit. >> jimmy: did they put you in a fighter jet, teach you how to do it? >> yea

my next guest grilled janet yellen and jay powell today. congressman lance gooden is up right after the break. ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. living with metastatic breast cancer means being relentless. whose resumes on indeed match your job criteria. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause. verzenio + fulvestrant is for hr+, her2-metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor start an anti-diarrheal and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may

jay-z is trained to build. i think we can fuse together the movements of political and economic power as long as we realize one of the walls against achieving true economic power is actually political regression. i think washington and his descendents really missed it. how do you expect to build black power in the broadest possible sense, not in terms of a few people but in the broadest possible sense as long as politically look what is happening right now the anti-critical race theory or whether the voting rights oppression, the gerrymandering, these are only just political attacks on our political rights it affects people's ability to be economically mobile in society. we have to be able to seize these two things. i'll say this calling, in these camps forgot all, one thing we stressed this idea as financial literacy, there's sessions that they talk with young people and they get experts to talk with young people about things like like nutritional literacy, i'll never forget being in chicago. there was a coupl

(jay) tonight on jay leno's garage... (screams) jay, i'm gonna feel bad if i beat you again. (jay) it's survival of the fastest... yee-haw! ...the fittest... you're five percent body fat,

jay powell reiterates a pivot to a faster taper. cleveland's loretta mester tells us the data supports it. >>

this is a vastly different jay powell than what we heard. we read something different? claudia: i think the question is interesting about the politics. i wrote my subset post on this because i found it interesting it has some credence in some circles. the fed is a politically independent in its policy decision. washington, d.c., politics are there. it has gotten pulled into some of these complicated issues especially in labor markets. like how inclusive and the diversity. i really do believe the decisions they are making are being driven by what is happening in the economy and unfortunately, the fed is setting up for this tough trade-off between inflation staying high, we need to get that back down and we want to get every worker back to work. they are going to face this trade-off and they frankly have not done a good job of explaining how that works in the new framework. they are pushed around by politics plays them as i'm sure we will see, but i don't think that is what is driving what jay is doing in the fed. caroline: talk to us quickly about where the importance of

we saw the early scenes yesterday, jay, we can see them behind you now this looks like a devastating scene for days and weeks and maybe months to come >> reporter: yeah, no brian, i think you're absolutely right. good morning what you're seeing right now is the undercarriage of a transport van. this massive vehicle tossed on its side by the winds that also uprooted a row of trees in this neighborhood they've fallen and they're on top of houses, a little dark, you can't see all of that right now. this type of devastation, it's seemingly everywhere here. overnight crews repair and restore what they can, an event that continues around the clock across six states, in some areas, heavy equipment pulling away huge chunks of debris in others, the process is slower more deliberate. teams at times working by hand >> searches and peeling and delayering this particular structure. >> reporter: the search is now over at this mayfield candle factory where at least four employees tell nbc news supervisors warned they'd be fired if they left as sirens sounded ahead of the storm y officials with mayf

lisa: jay powell has kept a tight ship. is he changing to the tone of the other, more hawkish members? the messaging and the emphasis are important. jonathan: looking forward to that decision later. special coverage on tv and radio starting at 1:30 eastern time. two days of losses into wednesday. two points on the s&p 500, up by 0.04%. the federal reserve has to get to work. tom: this is the absolute headline. the markets are speaking with confidence. we will hear it from mr. constant at the top of the next hour. it is simple. corporations will adjust, markets will adapt. lisa: i guess it is not a 1% 10 year. it is a great question. people do not understand the bond market's reaction to inflation data. believing in a transitory idea that has been cast aside at the federal reserve. 8:30 a.m., we are looking at november retail data. the important thing about retail sales -- this includes inflation. it is not inflation-adjusted. a time when consumer price inflation is running at 6.8% year-over-year, it starts to get messy. how

that's not what jay-z represents. we need mass movements against structural racism, that is not what jay-z is trying to build. i think we can seize together the movements of political and economic power as long as we realize one of the walls against achieving true economic power is actually political regression. i think that's what washington and his defendants really misted. it's like how do we expect to build black power from the broadest possible sense as long as politically what's happening right now whether the anti-critical race theory or the voting rights oppression, the gerrymandering, designed only political tax and political rights, but the disability to be economically mobile in society. so we have to be able to seize these two things and i'll say this with colin kaepernick, with the his camps for young people and one thing that is always stressed is this idea of financial literacy, their obsession that he talks with young people and he gets experts to talk with young people about things like literacy, i'll

the real question is what jay powell sees when he looks at the data today. does it tilt hawkish for you, or dovish? william: i will leave the answer to what chairman powell sees. i will also leave it to president bullard, who is also a frequent guest on your show, on the network, to talk about today's reports, how they would influence fomc policy. i can share with you my perspective on the report as how it fits into the mission and work of the institute for economic equity. you introduced me as the director. one of the things that my colleagues and i have been doing, we have been following the recovery of what many would call vulnerable groups. young teenagers, people with disabilities, minorities, women in particular. why is this important? there were great calls for social justice. the pandemic raised our concerns about how equity is being distributed in our society, so there was strenuous statements about we have to do the right things to help americans, these vulnerable workers. if you focus on the household side, it shows continued healing. employers se

at cnbc >>> jay powell and the feds speeding up the end of their e easy rate money. stock investors not concerned, the nasdaq surging more than 300 points and futures are higher. >>> president biden not likely getting his nearly $2 trillion spending plan for christmas. as one key democrat drops the hammer. >>> apple becoming the latest major company to retool its return to work plans >>> and it is the end of the road for urban meyer in jacksonville, even before one year at the helm it's thursday, december 16th, and this is "worldwide exchange." >>> good morning, good afternoon, or good evening and welcome from wherever in the world you may be watching. i'm brian sullivan good morning let's get to it. looking like nice gains again today. stock futures are higher across the board. dow futures up 264 points and the nasdaq more impressive, up more than one half of 1% wednesday saw a move higher on the fed move, the dow rising 1%. the nasdaq up more than 2%, the real star, jumping more than 300 points was a case of investors buying the actual news once the fed confirmed w

jay we're glad you're there reporting on it. be well. thank you very much. >>> tough transition there, but let us get back to stocks and markets. futures are higher right now let's talk about where that money may be going forward with greg branch of veritas financial group and a cnbc contributor good to have you on. >> good to be here. >> apple a couple bucks away from a $3 trillion company you talked to us about certain, not just apple, big cap tech stocks on the network before, are you still a buyer and believer in some of the big boys >> quite frankly, it's one of the few places i feel comfortable putting money, brian. we're going to see headwinds the next weeks, aggressive fed action, omicron rear its head more meaningfully again as we saw out of europe with boris johnson saying it's more transmissible than delta and expects it to be the dominant form there with the uk reporting 50,000 cases, germany and france lastly we'll see inflation numbers higher than we see them. so in that environment, i want tech that is profitable, that has

day two of jay powell and janet yellen's testimony on capitol hill. dudley says accelerate the taper. we will speak to the former new york fed president after he warns it will be too late if the fed doesn't speed up its tapering december. and omicron concerns. the variant pops everywhere as countries tighten travel rules and germany talks about potentially a mandatory vaccine. from new york, i'm alix steel, with my cohost in london, guy johnson. welcome to "bloomberg markets." you were just at an aviation conference. what was your biggest take away? guy: short-term, there is an impact. that impact is manifesting itself in europe. i talked to a bunch of u.s. ceos. at the moment, they don't see any affect. thanksgiving was really strong. they expect christmas to be strong. so it feels from an aviation point of view at the moment to be a very european problem. alix: i just wonder if we are six weeks behind you guys. is it going to be our problem right after the holidays? guy: we will wait. we will watch. we will see. but the consensus at the moment is th

the talk from jay powell. markets looking for the next data point to chew on, 8:34 out of washington -- that u.s. jobs report. over the next three minutes, we will talk about what to look forward to as we talk about how maybe the new variant changes some of those numbers, going forward. your going to dig into how travel restrictions affect more workers. let's start with what economists are expecting. taylor: you told me there is this cool thing called the bloomberg terminal that you can read stories on. guess what? we also combined all of the major economists on the street. i was reading the latest from morgan stanley, looking for payrolls to jump by 560. the average on-screen, about 550. unemployment rate of about 4.6%. she is looking at 4.4%. participation rate is interesting. 61.7% as we are thinking about a labor force that is trying to reenter the market. we still have near record jobs openings that we have been getting. still incredible when we are looking at how to push forward, all in reaction to the d

. >> stocks rallying as investors are looking at jay powell and saying the central bank maybe has an effective way to combat surging prices without choking out economic growth. we continue our focus on the big decision by fomc officials, moving to one of the most hawkish policies in years, moving to end their asset buying program earlier than planned, and raising interest rates almost as soon as then, but investors seemed to like what there'd. kailey: decision that was taken well by risk assets. tapering, looking at $30 billion coming off a month, and saying that they are looking at three hikes of rates in 2022 and 2023. howell said he is not that worried about the omicron variant and that he thought inflation would come down in 2022. listen to more of what the chairman had to say. >> supply and demand imbalances have continued to contribute to elevated inflation. these problems have been larger and longer lasting than anticipated. we are phasing out purchases more rapidly because with elevated inflation pressures, the economy no longer needs increasing policy support. the economy is

haslinda: jay powell said he is comfortable with the away the economy can handle it. he said with every wave of the virus it, businesses and consumers showing they can deal with it. i would say it is not his major concern. his concern is bringing down inflation. rishaad: absolutely. omicron it does essentially -- european central bank's and the bank of england looking at the impact of that, although the latter may have moved on rate hikes. there is a lot more down now. ecb going to be changing some of its policy by the town -- pandemic program. with a be expanding their asset purchase program? tell us about this. kathleen: the pepp, that is the question. their past a point, the european central banks, of emergency purchases. they have been expected to stop it altogether and at the same time, their regular asset purchase program speeded up. with a doubt about omicron the idea is they will announce rather than doubling the app, they will wait until they know about omicron to make a change their. the coe, as you say, nice edge. inflation says hike, omicron says hold. off

(dramatic music) ♪ (mock gunfire) ♪ (jay) tonight, on jay leno's garage... -well, far out! -...we're paying tribute... -it's about time, right? -...to a late night legend... (paul) it was never not thrilling. kept seeing his car and went, "wow, johnny's here." (jay) ...america's favorite sports car... (dwight) i feel like i've truly come to california now. (jay) ...everything weird about the '70s... (wilmer) every time i get in the car,

jay gray is on the ground there in monette, arkansas, jay? >> hi there, kate. i want to walk you through exactly what unfolded here according to survivors. the storm moving from across the parking lot here in a neighborhood just beyond this nursing home, ripping down these trees and tossing these cars and then a direct hit right here at the facility, ripping away the wall and tearing away the roof and the back half of this nursing home completely destroyed one of the patients inside was killed. several others injured. tonight in this community, police continue their search and rescue efforts kate >> jay, thank you. the deadly tornadoes that hit, they weren't just unusual because it's december which is unusual, but also because one may have been on the ground as we said for 200 miles. nbc 4 new york meteorologist matt brickman joins me now with more on why both of these things are so rare matt >> kate, we'll still have to get confirmation from national weather survey crews, and if it's determined that the line of storms that stretch from arkansas to kentucky was

also neil, it will put pressure on jay powell and the fed. they will have to move forward they are tapering. i think they should and qe. i think they should and qe. neil: what about speeding it up and getting it done in a couple of months rather than six months? >> i think you are 100% right. i think they should and qe in january and raise rates in february. neil: it's really up to the fed to address this issue as things stand now. >> yeah. the biggest problem we have had in this inflation bulge, the federal spending has been financed indirectly by the federal reserve. money supply is exploding. the balance sheets, they have poured money into the banking system, so the feds got to stop funding anything and the bill back better bill should be paused and/or defeated. of course, i want the bill to be killed. i think it's a terrible idea in all this manifestation. these numbers today will have a big political impact. neil: what's interesting also is there is this conference and you have gotten into this, frommer's generous wage hike next year for

kathleen: there was so much talk about jay powell's hawkish tilt. it has become the fomc's major inflation battle. paul volcker in the 1980's, having to fight back against inflation, but the fomc like powell now agrees that inflation is no longer transitory, the economy is quickly moving towards full employment, and importantly, they did not even speed up the taper. they signaled three rate hikes in 2022. look at our classic chart. you can see out of the 16 current members of the fomc, there are now 10 favoring rate hikes next year. there are two who see 4 rate hikes, not three, and there were five that only see one, but remember in september, nine of the people on the fomc or half then did not see any rate hikes in 2022. this was a major shift. when jay powell was asked about moving to rate hikes, listen to what he said. >> the economy is so much stronger. it is so much closer to full employment. inflation is running well above target and growth well above potential. there would not be the need for that kind of long delay. having said that, we will

i've been pretty bullish for the long run i still like the stock before jay powell pivots and decided interest rates had to go higher, i liked tons of stuff but tons, including the ones with amazie igrowth rates that traded high. i love them. why spend a tremendous amount of time talk about the interplay between the fed and liquidity and the stock market you can spend a lot of time trying to understand this stuff. there are fewer stocks that go up when the feds tightening and many more that go up when the fed's easing that's all you need know while you don't want to fight the tape especially since we tend to have a santa claus rally right about now, you also never want to fight the fed. you can't like the stock market as much as you did a month ago even though-higher that's nature of the market. beast. what doesn't work in a world where the federal reserve is tightening you think the big losers would be the cyclicals like the industrials. raise rates, cool. what really gets hammered when the fed starts tightening are the companies with no earnings which is why i have been focused on t

i'm jay gray now back to you. >> jay, thank you. >>> now, stories of resilience and survival the charity in connecticut is gearing up to send warehouse supplies to every state affected and the community of bowling green coming together to help displaced families >> reporter: hey, guys, good morning. we are in hard-hit bowling green, kentucky, where in this one neighborhood alone, home after home is now left in pieces i spoke with many residents here who shared their horror stories as they lived through this tornado. entire neighborhoods in bowling green, kentucky, unrecognizable. the second floor apartment completely blown away by the tornado, with jennifer lock still inside >> i heard the train coming, they say it sounds like a freight train. i heard the train coming and i just hunkered down and stayed there until it passed. and then i was stuck, trapped in my bedroom for two hours until they came. >> reporter: christopher is combing through pieces of his brother's home it flew off its foundation and crashing down. so your brother and his wife were inside the bathroom when literally the

jay: exactly. we've become very bullish on china across the board and across assets, equity, bonds, currency, government debt -- pretty much the whole shebang. basically the 22 will be a glide path, meaning a very smooth environment. we have seen that supported by the politburo saying stability is the top priority, what the central working committee saying they want to frontload stimulus, so i think the slowdown in china is effectively over. the market has been massively oversold and everyone who wants to sell china has been able to sell and we are seeing the end of it here with the property selling you have been talking about. yet a situation where china has a full policy quiver, monetary and fiscal policy is available, political clarity on where it is heading, a very oversold market, very cheap markets as well. shery: we continue to see more moves across global central banks to start normalizing quality -- not so much in china but at least when it comes to other emerging markets and the united st

. >>> plus, jay rosen on how to cover a pro democracy, and much more coming up this hour. >>> first, a sunday morning surprise in the tv news business. chris wallace, the veteran moderator of "fox news sunday," is leaving the network effective immediately. here's how he announced it on his show just a few minutes ago. >> it may sound corny but i feel we built a community here. there's a lot you can do on sunday mornings, the fact you have chosen to spend this hour with us is something i cherish. but after 18 years i have decided to leave fox. i want to try something new, to go beyond politics, to all of the things i'm interested in. i'm ready for a new adventure, and i hope you'll check it out. >> this is a shock to the tv news business. chris wallace is one of the, you know, journalists that is at fox who stands out like a sore thumb because the network has become more and more rat calized both in the trump years and now in the biden years. wallace last signed a contract with fox in 2017, and he had a four-year deal. i'm told according to sources knowledgeable with the matter, he de

we do see the stock moving higher on this news and you know , jay powell did reference omicron and i want people to hear what he specifically said about it. this as , folks, everybody knows , we just passed 800,000 deaths here in the united states , when it comes to covid overall. let's listen to what he said and john you can then comment. >> depend, you know, on how much it suppresses demand as opposed to suppressing supply it is not clear how big the effects be on either inflation or growth or hiring, on top of what's already going on which is quite a strong wave of delta that's hitting large parts of the country. liz: you know, you add this apple news into it, you're telling me there's not going to be some sort of renewed impact, john, from the omicron virus? what are you foreseeing as an economist? >> i would say that the omicron virus does have an impact, certainly not as much as delta. i think we certainly have a lot more people fully vaccinated. a lot more people are cautious with respect to their personal activities, so it will be a slight negative impact but nothing like the

(engine revs) (jay) tonight on jay leno's garage: i'm like a nascar mom right now. (jay) i get lost in the great outdoors. i came out here years ago and there was nothing here. -and now? -but it won't be a walk -in the park. -get movin'. (jay shouting) (iliza) i like goin' through that mud.