jay powell wants to see this thing down considerably. ironically he may not think the economy is suffering but voters do. without a doubt number one issue boeing into the midterms. this bring as mind from "cool hand luke." what we may have here folks, a failure to communicate. former white house chief economist joe lavorgna, brian kilmeade. not an economist, but the host of "one nation," author of another best-seller, "the president and the freedom fighter." just time for thanksgiving. out of paper back. we're lucky to be celebrating it. >> absolutely. charles: the reason why you guys work well together this all to me boils down to leadership, a lack of leadership and a lack of confidence in leadership. i will start with you since jay powell is the man of the week, man of the moment and has been the man of the year honestly. he came out swinging yesterday. what was that all about? >> i want to add, charles, a lack of faith in institutions. >> another great point. >> the problem i have with transparency and jay powell doing his best to co

the big speech, jay powell on labor economics. tom: we are expecting further commentary from jay powell. spanish ibex is up. in the u.k., the ftse 100 gaining 0.2%. the month of november has been the best month for the ftse 100 in around two how things are plg out cross as a. the dollar is a big talking point, the worst month i'm about 12 years, we continue to watch the fed, and the commentary from officials like fed chair jay powell. futures stateside pointing to modest gains of .2%. gains for the single currency in europe, 1.03, and inflation data out of france coming in higher than estimates. we will get the all-around figure for the euro zone later on. the u.s. 10-year 3.73, a move of 11 basis points, and more action in terms of sovereign debt in the euro zone on the back of that inflation print out of france. money moving out, yields up for the boones and btp's. brent $84 a barrel, we will discuss that later in the show. i'm the lead up to opec+. officials on the u.k. are looking at relaxing the ring thing thing -- fencing. b

i know you will be zeroed in on the commentary from jay powell. what will you be looking for in particular from that language from jay powell? madison: the good news is that growth is holding up. the bad news is that that pushes the fed further out in terms of how much it needs to employ interest rate hikes. what i need is not so much if we get confirmation of the move, but what is the rhetoric surrounding that move? do we get a sense of the lack affect, potential interest rate hikes ahead? is there a potential pause coming? inflation is still too high and too broad. the markets are flirting with this idea of a potential deceleration. tom: they are, indeed. if they want to go there, that is going to be on top of mind for jay powell. how much of a risk is that? madison: i agree. jay powell is keen to avoid that type of scenario. telegraphing the shift to a dovish pivot. when i think about what that means, we need to stay central. this is an incredibly acute environment. the interest rate is two times we saw -- i think that is enough to cool growth

jay powell lays out a slow and steady rate hike path. he sees no signs of over tightening. the u.s. dollar source, equities fall, yields. we try to find out if the fed breaks the rest of the world before it breaks the u.s. type feel like powell put it well yesterday. how much, how long, how fast? i feel like even central banks are looking at rates on a different way based on those questions. guy: the bank of england looks like it is in a different position now. they delivered the same rate hike, the message complete the different. the bank of england does not want to over tightening. the fed is prepared to take that risk. let's deal with the data. we have seen the slowdown in manufacturing. we got that from the ism earlier and are now having confirmation via factory orders, which come in at a headline level. you take out transports, that is soft, same with capital goods. ism services are down from 56.7. they are still north of 50 but softer than anticipated. alix: going to brink in michael mckee. what is happening to service crisis is key to the inflation story. mike: the numbers we

jay powell was signaling to slow down. his come really moved the markets, whether they were warranted or not. kiwi stocks are up i just about .5% at the moment. we also saw that big move when it comes to the dollar index as well fall into the lowest since august. a14 basis point decline, 10-year treasury yield's as well playing out across the asian bond market session as well. also watching out for not just a positive up in japan but also mainland markets and hong kong. a downside when it comes to the morning session. we have been hearing from sam bankman-fried giving one of his first interviews into what went wrong at ftx, speaking to the deal books, new york, he told attendees that there were mistakes that he would give anything to do all over again. >> whenever it happens, however it happened, i had a duty to all of our stakeholders, our customers. i had a duty to our employees and investors and the regulators of the world. to make sure that the right things happened at the company and clearly i did not do a good job of

equity futures are doing this ahead of jay powell. it takes us back into jay powell's speech and does he say anything really different? are we supposed to act surprised if he tells us rates will go higher? yvonne: we are cementing expectations. this is the last week ahead of the quiet period. jim bullard yesterday repeating the call for fed hikes. the pricing continues to be very much around 50 basis points for december. we will see if it changes. rishaad: just having a look at the month's end and taking a look at some of this price section we have been seeing. jim bullard repeating his call for interest rate hikes. these are some of the data we have been putting together. run us through these, david. david: it has been stellar. the dollar's worst month in 12 years. rishaad: these currencies absolutely crushed of late. this is the pmi reading we had. the composite 47.1. manufacturing really contracting . we were looking for 49, we got 48. yvonne: it is really bad. this is when we saw those record number of covid cases. it goes to show

48, 47 -- to jay powell. right back right after this. at adp, we use data-driven insights to design hr solutions to provide flexible pay options and greater workforce visibility today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪ what if we wanted to electrify all of this... 100% carbon free... is it possible? ♪♪ aes has been leading energy transitions for decades... and is partnering with the worlds leading companies to decarbonize industries... cities, and nations. even the internet. is it possible? can we reliably power the things we love and green the planet at the same time? yes... aes. >>> welcome back just a couple of minutes away from fed chair jay powell's remarks. but no matter what he says, the housing market is already feeling a big impact from rate hikes. mortgage applications fell again last week. they're down 41% from a year ago, pending home sales fell nearly 5% from september to october, down 37% from a year ago. and by the way, that doesn't even take into account all the canc

what is the jay powell playbook? anna han joins us now. >> what we need to see is the fed will not be tone deaf and see if the inflation trend is starting to come down and they will ease their foot off the gas pedal which is different than pressing the brakes. also communicate the message that inflation could last quite some time and not jump ahead and price in those rate cuts too soon. guy: if you look at it the other way, the labor market is superstrong and financial conditions are easing in the consumer is out spending money, mortgage rates are coming down. i assume all these things are not what the fed wants to see if it wants to win the battle against inflation. >> you bring up a great point. is this odd situation where good news can be bad news for equities and the economy is very strong. perhaps chair powell and the fed have to do more and get more aggressive but if we are starting to see indicators, particularly in consumption, you see people are starting to use credit card lines and you are seeing the excess

jay powell moving the needle a little bit today. the market would simply love the fed to simply go away. >> i'm a big believer, it is not the news, but how markets react to the news. excuse me, october, the date we gapped up nine hundred points the market ran off of the inflation number. now you got this. so this is good news. you're getting some decent reactions. if we can break above the last three weeks highs, we've been very tight range for the last three weeks, we're going to have another leg up into the end of the year but you need a closing move above for the s&p, nasdaq, and nasdaq 100. today goes a long way for that to happen. we can get here talk, what he says, how he says it. i weep that one man's whims and thoughts is going to move in a 20 trillion-dollar economy and 40 trillion-dollar market. it just boggles the mind. charles: began with the greenspan briefcase. all i'm saying. we're looking at a briefcase, folks! our life is depending on a briefcase. you talked about the nasdaq 100 versus the s&p. let's just put that i

this is all after fed chair jay powell delivered a 75 basis point hike for the fourth time in a row and admitted rates will top out higher than expected >>> investors are bracing for a one t one-two punch from the bank of england. >>> and elon musk gets set to pull the atrigger on the cost cutting measure that could cost employees their jobs. >>> and the china stock market rebound ends as beijing reiterates support for zero covid policy we have reaction ahead it is thursday, november 3rd, 2022 you are watching "worldwide exchange" here on cnbc >>> good morning i'm dominic chu in for brian sullivan let's chieck on the stock futures. stable dow imply lower 16 points. s&p down 5 and nasdaq down 25. not bad. it is not great. this is all after a wild swing for stocks the dow moved 1,000 points from the high point to the low point only to end the day sharply down lower. we got a nice move higher and the fed rate announcement and move to the lows of the session down 506 points by the time things were said and done. it was worse for the s&p and nasdaq ending down 2.5% and 3% respectively fed ra

a strong move despite the fact that jay powell made it very clear that he is going to tighten. it could hurt the economy. and that could hurt demand for commodities. annabelle: that's right. given what you said, it really is not surprising that we are looking like we are heading into a risk of session. new zealand, online, trading like this. we did just get pmi data out. the final ratings for october. we are still in contractionary territory. the composite at 49.8%. of course, this is all about the reaction to the fed today. he did mention that move we had in the front end of the treasuries curve. we are seeing that in the short duration bond space and asia as well. let's take a look at what's happening in fx. how the dollar is trading against the g10 peers. we did sort of see that knee-jerk reaction, the drop lower for the dollar. a subsequent move higher as they flagged the peak for rates that is nowhere in sight, looking across the g10 space this morning. kathleen: let's get a little bit more deep into that. i think markets were expecting what they were going to do. 75 basis

investors are waiting down jay powell's speech today. that is ahead of the former new york -- as the former new york fed president and the st. louis fed president called for more rate hikes to tame inflation. joining is paul dobson. again, the markets have a singular blinkered vision, going for rate cuts at the pivot next year. underestimating the trajectory of the fed, are they? or and -- ignoring fed speak for now? paul: i don't know whether it is deliberate or not. but it makes you think the message powell will deliver will be very tough on getting rates higher and keeping them there and not backing down. that is what the fed wants us to believe, that it will do everything it can to get inflation under control even if that causes hurt in various asset markets. it is pricing in lower rates towards the back end of next year. that is the position the bank of america strategist recommend. within the analyst community there is skepticism over whether the fed will be able to stick with what it is saying and keep rates up. dani: ahead of the

i hate to tell you, jay powell needs to really be hit over the head with a lot of these numbers. i don't think one number will do it that's the sad thing we've kind of learned so it definitely gets the market off to the right start of believing a couple more pieces like that. there's two cpi numbers in front of the next fed meeting so maybe two numbers will work but i think powell is serious about this jaw boning brigade he's on, and so i think you'll have to wait a couple months until we hear powell at least come back to maybe of the more okay now we'll wait and see and let the economy breathe. charles: let's talk about the mega cap names because they are front and center all year long. right now apple believe it or not has a higher market cap than meta, amazon and google combined but here is the thing in the past week, retail investors sold 130 million of meta, sold 122 million of amazon , they sold $112 million worth of apple and bought 137 million of google. so ken, i mean, of these names are any of them attractive to you? >> so my favorite long is apple and by the way, you l

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our next guest says not to take jay powell to seriously. i guess you have to contrast with what we heard from the boe overnight trying to manage market expectations that they think are too extreme going forward. does this just emphasized the challenges for central banks that they have only so much data to work with right now? >> that's exactly it. they are as a grunt about the future as anybody else. the way that chair powell, what he was doing was trying to play good cop bad cop investors. he had the policy statement come out that was interpreted as being dovish because they might not pause but at least slow things down. then maybe the compromise that he struck with the rest of the committee was that then he would go out there and deliver hawkish message. when you listen to the details about what he was talking about, he was almost like rehashing old arguments. to prove that they really don't know what they're going to do next. there effectively flying blind. he shouldn't burst ash pretend as though they're going to push rates higher when

coming up, fed chair jay powell says u.s. interest rates will go higher than earlier projected and take longer to get there. we assess the impact with the institute of international finance. find out what further aggressive rate hikes will mean for asian economies. this is bloomberg. ♪ xfinity rewards is a program whose sole purpose is to say "thank you" with experiences big, small and once-in-a-lifetime. sometimes it's about cheering hard enough to shake the stadium! sometimes, it's as simple as movie night right here at home, on us. you mean the world to us. so we're bringing you closer to what you love. kinda like this. welcome to 30 rock! join xfinity rewards for free on the xfinity app today. our thanks, your rewards. >> today everyone here is our policy industry by .75 of one point. michael is iris truly committed to bring inflation back to the were 2% goal. if we do not get inflation under control because we do not tighten enough, now we are in a situation where inflation will become entrenched. we have the tools tha

we're live from the market at times square jay powell will be on at 2:00. and there will be an interview with ftx founder sam bankman-fried. you've got to figure this is going to be must-see this is a very interesting time with a guy who seems like a bit of a whack a goodful you listen to any of the things he's been saying at this point. >> that didn't occur to anyone before. >> completely out of touch with the issues, blaming everybody, saying they would have been solvent if they didn't file for bankruptcy, basically admitting fraud across the board but this is going to be really interesting to see. >> he doesn't seem that crazy when he admits everything he did with virtual signaling was just that he didn't believe in any of it it was to get the backing of people that were in positions of pow their buy into all that who also probably don't believe. >> he gave $40 million to democratic candidates. >> and he gave to a lot of republicans too. >> he said he gave to a lot of republicans. >> but not as much. >> he said he gave just as much in his most recent rep

fed chairman jay powell front and center as investors await new comment and hints on a possible policy pivot. >>> unrest in china once again as police clash with protesters over covid restrictions and lockdowns. now beijing is stepping up its rhetoric live from the bahamas, former ftx sam bank man freeld set to speak today about the run-up and eventual chance of his firm with many questions still unanswered. >>> plus, reading the tea leaves ahead of opec's big production decision this weekend with oil near one-year lows. >> and then later on, apple ceo tim cook looks to make some new friends in washington ahead of a january power shift. it is wednesday, november 30th, 2022 you are watching "worldwide exchange" right here on cnbc ♪ >>> good morning i'm dominic chu. if you look right now, we're seeing a slight bid to the markets. the dow is roughly higher by roughly 40 points, the nasdaq up by 389 38 very modest, but it's green for now. the dow is up nearly 37.5% this month and on pace for the first time in more than a year the nasdaq continues to lag. down marginally, on pace for its

ashley: what do you expect from jay powell this afternoon? more hawkishness? >> yeah, everyone seems to be more hawkish than investors are expecting so, yes, i expect jay powell to say the course. he's going to remain hawkish, and the markets might get a little upset over it. ashley: okay, we'll see. again, mark, you're going to be with us for the hour. we do appreciate that. going to bring lauren back in. you have some of the movers, let's begin with door dash. lauren: yes, up 4.5% still. so investors are cheering that they're cutting about 1,250 jobs. like most tech companies they're trying to rein in costs. take a look at alibaba, jd.com, the government-run media in china. they're emphasizing covid restrictions being so muchenned, being -- softened. i'm not trying to be pollyanna, but there's a little bit of a loosening of some of the restrictions as they are dealing with these rare and huge protests across their country. carnival cruise lines, fun ship, right? ash will i -- ashley, starting tomorrow you can buy a bottle of alcohol from your stateroom, only

[bubbles] maria: welcome back we are waiting on fed, jay powell will speak at 2:30 pm eastern today, as central bank wraps up two-day policy meeting this afternoon. we are expecting the fed to announce, at the close of the meeting a fourth 75 basis point hike, joining me right now to talk more about it is sis nbc chief economist, thank you for having me. >> i want your take own macrostory access what all these hikes have done so far. >> nothing yet, maria. we had an inflationary recession first half of the year, that was due to expansive fiscal policy now raised rates aggressively second fastest rate hike cycle on record the economy broadly hasn't broken housing is in recession residential investment third quarter down 26 an annualized recession is coming. maria: good point we are getting all dire predictions, of the economy in 2023 from major ceos like jamie dimon, larry summers and, yet, markets rallied in october almost 15% on dow industrials , want to get your take on the liquidity concerns, liquidity concerns in treasury market as fed also runs down its balance sheet 95 billion

that is what jay powell did. for two years we were saying with some companies have bonds yielding 3%, they should be yielding 10%. that is how you get away with it. watch their stock prices. that will tell you everything you know. and some of the bond prices were at 100 are now at 30. that tells you a lot also. just be very, very careful. invest in greatness. a lot of these companies earns not much great about them. you need great earnings and revenue growth, otherwise you got to look elsewhere or else. charles: on that note, shah, nasdaq obviously struggling. are you buying then we could be in a changing of the guard? i'm not talking on a temporary basis but a new secular bull market the next one being led by the also-rans of yesteryear? >> no, not by a long shot, charles. again, i'm going to reiterate what i said, i've been saying we got lower to go here. there is more pain. as far as the zombie stocks we're playing money on put spreads. there are a lot of them. 40% of companies in the s&p 1500 don't turn profi

we'll discuss and debate how to respond no matter what jay powell says. joining me for the hour today, everybody's here at the desk and good to see all of you let's check the markets. we've been really in a wait and see and jolts were less than expected chicago pmi was just flat ugly, pending home sales down again. you told me yesterday you expect a, what, calming or comforting fed chair today? >> well, you asked me the question yesterday on overtime how does the market rally. and i said the way for the market to rally is that chairman powell has to comfort a market that this week is upset. it's upset about the development. one week ago we were talking about breaking out of the 200-day average. we had positive momentum going into thanksgiving. the market was up 40, 45 we're a hundred handles lower right now. the way for the market to rally is we can't have a repeat. we can't have chairman powell come out today and channel his inner st. louis -- >> eight minutes of hammer >> we can't have him be james bullard within his speech. extreme hawkishness isn't go

and here is more from jay powell. jay powell: today the fomc raised our policy rate by 75 basis points. my colleagues and i are strongly committed to bringing inflation back down to our 2% goal. if we do not get inflation under control, because we do not tell you enough, now we are in a situation where inflation will become entrenched. we have both the tools that we need and the resolve it will take to restore price stability on behalf of american families. it is very premature to be thinking about policy. when people think about lags, they think about policy. we still have some ways to go. and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected. we have some grounded left to cover here and cover it we will. rishaad: as david has been saying, higher for longer here. upping the ante a little bit there, having a look at how these implied rates come through right now. we've got them bumped up slightly for next year. currently the fed rotation is

jay powell said a 75 basis point hike seems a done deal. we look at how the fed gets to price the market and bank of america sentiment indicates it's at its lowest level since 2017 which could be a contrarian sign for stock rose but the s&p 500 rolls over to the lows of the day. a big warning from a shipping giant, maersk says a weaker global economy and -- is here to stay. from new york, i am alix steel and welcome to bloomberg markets. as we go through the morning, the jolts number poses a tricky thing for the fed. guy: it makes you wonder which will be the biggest influence this week. i think we should focus on this today but when we think about the bed, we've got to factor in where we are starting from. i was the market positioned? we've seen the run in stocks and how much have we priced and what have we priced? those are key questions because only then can we start to answer the question how could the fed surprise? i think we need to set the groundwork so let's try to do that throughout the program. let's start k withriti gupta and ira

maria: he spoke at economic club new york federal reserve chairman jay powell speaking tomorrow ahead of final fed meeting of the year december 13, ?ishls expected to raise interest rates again, but this time by half a percentage point, as opposed to three-quarters of a percentage point joining me former president ceo of kansas city federal reserve, also former fdic vice chairman, distinguished senior fellow he thomas hoenig here great to see you this morning thanks very much for being here. >> good morning. maria: who you do you access fact we have seen so far fed had four straight 57 basis point hikes do you feel this had significant impact on the economy? >> i think that increases so far have comun to slow the economy obviously. therefor that will take begin to bring inflation down, i think the fed has a huge challenge ahead of it 37 it has i think, credibility problem to some extent that is why you see them out speaking so forcefully about the -- the need to bring inflation down and their determination to do so and in fact inflation is very high behind numbers fed has to keep in m

let's remember that jay powell explicitly referred to the u.s. labor market not just as tight overheated, and did to cool off so we can see wages not continuing to rise and see some leaf on inflation in the coming months. 195,000 is the estimate for payrolls, a step down from 263,000, but we will watch provisions from past months. that will be another thing that goes into this assessment on just how hot operation is, unemployment expected to go up to 3.6%, still a 50 year low, tighter than the fed things that it needs to be in order to bring down inflation. a lot of people think it needs to be 4% or higher. average hourly earnings, 0.3% monthly basis, but over the year at .7%, but if you putting in context, for the pandemic -- before the pandemic it was half that. a couple of other things to put on the table, jobless claims, the latest numbers went down. that is another number not showing any signs of a market getting softer. just last week we saw a survey that looks at how many job openings there are. it did not fall to 9.8 million in october, i

jay powell ripped the rug out from under the markets. this was a case of tough love. markets were seeing what they wanted to see ahead of time and he dropped a dose of reality on them >> i agree with that, becky. i have been consternation in the last couple months where there was a bubbling hope up i get it everybody wants things to get back to a nice gradually rising market or increasing market. we just don't have the data to say inflation is cooling and the fed is in front of us. we saw the jolts numbers and we still have a strong job market powell made clear, becky, he is super focused on the job market. we will get some job numbers tomorrow that will be north of 200,000. he is not seeing that. essentially the fed is saying they have to play the hand dealt them that hand is where supply is not meeting demand. >> i'm trying to look at my soul i feel myself nodding. you talk about elizabeth warren. i feel myself nodding. that is an uncomfortable thing for me i feel more like arthur burns than a volcker right now i don't know why i don't

that was expected but now the financial world wants to hear from jay powell. >> that's right. three-quarters of a percent, absolutely expected. this will be the sixth interest rate hike so far this year. the fed raises rates in an attempt to slow the economy down and fight inflation. so with this sixth rate hike, might the fed pause its hikes for a bit and say that was enough? you can see these people waiting, live pictures from the upcoming press conference with jay powell set to begin at 11:30 our time. let's show you tape from a previous press conference. many wondering if powell will be a bit more dovish, that is he may pause or the group may pause its policy of regularly raising rates. that would make wall street very happy. now, of course, the fed sets rates that affect banks. it doesn't do your credit card rate or mortgage rate. we know there is a connection. we've seen those go up with what the fed does and then what you pay in interest. >> the thing about it, i've learned so much listening to your reports, but like you said, the feds want to slow down the economy. but

we're joined by andrew let me ask you about jay powell at this stage. i think the market is wondering whether we get any change to hawkish commentary of late, and there doesn't feel like any reason why, the job honing going in his favor without having to increase interest rates. surely that's a win for the u.s. economy. >> yes, it would be, if they didn't have to anticipate the call for rates of around 5.25% and 5.5% our baseline is a little bit below that they're likely to go to 5.5% but certainly not 6% as some indicated earlier. we would expect more of the same the chair powell and fed governors as well going forward to recommend acknowledge there's quite a bit of ward to do in the battle against inflation and the outcome can be measured in years, not weeks and months. >> andrew, i want to pick up on the difference in the forecasts because if we take the top end of the citi forecast of 5.5% versus the bottom of 4.5%, we have 100-point basis spread, what gives out the different scenarios in your view >> for now we're looking for signs of the data. we

thanks very much >> fed chair jay powell just wrapping up his news conference after the federal reserve lifts interest rates again 75 basis points, the fourth time in a row we have seen this jumbo sized interest rate hike a signal in there from the fed chair and from the statement that smaller hikes may be coming as soon as the next meeting in december that was welcome news initially to the market. you saw that spike earlier when the statement referenced the lags and cumulative impact of monetary policy. however, fed chair powell himself did sound more hawk ish in the news conference he talked about the fact we might see the levels be higher than what we saw in the september meeting. he made it very clear we are in the mode of fighting inflation, and we are still seeing ongoing interest rate increases. he said basically it's premature to be thinking about a pause in the interest rate. there's the s&p 500. it is now lower, down 1.2% so we lost that initial gain on the hints and the enthusiasm about a potential smaller interest rate hike coming up on this special edition of "closing bell,

announcing 75 basis point rate hike yesterday this is fourth straight 75 basis point hike jay powell persistenting future rate hikes could be smaller, than 75, but still promised that hi rates are coming. >> if we were to over tighten could then use tools strongly to support the economy, where as if we don't get inflation under control, because we don't tighten enough now in a situation inflation will become entrenched it is very premature to be thinking about pausing people when they hear lags they think pauses very premature in my view thinking about or talking about pausing our rate hike. we have ways something to. maria: no pause no pivot, bank of england also this morning breaking news, raised interest rates as well 75 basis points, to level 3%, that is big rate hike since 1989 joining me former imf chief economist harvard university professor kenneth, thanks so much for being here what is your reaction to the fed's move yesterday what you heard him say? >> o well the core of it made sense, they have to start slowing down because long lags effects of interest rate hikes, and i a

this time around i do nothing jay powell wants to repeat the mistakes of the 70's. he wants to be seen as paul walker. he will probably keep policy higher for longer. that is what the markets are adjusting too. kriti: we have a very exciting jobs report tomorrow that could potentially change the entire game, that could be the catalyst of what the bond market is looking for. guest: we have a lot of indicators that indicate we are sales -- still seeing a strong labor market. the cpi inflation reports prefer the next fed meeting will have the most influence on what the market thinks the fed will need to do to bring down inflation. we are looking for a downshift the number of jobs created and a tick up in an implement. that is what the fed wants to see. as long as the numbers are in the range of what the bloomberg, survey is showing it will not give us any kind of hint that the fed will be close to the terminal rate yet. kriti: we think you both so much or your -- thank you both for so much for your time. we will have more central-bank chatter later on in this hour, and

by the way jay powell is now joe biden said chief. if he is trying to pivot and say eventually higher interest rates are what is hurting the economy, he's your guy. maria: he's only one doing anything about inflation appeared we have a lot coming up. you're just getting started. the federal reserve raising rates another 75 basis points yesterday. were taking a look at markets and how are things fearing this morning after yesterday's selloff. correcting the record, the white house deletes an official suite after getting fact checked by users. the administrations unbelievable justification coming up. jobs friday right around the corner the october jobs report all hands on deck don't miss that mortgage with maria live on fox business ♪ ♪ i'd like to thank our sponsor liberty mutual. they customize your car insurance, so you only pay for what you need. contestants ready? go! only pay for what you need. jingle: liberty. liberty. liberty. liberty. my dad was a hard worker. he used to do side jobs installing windows, charging something l

what will jay powell tell us at 2:30 this afternoon. nick timrose is here. and we'll tell you which company is experimenting with a four day weekend. that's next. ♪ you'll be my sunny day. ♪ i'll be your shade tree. ♪ you'll be my honey suckle. you'll be my honey bee. maria: tune in next week as we report live on the historic 2022 midterm elections, we'll have breaking news, results and analysis from our fox business team of experts, first. nlimited. so i got cards for birthdays, holidays, graduations, i'm covered for everything. which reminds me, thank you for driving me to the drugstore. earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours. at ameriprise financial, our advice is personalized. based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice? i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more

i'm getting the latest >> then, what does a lemon have to do with jay powell? right in front of you and him. i'll reveal. >> all your calls rapid fire in tonight's edition of the lightening round is stay with lightening round is stay with cramer. we all have a purpose in life - a “why.” no matter your purpose, at pnc private bank we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's your why? what if “just an idea” could become a family tradition? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ >> earlier this month we got the indiana based, i said i liked it but ever since the story stuck with me because what bosch represents one part of the logistic food chain is doing well now just in the last month this stock rallied 56% and bosch reported a much better than expected quarter in late october. truly stunning numbers frankly how did they do it let's go straight to the source with brent he's the president and ceo of w

looked at his phone, told jay powell the market is up. he went off script. that was interesting. >> bill: what did he say? powell? >> he made it clear i'm welding this mallet and keep wielding it and we won't stop until the job is done. in other words, if the market is up while i'm speaking right now the market made a huge mistake. the market started up -- i suspect this reporter was looking at -- i don't have live quotes on my phone. 15, 20 minutes late. it was up when the meeting started. but right at the very beginning jay powell made it clear here is what wall street was excited about and admitted to a lag. you have to think of this as a pipe, right? you push and pushing things through the pipe and at the other end is -- they are pushing the 75 bases point hikes and coming in, 4 or 5 in a row and they haven't even started to truly impact the economy yet. so he has acknowledged there is a lag, a cumulative effect. wall street was excited. he is acknowledging that at some point they have to stop, maybe before they see total damage becau

when fed pivots people got caught off guard it wasn't jay powell was, for his job got hawkish he went from dove to hawk. >>. >> lael brainard right bundy him he wanted the job he said let me go with biden what biden wants come on give me a graek gdp out any second 2. % growth third quarter kwpg. >> something like that generally second quarter revision not particularly large surprised if it schaenths more than -- >> gdp, hitting tape as he mortgage rates drop to 6.49% this morning, come off the highs, the numbers are out cheryl casone with it, we are waiting on home sales. cheryl: not seeing gdp cross right now producers if it i don't please let me know. >> end ing home sales 10 a.m. eastern after mortgage rates have come off highs, expecting 5% drop there. that would be 11th decline 12 months chel you've got a housing market under pressure gdp second read of the third quarter, coming out any second markets -- >> 2.9. we got it sorry. maria: 2.9%. cheryl: 2.9 maria there you go, a couple seconds to get data a little bit of delay, for whatever reason here but. maria: estimate 2.7%, 2.9%

tom: jay powell speaking later this week, madam lagarde today, how much can they move the dial on this market? >> definitely important. but my feeling is after the inflation rally over the last couple weeks that the market has celebrated peak inflation, that topic is digested. now the market is turning to another issue, this is recession. the focus for 2023 is shifting on that topic. i'm not sure if central-bank comments will play the major all this week. tom: we heard from the ecb's knot saying we need to be in a recessionary environment to get inflation back to target. that is it for the european market open. surveillance early edition is up next. markets in europe are down .5%, futures stateside pointing lower by about half a percent, risk off concern around china. this is bloomberg. ♪ >> this is "bloomberg surveillance: early edition"

jay powell opening up the new phase in the inflation fight. again, the path might be slower, but the destination is higher. this is bloomberg. ♪ dani: fed chair jay powell put an end to a 30 minute stop rally as he insisted rates will be going higher than previously thought. even if at a slower pace. >> we still have some way to go and incoming data suggests that the ultimate level of interest rates will be higher than previously expect it. dani: joining us now is skyler montgomery. the other thing he said that stood out to me was his insistence that the risk is under tightening, not over tightening. can we finally be done with this pivot mania? can we finally stopped trading on this narrative? >> i don't think so. i think markets will continue to trade the pivot story, the tightening story. i don't think the fed has changed their message. they told us they are prioritizing inflation. tightening financial conditions. tightening, it is going to impact hiring. countries are passing on rising costs to resilient demand and household wealth remai

this report today suggests that jay powell is right. he needs to move forward. we already know that rates are going up. jay made it very clear. they aren't pausing. they aren't stopping. rates will continue to go up. they know that so as far as i'm concerned the way that it reads this report is they could expect exactly what jay powell said and that is high rates and look, we had a market that's been under pressure for a couple weeks so a relief rally is not necessarily out of the question when you see european markets up better than 1% today on the back of they had a big rate increase this week as well, but yet, markets are in a little bit of an oversold condition, and so therefore, you might see a little bit of a bounce, but i think there's still more volatility ahead. ashley: thank you for explaining that to me, kenny polcari, we're already out of time but great stuff. happy weekend to you. kenny, thank you. >> you as well. ashley: let's get to elon musk and this , thank you, and this story over twitter. thousands of employees reportedly on the chopping block

market lower on jay powell peeking on wednesday. he crushed the market last couple times he spoke this year. will he do it ain. lance roberts, joe lavorgna with me. the latest blockfi files for bankruptcy. dylan leclare breaks it down what happens next. the 84 year journey for gaslighting to become the word of the year. how we can make it go away. all that and so much more on "making money". ♪. charles: oh, boy, so we opened under a tremendous amount of pressure today. part of this chaos is in china but also a lot of uncertainty. we've got so many things coming out this week, so many economic reports, so much data, all of this stuff can move the market. of course a parade of fed officials capping off with chairman powell on wednesday. so for me on all the things out there my top concern out there is jay powell, then the jobs report, inside the jobs report, participation and earnings i think will be most important and core pce. remember jay powell said that is how he is monitoring inflation. those are the things i think are the mos

>> the biggest thing folks are going to be looking out for, this is something that jay powell referenced in the press conference after the meeting took place on november 2. he said the focus is shifting toward how high the rates will need to go ultimately. it will be interesting to see how that was discussed in the meeting and how many people on the fomc supported that. jon: the idea of where inflation is going from here for those who are looking at any evidence we are seeing cooling. i imagine looking for clues on what the fed is thinking on that front will be worthy as well? >> absolutely it is such a red-hot issue. what's going on with inflation? how the fed is looking at it. one thing to remember, at this early november meeting, we did not yet have the october inflation report that showed the first signs of a slowdown. we have to keep that in mind. fed officials have not yet seen that or they had not seen that so they did not talk about a slowdown because they didn't have the data yet. kriti: speaking of the data, what kind of market reaction could we see out of this? is there a game

this is all after fed chair jay powell delivered a 75 basis point hike for the fourth time in a row and admitted rates will top out higher than expected >>> investors are bracing for a one

tom: i know you are watching the fed and jay powell closely yesterday. we have another 75 basis points, the view is that if you get into a rich -- recessionary environment, what does that mean going forward? sir martin: that is very difficult to forecast. i think the rates of inflation will end up higher than we think. interest rates will be lower than we think. terminal rates will be lower. i think people will start to go worried about the impact. it is not only about controlling inflation, it is about unemployment. same with the bank of england. i think it will be more balanced. the honest answer is that the rates of growth of digital advertising have slowed but they are still strong. when i look at 2023, one thing is for sure, digital used year -- this year is probably about 60, 65 of budgets, vector it will be 65 over 270 and the following year it will be closer -- 65-70, and the following year it will be higher. digital will continue to prosper. clients will be looking for a performance. the pressure from a cfo on the cmo is, let's look for volume a

because i'm kind of worried that jay powell may prove us go the extra way to prove that hey i can do it when we don't need him to go that far. >> right. well he has pivoted before, so i think that's created some doubt, but i'm impressed so far. he's shown resolve and fully backed by the board, by the fomc , which includes some of the regional banks as well, on the course he's on now, so so far so good, but it's going to get much tougher. we're not in a recession yet if we get into a recession he's going to have fairly overwhelming pressure to change course. charles: you know, sheila, i've got the sense that i know everyone voted the same, but when he came out with the statement, i got the sense that that wasn't jay powell speaking. it sounded like maybe someone else so do you get a sense though that there's some rumbl ings within the boardroom? >> well, i mean, i think they are very cautious about any external conversations, so i can't say. i think this is really difficult time for the fed, difficult decisions. i can only assume there's robust discussion internally. that's healthy. t

the language from jay powell. whether or not he aligns with the views we've heard that a pivot could be on hand in the first quarter were the early stages of 2023. risk on today the dollar is down . let's check in on some of the individual names as well. the politics overlapping, oil and bp, very solid set of numbers. losses of 8/10 of 1% by your looking at third-quarter net adjusted income -- profits. estimates have been for a little over 6.1 billion bp announcing a share buyback, gaining on the back of an upside in terms of copper. stay with us, and exclusive interview with the chairman. this is bloomberg. ♪ xfinity rewards is a program whose sole purpose is to say "thank you" with experiences big, small and once-in-a-lifetime. sometimes it's about cheering hard enough to shake the stadium! sometimes, it's as simple as movie night right here at home, on us. you mean the world to us. so we're bringing you closer to what you love. kinda like this. welcome to 30 rock! join xfinity rewards for free on the xfinity

we are waiting on comments from fed chair jay powell on the economy and the labor market. he is going to be speaking in washington about an hour from now. he will make comments. there will be a q&a. that could move markets. now fed presidents have been signaling this week they will stay the course on rate hikes. main street asset management cio erin gibbs is here an geltrude and company founder dan geltrude as well. great to have you both here. erin, i guess we'll start with powell. we don't know what he will do in an hour, what he will say, but if he reiterates what we heard from him before, react to the data, stay the course that is 50 basis points for december. >> that is pretty much where the bets are. so i think that we'll keep the markets sort of steady. now we've had four days of sort of risk off, markets down. i don't think it is going to make the markets jump up. i think we'll sort of stay in this risk-off trend tracing a bit of euphoria, the euphoric sentiment that was in october, that started in october and just sort of stay the course because we're still really

nobody, i mean nobody believes me when i say the fed chief jay powell wants your portfolio to go down. because it's too cruel how could anyone ever try to hurt your precious stocks? what kind of public officials want you to have less money and feel less confident about your retirement the federal reserve, that's who. after another not so hot day where the dow declined 147 points, s&p shed -- nasdaq lost 1.73%, you need to recognize that jay powell wants you to be worried about your job so you're less likely to job hop for a higher salary. that's wage inflation. but job hopping's become increasingly difficult as amazon announces a hiring freeze at corporate, lyft's laying off 13% of its workforce there's job freezes everywhere and that's just the beginning. because every time the fed raises interest rates they're opening the floodgates, yes, for more layoffs right now powell's terrified of persistently high inflation and to crush inflation he needs to wreck the whole economy. he wants people to come back to work after taking various covid buyouts or government handouts because we've go

when jay powell says we will have to hike more than we thought. he has not talking about the market he is talking about the dot plot which has less than 4.5 percent. going to 5% would be three hikes more than the fed was thinking six weeks ago. that's an important nuance that markets miss because they are thinking relative to what we are price. guy: if china reopens, i can see this in the commodity complex, we will see significantly higher commodities. i would assume that means higher inflation and a higher terminal rate, is that the right way of thinking? ira: i think supply chains will be ease quite a lot. when it comes to overall prices of goods is an important component but it's not a majority of the cost. things like shipping, labor, businesslike costs that end up going into a lot of the goods. outside of energy and other commodities. when it comes to manufacturing, is not the single largest component. you might get higher commodity prices but if that eases supply chains it means we wind up having a much more smooth business atmosphere global

the fed yesterday, i said, you know, i would never invite jay powell to a party because he's a buzzkill. [laughter] he's always a buzzkill. and that's what we saw yesterday. but markets are holding up remarkably well. the dow's only down 20% for the year now, and if you get outside of ec, most sectors are in a correction, not a bear market. liz: to the point about mega-tech, you've got to tell me right now, scott, are you in any of that? do you like any of it? because day after day we are seeing new 52-week lows and whether it's microsoft or amazon or google, there are a whole one. of them here, even roku was -- yeah, hit a 52-week low, but it's well off that low to -- of z: which names?eitar en put it out on the table here. thich names s s s s h h h hono nononono d d dprprprprprpr 5 5 s onononz:z:z:z:z:z:z:n n n n ckck f f f fyeyeyei i i i i i i ou i ababababtototosisisisisisisidge nononononononothththththththks . vevevevenononoatatatatatat m m h but, again, i always know my maximum risk. but those three names specifically, liz, apple, microsoft, amazon, i think those are the ones that