starch right now. -- to the close start right now. >> this is bloomberg markets: european close with guy johnson and alix steel. ♪ guy: this is what the price action looks like. european stocks are bouncing. but i am not convinced. we are up by 1% here in europe today. the euro dollar is weaker. actually, reasonably stable over the last few days. dollar strength continues to be an issue. the action today is in the bond market. take a look at what is happening with the italian --. down by 30 basis points. earlier, down by 19 basis

points. spread compression is a big issue right now. what is happening is a major issue for the ecb. we heard from -- earlier of the bundestag. he wants qe to end in june. he wants a rate hike in july. some of it is priced, but maybe not all of it. but it is turnaround tuesday. alix: turnaround tuesday, question mark, because the s&p is only up by one to the 1%. kriti: you are both skeptical and i am skeptical, and we have good reason. we have low liquidity, high volatility, the perfect state for more technical to fall into place. you saw some positive open, futures are helping with that. but this is coming off of a bounce off a key level.

you immediately saw that technical drop. and now kind of circling around the 4000 level, which is a key level, so it comes down to those tiny moves, not necessarily a fundamental driver on growth or inflation. you see that in the other assets. but the nasdaq is still the outperformer. the worst performance from yesterday are the best today. tech is driving the trade, at least on the defensive side. but we have to talk about the other assets. as guy said, there is action in the bond market. the 10 year is down by eight basis points. president biden will have remarks today. this is important as we talk about whether or not peak inflation is in the rearview mirror. what better place to look than the commodity market? is it oil, food, metal? take a look at the commodity index, higher, but only by 2/10

of 1%. so as we talk about which signals to watch, commodities or bonds, i think the market is mixed at the moment. guy: a lot to think about. the cpi number is coming out tomorrow, that will be crucial. potentially down from 8.5. i want to take you to mike mckee in florida who is joined by loretta mester. mike: thank you. we welcome the cleveland fed bank president, loretta mester, to bloomberg radio and tv worldwide. thank you for joining us at the conference. it's nice to be able to see people again. loretta: and get out and person. -- in person. mike: let's get to the main question. you said you have been on board with a 50 basis point moves. are you ruling out 75? loretta: not forever. i think that 50, the cadence we

are going right now seems right. we'll have to assess whether inflation is actually moving down. then we can get more information as we do a couple of those. both supply and demand will be moving over time, so the aim is we need to use our tools to do what we can to get demand in better alignment with that constraint supply. so, i do not want to rule anything out when we get to that point in the second half of the year. if inflation is not moving down, we may have to speed up. if demand is moving down more than we are predicting, we can add just. bu we needt to be committed to being resolute in doing what we can with our toes to get inflation down, that is the both the balance sheet and also with the policy rate. mike: john williams expects unemployment to rise, because that is what you do when you raise interest rates. are you on board with that?

would you warn people that unemployment will rise, because we need to do that? loretta: we have excess demand in product markets and labor markets, so we can raise the interest rate or policy rate and flow that excess demand. but it will not be smooth, there will be bumps. we may get another quarter of negative growth. but that has to happen in order to get inflation down. so we are tightening financial conditions, and we will continue doing that until we see inflation move back down to our 2% goal. mike: you get two quarters of negative growth and that is the "r" word. loretta: that is a rule of thumb, but it will be how much is demand slowing. you look at the first quarter, there was a negative read on gdp. but if you look at the consumer spending side of that report, and on the business side of that

report, tose were strong -- those were strong. yes, government spending went down, trade was a big negative for growth in the first quarter, and also the inventory, which surged in the fourth quarter, there was still a high level in the first quarter. so i think it is good to look under the hood of the reports. and we may see some of that happening over time. but again, the goal is to bring inflation under control, have it start moving down toward 2%, and sustain a healthy labor market. i cannot see this as a trade-off right now. in order to make sure labor markets are sustainably healthy, and that we can sustain getting to maximum employment, we need to get inflation under control. mike: would you describe it as whatever it takes, the commission now? loretta: i have focused on the inflation side, because labor markets are incredibly strong

and demand on the product side is still strong, so there is no trade-off. we have to do what we can do to get inflation down, knowing that there are other factors affecting inflation numbers, too. that includes supply constraints. those are real. i talked to firms all the time in the district and they say, we thought they would be over sooner, now they are lingering. they have been resilient in figuring out ways to continue adding employees and adding product, but nonetheless, they are struggling. and the high inflation readings are not helping. and we need to do what we can to get that down. mike: how far above neutral do you have to go? loretta: we will have to see how the economy responds to there arises of interest rates and what will affect supply and demand going forward. given where inflation is right now, i suspect we will have to move above neutral.

bu it cannot tell you how far above neutral. and everybody's definition will be different. we have to see how the economy plays out into next year to be able to answer that question. but we will be monitoring how fast is demand coming down, how fast are supply constraints easing in order to get that demand and supply better into alignment. mike: you have got covid lockdowns in china again, and you have the war in ukraine, so how confident are you in your forecast and that you could achieve the fed's goal of a soft landing? loretta: we are aiming for that. there's a lot of scenarios where things could play out worse than my forecast, or they could turn out better. but we cannot rely on luck. we cannot rely on supply constraints will ease. we have to do what we can do with our tools. but there is good growth

momentum in the economy. demand is still strong. the unemployment rate is very very low. and people are coming back to the labor market, maybe not back to pre-pandemic levels, but we have seen labor force participation going up. there's still good things happening in the economy. but as we bring interest rates up and allow the balance sheet to run off, i think we will be able to get to a good place. i'm optimistic. there's still good scenarios out there, but we have to do it. and will not be smooth. it will be bumpy. we have to be resolute in aiming forgetting inflation down. mike: down to where it is acceptable? and then what happens? have we changed inflation dynamics? loretta: we are aiming for the long term goal of 2%. if the question is will it take

time to get down to that level, then yes, we know inflation can be persistent. and we have supply constraints that even though we hope are using, they are not using. -- easing, they are not easing. i do not think we will get to 2% this year, or even the end of next year, but we need to see the monthly numbers moving down in a convincing way. i would have to see compelling evidence that that is happening before i moved to say that we can ease up on what we are doing with taking away accommodations, perhaps moving above the neutral position. mike: we are speaking with the federal reserve bank of cleveland president here on bloomberg television and radio. if inflation starts to come down, but not quickly, and unemployment starts to rise, are you sort of stuck on the horns of a dilemma? loretta: policy is always

complicated and everybody goes into the meetings looking at those kinds of questions. at this point, inflation is just way too high. the longer it stays at these levels this high, the more risk there is that inflation expectations will move up in the long run and that will make things harder to control. so, i am laser focused on the inflation picture and making sure that there is convincing evidence that it is on a trajectory to move down, and that demand and supply are better aligned. i think that is what we have to focus on, rather than what is the terminal rate or what is the outcome. we have to get inflation under control. and eye have to see evidence it is really moving down. mike: are ceos telling you that they see sign of a wages price spiral? loretta: there has certainly

been, all the ceos have been raising prices, and they have not seen pushback from customers yet. they are concerned that they will eventually get to that point, but on the other hand their wage bills are arising pretty strongly -- are rising pretty strongly. and they do have a high demand forgetting workers win. it cannot last forever, but so far they have been able to pass on higher costs. and it is not just wages. it is the metals crisis, commodity crisis, and all the constraints that make it more pricey to ship things. so far they have been able to pass on, but there is concern at some point that will end. so they are on board with getting inflation under control. mike: the financial stability report warned of liquidity issues, even in treasury markets. 2018, the fed had to stop

raising rates because the markets reacted. we have seen market disruptions over the last week or so. how that does it have to be before you would step in again? or are you saying, you are on your own, guys? loretta: there are many moving parts in the market and trading has been working. the financial markets are working. the prices are moving down in the equity markets. i do have, you know, focus on the structural issues we saw earlier in the treasury market, which really were an eye-opener that this underlying structure and resiliency in the market really need to be improved. so, regulators are looking at that and taking steps to make that better. the mutual funds and in other places. so in terms of the underlying structures, that is where we need to focus.

but part of what the fed has to do is raise rates. there will be volatility and bumps in the road, but that does not change our focus on our long-term goals. mike: thank you for joining us today at the financial markets conference in florida. we'll send it back to you. alix: thank you. that is michael mckee and loretta mester in florida. one of my biggest takeaways from the conversation was there will be volatility, get ready. the wild swings will not be outliers. guy: and my take away was, i think that michael mckee lost his tie. i'm sure they will find it again before he comes back to new york. alix: yesterday he was like, oh, bostick is wearing one. not today. guy: two days in a row, not going to buy it.

but the second thing is, she mentioned about 2%. that i think is something that i think is going to be difficult to achieve without breaking something. and many people are trying to figure this one out. we'll get a print out of 8% and we are miles away from target. she talked about the fact it could take time to get inflation back to the 2% goal. we are aiming for a long run goal of 2%. but what does that mean? are we practice symmetry involved in all of this? i would be surprised. but she did say we need to get on top of inflation. we are heading towards 2%, that is the long-term goal. she is not talking about 3%, we would be happy. alix: you also see the short end selling off and equities turning to red, the s&p off by half a percent.

and at the that michael mckee was trying to get her to stay we will tolerate a recession. she did not go that far, but if you destroy demand enough you get inflation down to 2%, what kind of recession does that imply? guy: at this point, inflation is too high. we need to get it down, is what she said. the financial market is plummeting, let's deal with the volatility. as long as the market is functioning, we will deal with it. i hear what you are saying, he was trying to go for that recession line. she was not going there, but we got close. alix: it does feel like she was taking that fed put off, like really moving that far -- guy: gone, gone, gone. the financial markets are you balancing tool. as long as the balance machine is working, then we are good to go. if it breaks, we may have to

look at other things. what she is describing is something that is relatively orderly, which i think it is fascinating in terms of market perfection and where we will go from here. i come back to the major take away, michael mckee has clearly lost his tie. i think he left at his desk in new york. i do not think he even took it. alix: we will see. guy: he has been to california, florida, violence -- i do not think -- the islands, i not think he took it with him. mario draghi is a man that is famous for his tie. he's going to the white house today. a different hat today, going as the italian prime minister. he'll be talking about russian oil, sanctions, plenty on the agenda when he meets with president biden later. details to come. this is bloomberg. ♪

guy: proposed sanctions on russian energy will be talked about in washington and in brussels. mario draghi will be meeting with president biden at the white house today. meanwhile, the european union is trying to figure out how it will get its package over the line when you have an issue with hungary, which looks as practical as it is political. let's talk about what is happening with the italian-u.s. meeting ended what we will get out of that. i want to go to the white house now and figure it out. actually, i will go to brussels first. we have got everybody lined up now. let's go to brussels with kevin, our brussels bureau chief. kevin, we have a situation where

hungary is holding up this package related to this ancient that will be applied to russian oil. we have seen them meeting delayed today, where are the key sticking points and are they political or practical? kevin: they are trying to figure out that exact question. hungary has a clear problem, they are reliant on russian energy, so this transition, if it happens and suddenly without proper support would be a huge problem for their economy. so there are legitimate things they are trying to sort out as they figure out what they can do. what the european union can do to make it worthwhile. you had the french president speak with victor martin hungary today. and ursula von der leyen, her call has been delayed indefinitely.

but it does seem like they are trying to resolve technical issues as they try to see if there is a way to get everybody on board with the russian sanctions. guy: but why are they not working at a commission level with ursula von der leyen speaking with hungary? kevin: i think that it is a little bit of both, and ursula von der leyen was in budapest last night and she did meet with hungary. i think they are now at a stage where they have to deal with technical solutions to see where they can do to address these problems. where potential governments can help hungary deal with the cut off sooner than it would've anticipated a few months ago. that's where it is now. right now, the eu leaders are

going to tokyo for a summit. so i think that they will be out of pocket in some ways to deal with this. eu ambassadors and brussels can deal with this, but i think that hungary wants to deal with this at a high level given how crucial russian energy is to their economy. guy: another aspect, russian energy is very important to the italian economy. mario draghi, the prime minister, has made it clear that he sees italy weaning itself off of russian energy. joe, what is expected to come out of the meeting today at the white house? joe: photographs and a projection of unity. we'll see if they take questions. mario draghi is expected in the next couple hours to be here. there will be a lot on the table

remembering that there is a public at home and italy that has not always been in favor of providing weapons and help to ukraine. but mario draghi does want to work on negotiations with russia. oil and gas are going to be a massive part of the conversation. 40% of natural gas that italy brings in his from russia. you talk about weaning off, that could take longer than some are hoping. but it will be a projection of unity. this is one of the only european leaders to come here to the white house since the war began. guy: mario draghi has economic credibility, he was the former president of the ecb, now prime minister of italy. is there a concern at the white house that they are dealing with mario draghi rather than italy? and draghi will not be around for much longer. and maybe those waiting in the wings will be more friendly to russia. joe: that is not something that

they will acknowledge. one the you can say about mario draghi is he is very efficient with his words. whe itn comes time for them to speak to journalists, he will be parsing his words closely for indications, not only to what you are talking about, but what kind of appetite italy has for additional sanctions and being involved with a continuous flow of weapons into the ukraine. guy: how big of a problem is that perceived to be in brussels? mario draghi will not be around for much longer. is it italy speaking or is it mario draghi speaking? kevin: for now, everyone still hears mario draghi speaking, but when it comes to the energy conversation it is the germans who have been the most important. they have been the ones who for the slowest ready to move on oil. and the fact they decided they were ready to go is what has

given the block a huge amount of energy to go after this push. so i think the conversation, having italy on board to some degree, but having germany on board in particular is what has really changed things and has moved things forward. guy: we appreciate your insights. joe and kevin. , both joining us. we'll bring you more comments from president biden and mario draghi later on. european markets closing, this is the current picture. we our fading fast into the close. the u.s. markets are ahead of us already. turnaround tuesday going out of the window fairly rapidly. this is bloomberg. ♪

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guy: european stocks wrapping up well felt -- up what felt like

turnaround tuesday, no tepid tuesday. dax is up. the the cac 40 is only up by 16 of 1%. we our fading rapidly. and well into negative territory on a two day basis. you can see the shape of the move. obviously, early action. then it went sideways. then a run into the u.s. open. and is u.s. stocks have come off the boil -- and might make key' -- and michael mckee's interview with loretta mester relates to this, as she sounded hawkish. and the war with ukraine.

this is some of the other asset action to pay attention to. the euro-dollar in the 105 range. the italian 10 year, we saw yields moving lower by 19 basis points earlier, now back north of 3%. and crude is coming off of the boil, down by 2%. but we were discussing earlier, the crude price in china and the growth story more broadly, the market is pricing kind of a lack of refining capacity with what is happening in ukraine and at the product coming out of russia -- we have two narratives developing in the energy space. let's take a look at what is happening here. most sectors are in positive territory. luxury sector is having a good day today after being badly beaten up yesterday.

i looked at this earlier, it was much more convincing. this was a strong story a couple hours ago. that's faded now. let's talk about the stocks on the move today. the heavyweights -- this is where the heavy lifting has been done. an idea of where the action is. there are plenty of individual stock stories, but all of these were up strongly earlier on. this is where the heavy lifting is coming through. this is where money is flowing back into europe. yesterday, lvmh, only up by 1.31% right now. turnaround tuesday i'm now relabeling as tepid tuesday. alix: similar in the u.s. the s&p is down by 3/10 of 1%.

energy and tech still in the green. but you brought up loretta mester and the two year yield is now am positive territory. we hit lows for the day and hour before that, but yields have climbed higher since loretta mester spoke with michael mckee. it did sound like she was going to take a hammer to inflation. and what that means in terms of a recession. to that point, buying is coming in strongly. and the dollar making a bid higher there. you mentioned oil. the flipside is natural gas is rallying higher. and we have transportation issues in ukraine, the european gas story also leading higher as . what do you do as you parse together the last 48 hours? vincent, it was the conversation

an hour ago, buy the diploid cell the risk? -- dip or sell the risk? i feel it we know the answer to the question, but what is your take? vincent: it is time for the fed to act. we think that -- has been opened. and now the fed has an opportunity to be efficient. and it may lead us in the u.s. but i now think that inflation has spread so much, that it was high time the fed is acting and that is important for the market going forward. guy: let's talk about the big move yesterday. we saw markets coming under pressure on both sides of the atlantic. how much further do we have to go? vincent: in my faded is not done

yet. the -- i'm afraid it's not done yet. the markets are realizing there will be consequences. we are talking about a recession. there is a question mark on the u.s., as -- opens. an markets are realizingd that there's an impact on eps, at the same time --. so the eps should revise down. and [indiscernible] too complacent. so given the uncertainties, plus china, plus exposure around --, it was quite expected for the market to correct.

i suspect we will see it down between 15% have a 20% in the next months on the back of repricing. alix: wow. if you have that, 50% or 20% in the next month, where are -- 15% or 20% in the next month, where are you hiding out? with it: at this point -- vincent: at this point you have to look at returns. even if you have cash, you are losing purchasing power. so where do you hide? you are losing on both ends. credits, for and diversified investor, credit is widening. commodities are expensive. guy: what is left? [laughter] vincent: short-term you have to wait a little bit.

guy: so you take the hit on cash? vincent: yes. you are waiting. and i do not believe we are yet there. guy: what will you be looking forward to make you want to put that cash to work? vincent: to have it much better data points in europe and in the u.s., and or to have -- on the gdp front. unfortunately, these two conditions are not being met, so it is better to think about liquidity, to choose names of stocks or -- with a very high profile, good balance sheet. to buy and not to believe in miracles. so, this activity is key. you mentioned good names before.

you need to watch these in this space. -- is getting stronger. which is an issue in europe and japan. you can win or lose a lot of money if you get it wrong. you need to factor in what you foresee. alix: so, to that point, talking about the euro-dollar it seems like hedge funds are increasing their bet on a flight to parity for the euro-dollar, would you agree with that? and talk about what the implications might be. vincent: on a six month horizon, you would allow --. i have to say it is a cautious trade now. nevertheless, when you see the

differential of growth and the rate action between the u.s. and europe, to go to parity is quite normal. it's something we can expect. unfortunately, it's coming to europe as well through imports and i do not believe we can go much more than. parity. guy: if we go to parity, we have to avoid europe. that is a huge kicker for europe. do i want to buy europe because you get the export in translation effect, or do i say i am buying the u.s.? vincent: the big strength of the european option is our ships, the exporters are allowed out of europe. that's and benefit. -- a benefit.

guy: you by exports, so the domestics -- buy exports, sell the domestics? vincent: exactly. they are getting the bulk of their buys to europe. it would benefit from this. guy: it is great to see you. think you for stopping by to see is in london. -- thank you for stopping by to see us in london. european markets are done for the day. we i down to lows -- are down to lows of the session. the momentum over the last hour has gone down as we enter the auction process. the ftse 100, dax and cac all in positive territory, finishing the day in europe.

and we are waiting for the president to speak. he will talk about the issue of inflation. when he speaks in washington, we will bring that to you live. i have to tell you that we are at the end of this show, and in 90 minutes time we will be heading to bloomberg radio live here in london at 5:00 p.m. you can find us on all of your bloomberg devices. and find our podcast on spotify. alix: we are waiting for comments from president biden on inflation ahead of the cpi number tomorrow that is supposed to come in superhigh. we'll bring you his comments, when he comes out. this is bloomberg. ♪

ritika: you are looking at a live shot of the principal room. this is bloomberg.

ritika: keeping you up-to-date with news from around the world, here's the first word. i'm ritika gupta. boris johnson says he will ramp up pressure on putin's cronies by driving dirty money out of the country. he set out an agenda that is also heavy on priorities including cutting waiting lists at hospitals and boosting disadvantaged regions. he stated all of this at parliament, standing in further queen. an escalation of violence in sri lanka, the army has been told issue at those who are threatening lives. this after the ruling party politicians protested about the feeling economy and demanded the resignation of the president. an saudi arabia andd uae say that capacity is decreasing for

energy. >> the lack of investment is catching up with many countries. besides fuel, they -- the capacity is not there and they lost the production they used to have two years ago. ritika: blaming high prices on the pump that taxes in countries have imposed. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta. this is bloomberg. alix: janet yellen is testifying on capitol hill today on financial stability to the senate banking committee. interesting headlines about inflation, janet yellen saying that the fed is addressing inflation in a forceful way. and loretta mester said that earlier in an interview with michael mckee. janet yellen said inflation is

likely to come down, but what will the fed be happy with? w will it be 2 -- will it be 2%? she also talked about cryptocurrency. this week bitcoin has been cut by about 20%. our crypto strategist is here. bitcoin was supposed to be a safe haven against inflation, what have we learned now about what it actually is? mike: what we are learning right now it is is holding $30,000, the stock market isn't. to me that is what we should expect from bitcoin, more of that. it has been outperforming most assets on the planet since it started in 2009. and that should continue because it set an enduring trend, it is decreasing supply and increasing demand. but when the fed is trying to

push back, it has the most to lose, but it has outperformed a lot assets on a risk-adjusted basis. guy: why do i care about 30,000, why is that so important? isn't bitcoin just showing up to be a highly correlated trade on the nasdaq? mike: the most powerful force is when the stock market goes down at high velocity. that is what is happening. it is helping the fed reduce inflation issues. but if the stock market keeps going down we will not have a problem with inflation. bitcoin is going down with that. and you look at the other crypto's, they needed to go away, but bitcoin and a theory in our building an infrastructure. an it is becoming global collaterald. i see demand pull, people

looking to reallocate to this space, and the world is going digital over and above the stock market. you see that today and mostly on this year. bitcoin has come back to that level, it might break low, but only if it follows the stock market. today is a good indication of its strength. alix: what we heard from loretta mester is that this will be bumpy. the path will be bumpy the path will be bumpy. what kind of reallocation will be be seen? -- be seeing? mike: bitcoin as part of the whole space. here is a fact about crypto. it is about 1% of the total stock market in the world. a couple years ago it was a fraction of that. the key point is that something that has never happened before is reverting this year. crude oil and bond yields reached the most ever in the

blu-ray database above their 100 day moving average. -- 100 day moving average. so i say what you are supposed to be doing now is buying bonds, selling crude, and what helps the buying and measuring is it helps them get elected and it is well above the cost of production. the cpi numbers, a year from now, the base effect will be negative numbers, particularly if the stock market continues to drop. guy: crude oil is not the administration's problem, diesel and gasoline is the problem. we have a disconnect between the oil prices and product. i am wondering whether the market is trying to break it into do different things. the product market is trying to price in supply as a result of refineries going off-line. do uv light these are two different stories? -- do you feel like these are two different stories? mike: they are, but these are

all based on crude oil and liquid fuels. we have 13% from ethanol right now in this country. so the point is to reduce demand, increase supply and it will be a matter of time. you already saw it happen in crude oil. it p in 2008. now we are at $100 a barrel, that is the same price as 2008, and for a reason. it will be a matter of time that they catch up. the correlations are higher between distillates and crude oil. guy: thank you for catching up. and now a shameless plug for matt miller and kailey leinz. bloomberg crypto, the show will take you to the edge at 1:00 p.m. new york time. a weekly show with matt and kailey taking you through the latest action in the crypto landscape.

i'm sure they will be talking about the 30,000 level that we have been talking about for the last few days. the president will be joining us to talk about the inflation narrative from the white house shortly. and we will of course bring you that live, when it happens. this is bloomberg. ♪

alix: turnaround tuesday ending with a thud. abigail doolittle is tracking the market moves. abigail: this is the intraday chart of the nasdaq 100 futures. for the most part, the nasdaq 100 was higher, then flat now, so the volatility continues. there is reason to think it will abate to the downside. helping at the nasdaq 100 futures earlier, the 10 year yield. down about 25 basis points in two days, that is remarkable.

the dollar index up for a fourth day, that could be one pressure as that continues to build. if yields continue to come in, that should help the dollar, in. the vix is down. take a look at the vix in the bloomberg terminal. all your, we have had it in this wide range, a very predictable range. at this point we have lower highs coming back into the range, and it suggests if the vix does what it did this year, it could come down to 20 or so, a bit of a reprieve for stocks with all of the volatility we have seen in the last few weeks. guy: it would be a whippy few sessions. abigail doolittle bringing us the latest on the markets. now let's talk about what is happening over the next 24 hours. today, the president will be

meeting with mario draghi, the italian prime minister. that will take place at 2:00 p.m. eastern time. we have earnings from coinbase. and we also have more on the ukrainian aid bill. the u.s. senate is looking at the fed governor nomination of lisa cook. alix: tomorrow, china, u.s. and germany, those will be the things to pay attention to. yes, there will be earnings. but they cpi numbers will be front and center. that will wrap it up for us on television. coming up, live comments from president biden. we are off to the radio. this is bloomberg. ♪

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>> we look at the economy and it is clear we made a normal strides. our plans and policies produced the strongest of creation economy in modern times. in addition, 8.3 million jobs in my first 15 months in office, a record. unemployment rates were down 3.6%, the facets client in unemployment to start a presidential term ever recorded. in addition, americans have applied to start 5.4 million new

small businesses last year. 20% more than any other year on record. and i -- everything across the country is as i go across the country, our economy is gone from being on the mend on the move. but for every worker i met who gained a little breathing room to seek out a better paying job, for every entrepreneur that gained the confidence to pursue their small business dreams, i'm other families all across america are hurting because of inf i understand what it feels like. i come of family when it look -- when the price of gas and food went up we had a discussion at the table. i want every american to know i'm taking inflation seriously and it is my talk to mr. priority. i'm here today to talk about solutions.