tom: bill dudley, we go to you on this question. i see wage growth but also the lack of wage growth over the last 15 years or so. is there fear of a wage spiral different now than it was decades ago? william: i think there has to be some fear of it. we have 1.9 unfilled jobs, an all-time record. the consequence of that should be higher wages. higher wages should be the consequence of headline inflation and what wages are doing today. wages should go higher. lisa: do you agree with chris who came out yesterday saying there is so much froth in the labor market that we can withstand a softening that would be more beneficial rather than detrimental, even if it led to fewer opportunities? william: i think that is what they have to do. i think they are trying to sugarcoat this a little bit. we can reduce the demand for labor without increasing unemployment. so if you were, but don't worry, you will get a job. that is again sugarcoating it. that will be painful. lisa: when we talk about the drivers of inflation, it is one thing for the fed

jonathan: bill dudley coming up. his view on how high do rates need to go on the federal reserve, probably higher. lisa: if that is the view how do we explain the rally we are seeing in treasuries, in equities? there are number of different expectations inflation will not come in as hot and i do not know if i buy that. i do not know if this is any sort of statement rather than a pause. jonathan: do get the feel like the market is shifting attention away from inflation towards growth. mike wilson of morgan stanley say we are expecting decelerating earnings growth and we continue to believe the u.s. market is not priced for the slowdown in growth. lisa: that is beginning to be priced but you're not seeing it fully priced in. mike wilson would agree. even though spreads have widened they have not widened that much. how much are we moving to that kind of narrative and how much does that change if we see inflation pickup further than people expected? jonathan: freight line up on bloomberg surveillance. equities are elevat

the former new york fed president l dudley says the u.s. central bank should stop sugarcoating his messaging about how high just rates need to go. dudley, who was also a bloomberg opinion columnist, was speaking to tom keene and lisa abramowicz. >> the fed has not been forceful in enough in stating their goals with the means to achieve that goal. chair powell last week did not want to talk about why monetary policy might just have to go to neutral, but tight. a tight monetary policy is what is going to be required to get inflation under control. >> why are they timid? >> it is not clear to me. certainly they are not timid about talking about what the end goal is. but 2% inflation, you have to describe how you're going to get there. if you start to sugarcoat it, then financial conditions do not tighten as much and you run the risk that people will lose confidence in the federal reserve. one thing in the fed's favor is people are confident they will do their job. under promising what is required, then there is a risk to the fed's credibility

bill dudley talked about fiscal policy, a fiscal contraction. i would wait six months, but if the monetary policy is not working six months, year from now we should be having a serious conversation about fiscal policy. guy: jason, isn't it the case we are already behind the curve? waiting for another six months, isn't that a huge risk at this point? jason: just to be clear, the fed should not be waiting and the fed is not rate -- the fed is not waiting. guy: but what the fed is -- has currently got priced, the market, what is currently expected is clearly not going to be enough. if it is going to remain behind the curve doing the period you were talking about, that six month. i appreciate what you are saying, we are going to take action, but is there data we are still going to be behind the curve and have to do even more further down the road? what is -- what does even more further down the road look like? jason: i have a-inflation forecast, but i would not put everything on my forecast being right. at this point the thing you should do is say t

bill dudley has suggested hiking rates to 5% or higher. the chinese premier li keqiang has urged officials to use policies to help the economy. cctv says he oversaw a meeting of the state council, where authorities were urged to stabilize prices. it said measures would be taken to secure supply chains and finance infrastructure projects. hong kong media reports say the police arrested four activists. they were detained on suspicion of colluding with foreign forces. rthk reported the four were released on bail. ferdinand marcos, jr. is looking to prioritize the economy, energy prices, and infrastructure as he looks to boost growth. the country has had one of the fastest rates in southeast asia this year. his campaign says he has an unassailable lead. >> it will be critical for the next several years, because of the pandemic and the economic crisis, so that is something we are looking at very carefully. >> gdp year-over-year at 8.3%. australia's opposition leader has been declared the winner of the third and final election debate. they were

former new york fed president bill dudley saying the u.s. central bank should stop sugarcoating its message about how high interest rates need to get. dudley, also a bloomberg opinion economist, speaking to bloomberg. >> the fed has not been forceful enough in just stating their goal of 2% inflation, but also the means of achieving their goal. fed chair powell last week didn't want to talk about monetary policy may be having to not only go to neutral, but tight, and i think tight is required to get inflation under control. >> why are they timid? >> it is not clear. they are not to mid when they talk about the end goal. but if you're talking about an end goal of 2% inflation, you get there. if you start to sugarcoat it, financial conditions don't take as much and you run the risk people lose confidence in the fed. one thing in the fed's favor up until now is that people are confident the federal reserve is going to do their job. if you keep under promising what is required, i think there is a risk of stability down the road. >> you think this

you believe this with jasmine olympus then if you wish to be a problem with mom dudley, when you know when you go from here, there legible gardens have long been turned into mine fields in 7 years of civil war. the basement is where they mostly live now and they are well aware that any time they venture outside it could end in injury or death. 2 ah, yes, he's off by that thought i work with them. yes, there was this here. this to come with what's acceptable and that's also city of pleasure with a look them to see that you know what they both boy a bit. but that was a sure was a sure sure. i got the villages who ended up living on the front line. don't want to leave their homes. oh sure. yeah. sure. did you know that i could h ah, since the break away of the don't that people's republic was been ranging and don't boss. ukrainian artillery has been showing civilian towns in mining village. is that new york more? very lovely deal. with one of your company, a little because of all of the 3 of the little boys will give us one 0, when i want something wrong, when i'll prove, just don't hold

with jasmine olympus, then i think we should be a problem with the health issue up with mom dudley. when you go, when you go from here, the average table gardens have long been turned into mine fields and 7 years of civil war. the basement is where they mostly live now, and they are well aware that any time they venture outside, it could end in injury or death. ah, yes i really what backing you got it? ah, we can air pollution in your apartment. a l m. yes. there with mm. this with what's acceptable, and that's also send me a thumbs with a peek with them to see that you know what they bo boyd a lot. but what i guess what if what you do it. but that was just up with you when you were cut off with us. sure, sure, sure. i got the villages who ended up living on the front line. don't want to leave their homes go. sure. yeah, sure. if i could h ah, ah, since the break away, but don't, that's people's republic. one has been ranging and don't buy ukrainian artillery. it's been shilling civilian, townsend, mining, villages or more. very well believe deal with one of your company a little ab

he dudley's janelle de milan, traveled to marco stronghold a locals north day to speak to his supporters. the spectre of ferdinand mark was senior still looms large over philippine politics ahead of the election. visitors are flocking to this museum in a lock us, nor to for a dose of history if not a particularly nuanced one. inside a chronicles the marcus is time and power a lot on the rise, but curiously little on the fall and nothing on the documented human rights abuses and wholesale plunder in between. located in the marcus's home province, it's called the milan young of the north, named after the presidential palace in manila, some 480 kilometers away from here. it is a symbol of the path he has taken from here the highest office in the land. and it will become clear in a matter of days whether his son will managed, which he had the same here. at least at bumble marcos is guaranteed in easy ride. many voters remember the marcus's thought as cluster crab, but his patrons not helpless, did marco steel look at our roads? how nice they are gonna buy. oh, even if i were bribed, i would

it's a war and was take turns that nobody had expected, sometimes to dudley is mateusz falling in here. thank you much as well. off korea says it 1st covered 19 outbreak is spreading rapidly more than 20 people have died from the disease at least half a 1000000. others have suffered from curve at 19 like fever either can junglin has blamed the outbreak on incompetence within his party. he has long resisted international office to help masks and social distancing. commonplace, almost all over the world over the last 2 years. but a 1st for north korea's liter, for over 2 years, kim jung own maintained that his country had no cases of the corona virus. their borders have been closed since january 2020. but now kim has described the coven 19 outbreak as a great disaster. china has already offered its support to help curb the virus to young tova. china is willing to increase cooperation and fighting the pandemic toll and at the same time to provide support and help according to north korea's needs. north korean media says the country will learn from china as strict approach to containing th

echoing some comments made by dudley earlier on. i think marcus got there first. july, the ecb, a done deal? marcus: no. i don't think it is. i think the sound of kicking and screaming coming from christine lagarde is visible to me. she had to say this, i think she wants to say this. she still wants to buy herself some wiggle room, but in essence if she does not say something like this she is going to lose the rest of her governing council. i think that is the issue here. comments have been reluctant to show some leg, show to speak. i don't think she is writing in july as an absolute certainty. let's face it, that is the probability. alix: it is great to see you. let's pretend we see that hike in july. 1.0548. is it parity? i don't understand what is going to provide a meaningful goose upward in the euro. marcus: it has nothing to do with those currencies, it is about the euro-dollar. i think the point is, if they do not hike in july, then i think parity is almost a racing certainty. this summer at some point and possibly earlier than that. the ecb needs to avoid

ah, ah, this is dw news live from dudley. germany's foreign minister travels to ukraine, ways new promises in tar. and alina ban, bulk assures you crying need has germany support pledging military assistance, medical aid, and help to rebuild devastated cities. she also said germany will move away from rush and fuels permanently. also coming up, going against the government and defying the police. in.

how's the textile industry changed since the dudley ran a plaza accident and 2013? i'm chelsea delaney. welcome to the show. now let's start with the russian word, juice back or an english friendship. that's the name of the oil pipeline running from russia to europe. but the relationship between the e. u and russia has unraveled since putin's forces invaded ukraine, the used latest move to sever ties, the plan to ban russian oil imports. that would just deprive moscow of a key source of revenue and ads, the economic gloom cast over russia's economy. as it's cut off from the west, marianne her to her reports perchance wo test is supposed to shrink under the current sanctions. but there is the problem. the iron revenues are higher than they've been for ages in that's because of the rise in oil and gas prices. but if you take a closer look, you will see not oh, is equal as immune season with russian oil is a political hot potato right now under skipped us on demand for oil from other sources is growing rapidly because people are worried about getting burned by russian

ah, another dudley attack near televi tv's free, people a killed and several injured. ah . and i why money inside this is al serra lie from dive hall was coming up. heavy fighting rages on out the besieged seal plants. and modern poll this despite russia announcing a ceasefire to allow mo ukrainian civilians to evacuate a shocking announcement from the world health organization. $15000000.00 people have died of coven, that's more than twice the official global death toll and cut the rising b on the wall for british rule. in northern ireland. we report from belfast as voting ends in historic lex. ah. at least 3 people have been killed in a stabbing attack in israel for others have been wounded. it happened in the central city of land near tel aviv as people celebrated the day. israel were fast, who was independence day? stephanie deca reports. uh huh. the attack happened as israel celebrated 74 years of independence. this time in a lad and ultra orthodox city in the center of the country. a lad is very close to the occupied west bank. we do not talk her full indication. oh,

i'm totally dudley about how, but i would say the brighten minister who made the last time was the t. v actually got what that extension 11 extension of 2 years for the ballot method. going by lament, but i'll have to relax the primary sort of case on the you know, the whole process. the election was given to him. i think you to get very but it would initiative and complete the process. i don't expect the dog you're not discontinue, because the likelihood of electing the carbon tinkle, but the percentage is unlikely on that if you will come in. so i think that that will be your fresh faith. ok. hold done. 39 contender, the incumbent president, former president has been shift mohammed, former mayor of montgomery issue form a prime minister, who stands the chance to become the president. it is a very crowded election cycle and at this point, really too close to call them really heavily favorite are the 2 former presidents, passenger and shot. but you also have the income for my job, who most likely many of the political observers think he will not return. and just given that this low pe

this is what some of the civilians say target dudley nielsen antonette sheila, but when the front line began to approach the factory, they stopped letting us out. it was, it was our idea to hit in the bunker. and when we realized the front line is coming, we were all terrified. we tried to leave them when we knew about the humanitarian corridors, we knew about the evacuation. we'd see, but they just didn't let us out. they specifically approached the buildings and fired from there, realizing that they would come under fire naturally. there was a lot of space at the factory, but they were near civilians. they fired right from our building, and then we came under selling ukraine as a state. it has died for me, so i was very offended that they were doing this to us. one time they wanted us to dig trenches, the men said that they would not go out to do this because it was dangerous. it's crazy to even think for me that my son can go dig trenches. why should he do this? as his lord garcia is in mario pole with the latest on the russian back initiative for evacuating civilians from the comba

miserable like little home to my 3 weeks ago, a family was had a young man with the 3 months ago mr. dudley was killed in odessa by russ michelle early today. or know if you have to put a chance to visit her. a never had a lot of butcher 44 bodies were extracted from, rub, movies at the building, just had been destroyed in early march, 2 months going lower and it was head until it was directly ahead by russian or till re normal projectile died. so sitting it figures that imagine imagined to sell moms like staying at home and maybe having some family round in putting your kids to us to sleep and all of a sudden within one second, you'll have stops all because russia just wanting to occupy your city to break into your home to take it away from usable, hear it, and want everyone to understand the reality in which we ukrainians live every day. now, not a single person either. it's for somebody who isn't there at the zoom toss close to the front line or it is wrong, being in the rear to wish her in the water, nobody is sure for. and the roger can be hit by russian missile at any time, anywhere,

he dudley's terry sholtes reports now from stockholm. ah, every presidential visit is loaded with pomp and circumstance, but this time the circumstances are heavier than usual with war weighing on every one. the finish in swedish leaders making history together as they finalized their bids to join nato. a move long considered unthinkable and stockholm and when the government resisted despite strong public and parliamentary support for it, you also have finland so firmly moving forward. and in that way, sweden has perhaps not pushed ourselves into nature, but we are, you know, pulled in for months. swedish prime minister magdalena anderson warned nato membership would destabilize the region. now she seems ready to move in to what she calls a new era. it can go in a new day at on matthew, the shaked mother, we can enter it with confidence and bring the best of our history into it. we have long been a strong voice for arms control, piece of freedom and human rights heroes. not every one is convinced sweden can keep that treasured ident insi

you'll probably have you get totally dudley nom up here. again, well, because then the school that on but in the back and then back to what company got got on the who didn't, didn't then i don't know w. so when you feel better about the whole school or not, give out a kid up on school up, it will do a check up because it done the kind of been a go to go see a sound when you go there got a ticket, but it kind of been, i'm down the can i had a new me that was a check up there and a door will allow me. mother jenna. a tell if did he say that they did he go to leona? is cost them the company yaga? ya bother you about the gown or do you let it go down to easy a i'm a no letter got got i got that. i am in a letter a g min and i'm telling a while ago in the i haven't even opened it up. you can leave it also by another. another wasn't going to do the bowls and add them. yeoman. i'm glad i can get them . and then the sympathetic medical taken. let it got me. your goal. we don't, we didn't want to look a lot of your day wasn't able to want them to. y

michael: a lot of your former colleagues including bill dudley and don cohen have said you cannot do this without inducing a recession. michael: i've heard the same thing. i understand that but i think the thing we have to be mindful of is that this context is nothing like we've ever seen in my lifetime and my policy space. pandemic driven disruptions and a lot of things that are intersecting in ways that i think makes it hard to know where the economy is likely to go. i'm keeping my mind open. i am an optimist but a worried optimist. i were all the time so i will pay attention to see where things go. michael: it's an election year and there is a lot going on step you feel any political pressure? >> i'm not but we have a clear job to do and that's to meet our mandate. today the labor market is doing fine but the inflation is the real challenge. michael: thank you for joining us this morning. everybody is back together for the first time in a couple of years. jonathan: i hear it's beautiful which is why you are so happy and not so gloomy. thank you as always. the equity market is stil

dudley, very much still in conservative control. that is one of the areas that really went blue in terms of parliamentary votes. but labour are having their best result there since 2016. so, maybe a little green shoots for the labour party in party in dudley. in sandwell as well. this is an interesting one. west brom, the former stomping ground of tom watson, former deputy leader. that area has three out of four mps as conservatives. in last year's local elections, from a position of zero, the conservatives took nine seats on sandwell council. talking to the conservatives in the run—up to the election, they were still thinking they could make gains. as it turns out, that is not the case. we are still in the same position. labour might look on that as being some kind of positive news, because the conservatives, that tide has maybe been stemmed in those areas. in other parts of the region, we had an interesting result in lost overnight. that counsel, run by the conservatives with a majority of just one after they took four seats fro

. >> carley: fed chair bill dudley said the word recession gets thrown around a lot. if we enter a recession, what does that mean? >> brian: slow down in the economy, what do businesses do, stop investing and hiring and you are talking about a jobs problem. jobs have been a fairly good news story this economy, that could reverse with recession and wages start to fall. inflation is a bad problem, recession is a bad problem, this administration and fed back themselves into a corner where we're facing one or the other right now. >> carley: inflation rate numbers are coming out next week, what are they going to be? >> brian: i think near that level, may not be higher and here is why, inflation started to kick in last april, now you have inflation on top of inflation, even if that rate comes down a little bit, it is built on previous inflation, which means people are still feeling massive price hikes, even if that rate goes down a little bit, it is tough for the consumer. >> carley: it is. people are feeling it, as reflected in the polls, thank you for joining us. you brou

about them is good to go, you had to find a little comma, joyce, q, poly should be again, totally, dudley nom up here again. well, because then the school federal money back and then back to what the company got got on the who didn't, didn't then i'm hoping w. so when you feel better about the whole school or not, give out a kid up on school up, it will do a check up because it done the kind of been a go to go see a sound when you go to got a ticket. but kind of bring them down to, can i have a new me that was a check up there and a door will allow cunning mother jenna, a test. if did he say that? did he go to lena? is because then the company, jaga you bother you about the gallon or do you let it go? that's easy. a, i'm a no letter, not got it. i got that. i am in a letter a g mid and i'm telling a while ago that i haven't even opened it up. you can leave it also by another. wasn't going to the bowls and add them yeoman. i'm going to talk our get then and then the the but study him medical taken let it got me your goal. we don't, we didn't want to look a lot of your day wasn't able to wa

we are trusting the people who helped get us into this to get us out of this >> i once said to bill dudley that the central bank is the source of and solution to every crisis right? >> yeah. >> we got here because of the fed. now i think we're running the risk we will create another crisis. >> are we? >> we are on path. >> what kind is it a credit event what is different between now and 2008 2008, we had crazy driven. this is not then >> that's right. >> stock market is falling faster now than it did then. >> right i think paul put his finger on this because the fed is withdrawing liquidity. if you look at a number like m-2. >> monetary money supply >> it is contracted over the last three months. we had the massive run-up in crisis as we take liquidity out of the system, markets are becoming ill-liquid you see the markets moving that is a liquidity problem. i believe muhamed is right a liquidity problem has a way of turning itself into a credit problem. a credit problem has a way of turning itself into a general financial problem. if we don't stop the course we're will >> do you think we h

get totally dudley nom up here again. bullet cars in the school that money back and then back to new or whatever company got i got on the who didn't, didn't then i don't know w. so when you feel better about the whole school not give out a kid up on school up. it will do our check up because it done the kind of been a go to go see a sound when you go there. got a ticket, but it kind of been, i'm down the can. i had a new me that was a check up there and a door will allow me. mother jenna. a tell if, did he say that they did he go to alina, discuss them, the company, jehovah, you bother you about the galaxy, you let it guarantee. a domino letter got got it. i got them in a letter a g a while ago in the i haven't even opened it up. you can leave and i wasn't going to the polls and have them. and um i, i kind of get them under the study here medical taken, let it give me a call that we don't, we didn't want to study looking a job. they wasn't able to want them to give me a warning to ha, committee data meeting, but a middle gave a don't forget the me a lot of a little give but don't wan

. >> the markets will open and they have benjamin dudley volatile. we will just have these little pedestrian sessions where we are not up or down that much? >> i should have clarified we will be at the same levels but it will feel like an eternity, these crazy moves. the stock may be at the same level. the key point is yours. what does the fed do? if they get closer to saying 75 or stand at 50 level the market can handle that and the market can look at that constructively where get these ais stuff out of the way. those institutions back in to pick off some value, the market levitates upward. charles: are you buying anything? >> i will highlight applied materials, nasdaq close to 30% so i am looking for quintessential food chips and applied serial makes the equal with a lot of chip manufacturers make the chips. no matter what chip you are talking about. charles: taiwan semiconductor raising their prices 6%. thank you very much. have a great weekend. president biden's plan, he is going to accuse the industry of price gouging. key support resistance num

we don live is all the more daniel dudley got down. j a mega moment thought hipaa. but you know, cecil gutsy with you. we was, you know, what a duty implies. you my bob. bob with allied lehman, barbara. how do you have on the wonderful for dana, who on girl won? he me go with him again. it's a while when dancers eagle wanted among delegate, devout frances. oh my goodness olson who is holding a guest will go more. oh sure, sure, monsieur. she was home, most likely because she doesn't feel a po, feel lou, to do door crew to key can sure for the june, for his all. we're usually to hardcore by the door. the court or feel going for the been all do of a joke room. no more your tribute person's notorious or button. yes or fish. it was whole feasible default devolution is also to shape or some even more your peloponnesian ah there are 2. are senior jihad camila saying, you know too much air hood release them. a new that usually say leash law may effect more immediate, were give up about elegy ads. but by default on b, as in brisco mean, guess john pullman to stay off it. ki

bill dudley would say i'm wrong. jonathan: how soon? tom: don't know. you never make a time function call. jonathan: i could say we are going to have a recession, but if i don't give you the scale, magnitude, and the time -- tom: the houston astros hit five home runs off the red sox in the second inning last night. that's magnitude. jonathan: twos, tens and 30's look like this. higher by about a basis point to 2.9952%. sterling, cable negative by 0.7%. inflation in the u.k. at 9%. the bank of england stuck between a rock and a hard place. as for the euro, we've had a visual after official talking up interest rates getting back to zero. i have to say, one of the more neutral members of the ecb, not want to be most hawkish members, talking about a be quickly getting back to zero. that is the story and foreign-exchange. let's get you some single names. let's get to bramo for more. good morning, lisa. lisa: i will get to the astros review at some point. i will not give you a timeframe. we will get to retail and a second, but before we get to that, the elon

if you zoom it down there we don't live is all the more daniel dudley got down. j a mega moment thought hipaa. but you know, cecil gutsy was you. we was, you know, he does show with louis advise you my bob bob with allied lehman. barbara, how your mom a dana wonder was he me get on with him again. it's a while when does he get up haunted? her mom, dad, did the van ponce. oh, my goodness. awesome. who's holding a guest will go more. oh sure, sure monsieur. she was home, most likely because she didn't feel a po feel lou do do do her crew to can you can she sure for the june, for his all we're usually to hardcore by the door. they caught or feel going for the been all do of your crew. no more. your tribute passions notorious for putting this all fish. it was all feasible. default device blue is also the shape of some even more you about latrecia. ah, there are through her all senior jihad camila saying, you know, my chair, her dentist, them they knew that was all the say. le, schwab may effect. you might immediately give up a bachelor, g adds up by the font or b. is

is that where bill dudley is? jonathan: he might be there on the fed funds rate. mohamed el-erian is not. he thinks that push comes to shove, they choose to support growth over curtailing inflation. maybe that is the choice they have to make further down the line. on the yield curve, morgan stanley, their view is that the front end, upward pressure from the federal reserve. on the long end, a range bound 10 year perhaps contained by growth risks from abroad. how the long end evolves has been uncertain for me. i was surprised last month and yields started breaking out on the long end on the 10 year, and that steepness returned. tom: we see the steepness, the real yield with a magical move to positive as well. it just sets up a jumble for may. lisa: at a time when people see the risks of inflation and recession as so massive and looming in the view. the idea of frontloading, i wonder when we get the shock. have we already seen it in terms of some of the equity valuations, or is it yet to be seen? this is one of the biggest this agreements with the likes of morgan st

jon: the bloomberg opinion columnist and senior adviser to bloomberg, william dudley. features down 1% and the nasdaq 100 a little down one one full percentage point and 2 .8335 is the trend the last four days. lisa: growth scare, where do you find the havens and the dollar continuing to strengthen which is all tightening for the fed in ways problematic for the global economy and perhaps a bit more in the u.s. economy. jon: the cost of living crisis as well. kailey, the cost of renting at the moment. i don't want to make it too new york centric but saw the data on manhattan this morning. it gets worse and not better. kailey: it's gotten worse for three months. three months of record rent prices in manhattan and am officially priced out and moving to brooklyn because i had no other choice but speaks to a shelter inflation problem in the u.s. and when you have rents going up and mortgage rates going up as well which in a theory is a problem for people who want to buy, what do you do? jon: numbers up 6.2% from the previous records set in march, up 30% from april of 2021.

obviously chairman powell has talked about financial conditions need to tighten, bill dudley, the former europe fed president and vice chair of the fomc, he is saying conditions need to tighten. stocks and bonds need to reprice. i would keep the index back at 2000 levels so we are not tied it all, which is tighter than the past two years, and the s&p 500 would have to change. it started the year at 175% of gdp, down to 140% of gdp. but the 2000 bubble peak we were at 120% of gdp, so there is still a long way to go before we find stability. with all of the uncertainty just in the headline risk out there, i would not take the chance right now. i would be more cautious and focus on value needs have more attractive valuations at this time. tom: are you going to be in cash or something wicked defensive? michael: because i tend to be more cautious, i would definitely have more cash on hand. for investors who have to be invested, i see this as 2000 and 2002. the past 15 years, the russell 1000 has outperformed. value has outperformed by about 18% this year. that's how i would look at it. if you

what does dudley, what does clara, what do the others worried about being worried about high rates, what do they get wrong? dominic: i think the issue that they had is that they want to beat up on demand in order to make sure that inflation comes down. i agree that there is a big uncertainty when you are dealing with supply-side driven inflation. you don't know what it takes to bring people back into the labor market. you don't know what it takes to tell employers not to pay off higher wages. rightly, we have not been in the situation. we haven't had something like covid as far as i can remember in my career. that uncertainty is something we all face, including the markets. yesterday, with powell, they want powell to be up on the market. they want to take down as it prices across the board in order to be absolutely certain that inflation is coming down as quickly as they want. a sickly, i understand that. i get it. i think the idea is not that rates are going higher for longer, if you like. i think the idea is rates are normalized where they should be. the long and. the problem they have

dudley again, somewhere where the labour party until recently... well, until relatively recently had both seats. until 2019 had one seat, dudley north. again, the conservatives have a majority of 11,500. can labour retake it? they will probably need to do better than just taking two sits back. some modest progress, but is it good enough? in some places we are seeing them go backwards. somewhere like oldham, an interesting place, interesting politics of late. last year, when the seats were up, their leader in oldham lost the seat, the labour leader in 2021. overnight in 2022, his successor lost her seat as well, because oldham has been going down by five. mainly two independent groups. this is a feature you are increasingly seeing across english politics, particularly in labour northern areas, like greater manchester. labour still have the majority here, eating away at their majority. if we look at somewhere like cumberland, important in parliamentary terms, that's about as far as it gets. it is difficult to chart a course. but we will have more inf

fed will go full on the whole year their goal is going to be, as former new york fed president bill dudley said, if the stock market doesn't go down, the fed will lower it was the title of his op-ed last month and i think that that's exactly the way the fed is looking at this right now if we don't see serious signs of inflation slowing, they're out for the stock market they have been all year. and i don't think that's going to change, because i don't think we're going to see enough signs of inflation slowing. >> i mean i don't know if they're out for the stock market per se but it certainly is a side effect that they're willing to risk in their fight against inflation. jim, i'm wondering, it sounds like you don't think that we have seen any sort of a bottoming. for all the optimists out there, your message is we haven't been even close to capitulation if you take a look at the vix, we've got not very close to even the 52-week high on the vix, which is 38. >> yeah. the fed uses a euphemism and call it tightening financial conditions but that's exactly what they mean by it they mean that the

so you've got people like bill dudley, the former head of the new york fed. he's quite open about it, the stock price has to fall. there isn't going to be the same juice, if you will, to keep the market going, which is why we're off another 300 points today and it's not over yet. and there will be no more new jobs or fewer new jobs and possibly job losses. >> richard, the president referenced, the big board down 330 points after a 1,000 drop yesterday. >> we're not done yet, believe me. >> the president referenced inflation in touting the job numbers today. he said there's more work to do. what more work can the administration do on inflation? >> well, there he is up the proverbial without a paddle, because he can't do much. first of all, as the economy goes towards recession, you ain't going to get another stimulus package in any shape or form or anything significant. there's just not the money there or the appetite. secondly, this is a fed matter now and the fed is only concerned -- as she said, the fed is concerned with the other side. the fed is going to

and will dudley and over all have a report coming up. the month of may, is known for its fluctuating weather pattern, and this week will be no different. just how cool and how hot it will be. the forecast is up next as the news continues, right as the news continues, right here on fox two. i'm 53, but in my mind i'm still 35. that's why i take osteo bi-flex, to keep me moving the way i was made to. it nourishes and strengthens my joints for the long term. osteo bi-flex. available at your local retailer and club. want more restful sleep? nature's bounty gives you more with sleep3. the first ever triple action sleep supplement with 3 unique nighttime benefits to help you get a great night's sleep and wake feeling refreshed. live bountifully. nature's bounty. thea powerful tornado. fox weathers will nunley is an end over where hundreds of buildings have been destroyed. the cleanup just beginning here in end over kansas on friday, a tornado ravaged the region carving a path of destruction nearly 13 miles long. the national weather service co

even a former dad like bill dudley formerly the new york fed has now turned very hawkish. the fed is behind the curve, et cetera. i will say this, the faster that they act, the more aggressively that they act now, tomorrow and this year, the faster they will curb inflation. the faster that they curb inflation, the better off the economy is going to be in the medium and longer run, people forget nixon and the crazy world of monetary theory. price stability is absolutely essential to economic growth as low on employment. the faster the fed can get it back, the price stability, the faster the economy is going to recover. it is a tall order. inflation rate is somewhere around 8%. the target is to. you tell me, it is not going to be easy. >> the era of free money is running over, we have a question, how expensive money is going to get and what timeframe and what that does to the economy. i think it be hard to avoid some kind of recession. i want to talk to you about the amazon warehouse in staten island voting against unionization accommodation it's come up bernie sanders and a

perhaps some signs in dudley of a bit of— perhaps some signs in dudley of a bit of a _ perhaps some signs in dudley of a bit of a labour recovery, and similarly— bit of a labour recovery, and similarly in sandwell, labour hold, they run— similarly in sandwell, labour hold, they run that council, but in the last set— they run that council, but in the last set of— they run that council, but in the last set of local elections the conservatives took nine seats and the stain — conservatives took nine seats and the stain that is not the case. labour— the stain that is not the case. labour have not necessarily made any further _ labour have not necessarily made any further games, but they have stopped the conservatives are making progress _ the conservatives are making progress and that is an area where three _ progress and that is an area where three out— progress and that is an area where three out of— progress and that is an area where three out of the four mps in that area. _ three out of the four mps in that area. once — three out of the four mps in that area, once rock—

needs to be a little bit more open minded, not trying to just give us good news, be brutally honest as dudley said today in a comment, be brutally honest about the situation. follow the bank of england that has been very open about the risks facing the economy >> from a policy perspective, the administration, joe biden, the president saying yesterday that they're looking for any and all steps that they can take i can understand the idea of a gas tax holiday on a federal gas tax, but just about everything else they're talking about could be more inflationary it's hard for an administration to sit on its hands as you get closer to an election day. but the things they've been talking about, what do you think of those policy, mohamed >> it's hard to say sit on your hands. this is a political problem and social program as well as an economic and financial one as to what they can do, look, the ball is mainly in the fed's court. it's up to the federal reserve to contain inflationary expectations having said that, whatever the administration can do on the supply side, be it supply chains or labor for

the last ten years with orchestra and the — the last ten years with orchestra and the band, with an dudley conducting only cavorting at the front— conducting only cavorting at the front but — conducting only cavorting at the front but it felt right to take the tour around the front but it felt right to take the touraround the uk front but it felt right to take the tour around the uk injune to celebrate _ tour around the uk injune to celebrate 40 years. tour around the uk in june to celebrate 40 years._ tour around the uk in june to celebrate 40 years. how is the distinctive _ celebrate 40 years. how is the distinctive voice _ celebrate 40 years. how is the distinctive voice shaping - celebrate 40 years. how is the distinctive voice shaping up - celebrate 40 years. how is the i distinctive voice shaping up these days? i distinctive voice shaping up these da s? ., , distinctive voice shaping up these da s? . , ., ., ., �*, days? i am very fortunate, and it's a treat days? i am very fortunate, and it's a great honour— days? i am very fortunate, and it's a great honour and _ days? i am

wejust gained stourbridge in the dudley borough. and was correct. we need to continue to make an argument to the british people about how we will improve their lives and we will tackle this desperate cost—of—living crisis because it's blatantly obvious conservatives don't have any answer. he obvious conservatives don't have any answer. , ,, ., obvious conservatives don't have any answer. , ,, . , ., �* answer. he is saying what you're doinu is answer. he is saying what you're doing is not _ answer. he is saying what you're doing is not being _ answer. he is saying what you're doing is not being bold _ answer. he is saying what you're doing is not being bold enough l answer. he is saying what you're i doing is not being bold enough and it's too much infighting, not being inclusive enough and a party. not being convincing enough or interesting enough, not having enthusiasm. i interesting enough, not having enthusiasm.— interesting enough, not having enthusiasm. . , i, , interesting enough, not having enthusiasm. . , ., enthusiasm. i always try