the swiss national bank was one of the craziest things of all. no one was looking for any rate hike of any kind. 50 basis points, it's the first time they have done any kind of rate hike in 15 years. the swiss franc just took off. the swiss national bank mentioned rising inflation around the world and they also talked about the currency. the swiss franc was trying to approach parity with the euro. this was don't wanted to fall below that level. they talked about when they would buy swiss francs and when they would sell them. it is a sign that like other central banks, the currency is having an impact too. >> no wonder we are now seeing traders betting that the boj will move. >> certainly, traders are upping their bets. we can see how the fed number was at a 50 basis point rate hike and then, boom, 75 basis points. the thing is in japan the week yen and rising inflation are very unpopular. a survey asking about the bank of japan's governor. 59% said they do not think he is fit. they said he is unfit. 77% said his recent reversal on price hikes whe

in a surprise move, the swiss national bank, raised its policy interest rate for the 1st time and 15 years putting heavy pressure on european financial markets. that after a surprised meeting of the european central bank yesterday. and of course, the feds announcement to drastically hike interest rates. the 3 quarters of a percentage point increase is the feds largest since 1994 economists and investors had been anticipating an aggressive response. after the latest data showed years, consumer prices grew at their highest pace in 40 years and may here is fed chief durham, paul. we at the fed understand the hardship that high inflation is causing. we're strongly committed to bringing inflation back down and we're moving expeditiously to do so for more or less bring in michael use in chief market analysis at c m. c markets. michael, let's talk about the fed here in a 2nd. but 1st things must be looking rather grim when the swiss national bank feels the urge to act and raise it's policy interest rates for the 1st time in 15 years. yeah, i think that's absolutely right, but i also think t

with national banks, but with the bank of japan overnight, there are indications there could be new key policy but now you see the move, whether or not we are going to see what's going to happen with the bank of japan, if they get more aggressive, it shows you how clearly inflation is becoming a global problem right now. kriti: so what is the pivot? what gets people to hop in and say we are confident the s&p 500 is going to end positively? jess: one problem is the earnings on the fundamental side. they're still elevated and looking at the year-end target for the s&p 500, 4600, a lot of strategists looking for those to come down but also capitulation and volatility, still around 33 even during the selloff and ahead scratcher to a lot of people, but looking at what was happening during the dot pop-up head of the global financial crisis in 2008 and where it is trading if you are looking at the 20 day moving average is more elevated during those periods. what volatility are saying is you have not seen that -- whether it is earnings revisions going down dramatically, and the dollar is go

joe just said the swiss national bank taking the steps this morning. that set the tone with the futures, mike. >> that was 3:00 when the decision came out. the sharp break in the equities future we saw in the last fed meeting the rally when jay powell discounted the 75 point rise this meeting we got the three quarters. it was as expected and flexibility. it did unwind the effects day. i think it is about the sense of the fed willing and now stating it might have to restrain the economy a bit to get inflation job done >> this morning, the idea of the swiss national bank which was not expected to raise, but raised 50 basis points it feels like 2008 and 2009. when you saw the global liquidity crunch with that and the ecb emergency meeting. there is a lot of liquidity and not just the fed tightening here >> they don't mess around. when they finally do something, the swiss, they thought about it they are neutral usually about a lot of things. we notice in davos, if the train is there at 8:01, someone is fired if it is there at 8:02 >> it is very organized.

swiss national bank, not expected to move yet. tom: mexican peso across june, four standard deviations minus two of plus two is the move on weaker mexican peso. we continue through the day, and eventful thursday. historic as the swiss national bank acts, the bank of england, many surprises. this is bloomberg. good morning. ♪ >> features and down -- futures are down. the open starts now. >> everything you need to get started for the start of u.s. trading. this is bloomberg deal been with jonathan ferro.

this morning the swiss national bank raised rates and the bank of england as well. your reaction. >> i think we should all be happy that we have a functional part of our economy which is the markets which signals the government how bad they're screwing up everything. [laughter] you know, it's one of those things where we printed way too much money for too long, there's a huge problem with inflation. it's pretty obvious we're not going to be able to raise rates enough to fight the inflation because unlike the 1970s, we have this massive debt. and, you know, technology companies are much more real this time than they were 20 years ago, but they were massively overvalue with speculation. i think it's healthy to come down. i'm really wondering if we have enough levers to fight inflation, and i think it's a very scary next two years. maria: i mean, look, you are a student of growth. your entire career you have been able to identify where growth and innovation is. i know 8vc uses cutting technology technology to manufacture vaccines quickly -- >> yeah, maria, we started,

like the swiss national bank. the approval rating for the cabinet has dropped below 50%. responders disapprove of government response to rising prices. tokyo moves to expand recognition of the lgbtq community, passing a bill to introduce same-sex partnerships in the capital. japan is the only g7 nation that does not give same-sex couples the right to marry or enter civil unions. in south korea, the weekly economic assessment. the government downgraded its growth forecast to less then the central bank outlook while raising the inflation estimate. south korea will extended trading hours to 2:00 a.m. local time, part of a plan to eventually allow the on chart market to trade around-the-clock. the nikkei report saying that samsung electronics is requesting some suppliers postpone or cut component shipments until the end of july on inflation concerns and growing inventory. >> we continue to watch the bank of japan struggling to convince markets that its monetary policy is sustainable. we saw shock from the swiss nation

it has moved significantly on the back of this decision by the swiss national bank, the importance of that conversation francine will be having with thomas jordan later today. some prices from central banks just keep jumping. -- coming. losses of one point 2% across the european benchmark. there is money moving out of treasuries stateside. in terms of the parents is the last few days, a five to nine basis point move across the yield curve, but in peripheries relative called on the back of the surprise meeting from the ecb. the dax is down almost 200 points, and the ftse 100 down 1.2%. the gdp and the pound under pressure ahead of the decision by the boe at midday u.k. time. let's see how things are looking across sectors as investors readjust to a federal reserve that has reiterated its commitment to getting back to the 2% target of inflation, 75 basis points yesterday, the biggest hike since 1994. jay powell did leave the door open to 50 or 75 basis at the next meeting. i moved to havens -- a move to havens. initial gains around energy, gas prices has spiked on the decision by gazpro

also the swiss national bank raised rates for the first time in 15 years. and not by 25 basis points, by 50 points. how much does this put pressure on the ecb saying, it is your turn. everybody except for the bank of japan is responding to this inflationary wave, youtube -- you do too. jonathan: we see a rally on friday, then i selloff the day after. it doesn't really add up, does it? lisa: yesterday's move didn't really add up. there was nothing in the statement, nothing in the press that -- press conference to give risk assets a leg up. this is the fed saying we are willing to risk a recession in order to get inflation under control, and that is not a comforting message. jonathan: equity futures down around 2%. let's work through it for you. keeping a cosine what is happening in the bond market here. yields higher by 15 basis points. just yesterday reversed in many ways. the euro-dollar clinging to 1.04. >> now the bank of england is up. the expectation here is for them to move, possibly by half a percentage point. at the fifth consecutive meeting they wi

swiss national bank has 177 billion in u.s. stocks. they are one of the top 50 shareholders apple, amazon, google and facebook f you see other sovereign wealth funds looking to defend their own currencies by selling assets that they own, this is going to be a even bigger problem. maria: that is a great point. i want to get your take what to do about it, your best belt this meltdown. meltdown. let's take a break come bacacac this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. meet three sisters. the drummer, the dribbler, and the day-dreamer... the dribbler's getting hands-on practice with her chase first banking debit card... the drummer's making savings simple with a tap... ...round of applause. and t

you know the swiss national bank owned $177 billion in u.s. stocks >> yeah? >> yeah. including a lot of tech stocks >> oh, my god. they're like tiger global -- >> no. you know, they change their language on a potential currency intervention >> david, that's -- >> they drop the one-sided commitment to guard against currency depreciation. they've been focused on keeping the franc strong, but -- and we won't know, but there is a question as to whether or not the swiss national bank with about $177 billion in u.s. stock may now proceed to start to sell some to keep the swiss franc stronger >> holy cow. okay so, let's say that -- >> by the way, don't know, but i've heard it from three separate people this morning asking the question. >> what's interesting is the stocks that got hit the hardest between 4:00 a.m. and 5:00 a.m. f were faang and a couple semis. isn't that the most obvious? look at the ones -- you isolated the ones that are most visible you're not selling carvana you didn't buy airbnb. >> a lot of apple. >> this is what they poown. it makes so much sense >> aga

swiss national bank has 177 billion in u.s. stocks. they are one of the top 50 shareholders apple, amazon, google and facebook f you see other sovereign wealth funds looking to defend their own currencies by selling assets that they own, this is going to be a even bigger problem. maria: that is a great point. i want to get your take what to do about it, your best belt this meltdown. let's take a break come back [♪♪] if you have diabetes, it's important to have confidence in the nutritional drink you choose. try boost glucose control®. it's clinically shown to help manage blood sugar levels and contains high quality protein to help manage hunger and support muscle health. try boost® today. when pain says, “it's time to go home” “i say, “not yet”. ♪ ♪ aleve. who do you take it for? you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hir

swiss national bank has 177 billion in u.s. stocks. they are one of the top 50 shareholders apple, amazon, google and facebook f you see other sovereign wealth funds looking to defend their own currencies by selling assets that they own, this is going to be a even bigger problem. maria: that is a great point. i want to get your take what to do about it, your best belt this meltdown. let's take a break come back with tom hoenig and dan niles. stay with us. it with a new one of the same make and model. get a whole lot of something with farmers policy perks. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ hi, i'm denise. i've lost over 22 pounds with golo in six months and i've kept it off for over a year. i was skeptical about golo in the beginning because i've tried so many different types of diet products before. i've tried detox, i've tried teas, i've tried all different types of pills, so i was skeptical about anything working because it never did. but look what golo has done. look what it has done. i'm in a size 4 pair of pants.

we have had 50 from the swiss national bank. 25 points from the bank of england. in the ecb, tumbleweeds. tom: euro-swiss he to go under parity, we are not their area. there are a lot of movable parts, including what happens in japan. right now i jenna one from a republican persuasion, french hill joins us on this on economy. i believe in arkansas you have a 3.2% inflation rate. you are the kings of chicken. chicken is ascendant in this nation because of the price of beef, etc. could things get any better for arkansas? rep. hill: arkansas consumers, tom -- good morning -- are really hurting from high gas prices. we are a rural state, and when i was in prominent business before i came to congress i have many employees that drove almost an hour every day to work. so, gas prices are really hurting our families. they woke up monday morning in little rock to crossing the five dollars mark on gas. so, inflation is the tough thing i hear about. i'm talking about both the small businesses and families. the second thing -- and this is the irony -- the second thing that is

in a surprise move, the swiss national bank, raised its policy interest rate for the 1st time and 15 years, putting heavy pressure on european financial markets. that after a surprise meeting of the european central bank yesterday, and of course the feds announcement to drastically hike interest rates, the 3 quarters of a percentage point increase is the feds largest since 1994 economists and investors had been anticipating an aggressive response. after the latest data showed years, consumer prices grew at their highest pace in 40 years and may here is fed chief durham paul.

equally, the swiss national bank, they are worried about inflation being in the high two's. that is uncomfortable. that is essentially where we think it will be as well. they want that strong currency. they want tighter monetary policy. i don't think is going to be slowing. yvonne: what does the dollar do? give all of the central banks joining in on the fray, should i expect for the dollar topeka but sooner? -- to peak but sooner? >> no. we have to ask ourselves which central banks can deliver on that tightening, that the interest market is trying to price in. from a credibility standpoint what the markets are pricing in, the fed can deliver on that front, trying to get their policy rate close to 4% in the early part of next year. i don't think it's going to be sustainable, we think it's going down to 120. the direction of travel is lower than higher. rishaad: paul mackel, head of global research. let's have some of the stories making the first word news headline. let's join su keenan. >> the latest that bloomberg has learned, the u.s. officials are working on a range of cal

the swiss national bank unexpectedly increasing interest rates for the first time since 2007. 50 basis points, who would have thought that? there president spoke to bloomberg a little earlier. >> we thought it was necessary to increase rates today. inflation is now higher, bringing a second round of fact as we risk inflation not coming back on its own, by itself, so we came to the conclusion that it isn't the right time to make an adjustment on those monetary policies. guy: what about the bank of england? they also raise rates today, only 25 basis points. we are seeing rates at the highest levels that we have seen since 2009. why only 25? let's talk about that now. lizzie, why only 25? lizzie: you say only 25 but this is what we were expecting, right down to the boat split. but it looks dovish compared to the fed last night. wide 25? the bank of england has never done more than 25. it was unprecedented for them to do five hikes in a row as they did today and from there, you know, the bank of england, don't forget, they started this treatment for any of their peers . the real reason is

now the decision follows one made on thursday by the swiss national bank. it defied investors' expectations by announcing its first interest rate hike in 15 years in an attempt to stop prices from rising further. the boj's decision to further accelerate the yen's slip against the dollar. >> translator: the boj will firmly support the economy by persistently continuing monetary easing. >> occur okuroda said it was im for it to stay in line. it is making it difficult for companies to draw up their business plans. that it is necessary to pay close attention to currency market trends and their impact on prices in japan. and the yen remains volatile against the dollar in tokyo. after the bank of japan said it would keep its monetary easing policy in place. the japanese currency was traded between the 132 and 133 levels on friday morning. it weakened to the 134 level at one point after the boj announced its decision. the slide is the result of a widening gap between interest rates in japan and the u.s. that disparity is prompting investors to dump yen-denominated

now, the swiss national bank with their very aggressive hike is opening the door quote -- the door for swiss to be a safe haven again. we are seeing flows into swiss not only from speculators but hedgers seeing swiss as a potential hedge especially for european equities. that's an interesting change in dynamic. the dollar is quite bifurcated. dollar-yen is still strong but kind of losing its mojo a little bit. the dollar continues to rally against pretty much every currency. it looks like it is ready to turn and it rips again. it is like this all weather situation where whether it is u.s. recession or equity optimism, they both seem to generate dollar positive flows. it's like the dollar cannot lose these days. kriti: brent donnelly of spector markets we will have to get you back again. let's get to the first word news with mark crumpton. mark: a historic day at the u.s. supreme court. judge ketanji brown jackson has been sworn in as the first black woman on the nation's highest court. the 51-year-old was confirmed to replace justice stephen breyer in april, but then had to wait until

stocks swift national bank has 177 billion in u.s. stocks, one of the top 50 shareholders in apple, amazon google facebook, so, if you see other, funds looking to defend their currency by selling assets that they own, this is going to be, even bigger problem. >> that would be notable if we saw sovereign wealth funds dumping tech stocks nasdaq down 30% already year-to-date your thoughts. >> you know that is a 40% decline this reminds us that cost of capital for companies is moving sharply higher, given the deep sell-off we had on equity equity side, higher interest rates, corporate bonds you can't help but think that companies are going to be downsiing capital sending thinking twice about increasing staff if anything might begin to cut staff, so as to have enough cash on hand to, see them through, a recession. >> yeah, do you think we are in a recession right now? let me get your take on that, the broader macrostory the housing market, this morning we will get existing home sales for the month of may 10:00 a.m. eastern, the 30-year fix

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federal reserve, the bank of england and swiss national bank all increase their key interest rates and the european central bank has indicated it will move in a similar direction in july targeting inflation as the central banks main goal. and it helps to maintain price stability, but it's not been working. we've seen protests around the world over the higher cost of food and services in the past week. a little inflation can be a good thing if everyone salary rises at the same pace as prices. but they haven't been so let's look at why inflation has been going up around the world. recently. they're all prices which have slumped at the start of the pandemic. but demand has rocketed since the war and ukraine has effected this to be crude had an 8 year high . and of course, petrol is more expensive. the cost of everyday items has risen since 2020. many people had more disposable income to spend on household goods during locked downs. firms of struggle to keep up with demands. and let's not forget the us china trade war, which drove up tariffs. there are shipping firms which have been on bus

analysts suggest they may deliver a 75 point hike the swiss national bank and bank of england is not expected to raise on friday. in investors will watch for the increase in the yen. luke barnes is with goldman sachs. luke, it is wonderful to have you with us for equity mashrket an hour in the session how is the fed reviewing the inflation report >> good morning, julianna. thank you for having me on this morning. the reality is the fed will try to get ahead of the inflation picture. that is worsening. we expect over the course of the year to see a number of hikes. we actually think through the june, july and september sessions we will see 50 basis points lihikes and 25 points th rest of the year that is a challenging picture for the equity markets it gives us interesting entry points into the stories whereas much as the discounting message and interest rate hurts the cash flow picture, there is a huge amount of growth that is under priced relative to what the market is viewing. >> i want to get into the opportunities you are talking about p. when it comes to making the determination

your sequence of videos introducing this section has the swiss national bank and the bank of england. this is a very common advanced economy problem. it is through the pandemic, and it is about access demand -- excess demand, actually. the supply is a piece of the story, but supply has not taken inflation 7% or 8%. most of that is in excess demand problem. the central banks are moving now. shery: when you talk about being behind the curve, is that really cemented inflation expectations? richard: well, there is obviously a bit there. if you look at the bond market, it is still 2.5%. it has been as close as 3%. if you are the fed, that would make you uncomfortable. i think over the next couple of months, if the fed really delivers on these hikes, i think market inflation will come back down could i think we will see expectations are still reasonably anchored. shery: have we focused enough on inflation? we have seen that rise in asia that is particularly vulnerable. richard: developing economy, no question, but advanced economies are as well, they have benefited from much more stimulus t

bank headline they raised rates 50 basis points but i still think 4100 is in the cards and the market will continue to do earnings until july. >> so this is proof or evidence that we could be in for a temporary bounce, steve, do agree with that. >> i'm going to agree with that thesis and mine is on gasoline. it peaked june 6th it is in 10% from that date. so pete and tim talked about it and guy touched on it. wti crude peaked wheat, lumber continues to collapse. this meanstwo things the economy is not doing so great. there is a slowdown. but there is the fed getting some room. to not be as hawkish get some room to get his foot off the brake. i don't think that is gooding to happen but i do think cpi will come in light in july. >> i think that's a great call i think part of the momentum in the week to give us part of this thrust we were getting lower commodity reads and getting lower in copper and energy was destroyed this week and if you look at that university of michigan, we got the second reading and the five to ten year inflation came down and there is rumors that powell is lookin

federal reserve, the boe, and the swiss national bank. the bank of japan on friday announced the continuation of its loose monetary policy, complete with negative interest rates, while inflation in japan is at a high, it remains well below western economies, just 2.1% in april. that would normally be good news , but the policy diversns between japannd the rest of the world has sent the yen consistently downward with threatening to hamper consumption in the import-driven economy. at lost another 2% friday. the doj defending its decision. take a listen. >> [speaking in foreign language] translator: japan's economy is in the midst of recovering from the covid-19 pandemic, and it is under pressure from rising raw material costs. in order to realize the full scale pad hike -- pay high, we must consistently continue the easy monetary policy to support the economy. reporter: the wto wrapped its conference in geneva on friday. it ran over its duration by two days, but resulted in the first major changes to global trading rules in years. several a

bank is up to one 3rd of the funds being non re payable. this is kev spends up to $6000000000.00 a month. i go live now splits, go commentator and radio host, steve gill. steve, welcome to the program. great to have you here. and i know you guys received around $30000000000.00 in financial aid since the war began. how sustainable do you think this is this western support of ukraine? well, i think you're already saying fatigue among american taxpayer, the ukraine war is not as highlighted on the front pages of newspapers and the lead stories on the news. and i think part of that is because the, the early stories of how ukraine was doing so well on the battlefield is kinda diminished as russian games, particularly in the eastern ukraine have been cemented. so i think as the news out of ukraine in terms of the pro came cranium side has gotten worse, the u. s. coverage the media coverage has got a lot more diminished. and it's just saying that ukraine is reporting about $30000000000.00 in total for an aid that they receive. u. s. provided 14000

central bank. national authority say its financial system has been prepared for the shut off and has already withstood the initial shock of the western sanctions. meanwhile, mastercard, c. o has said swift may even cease to exist in the next 5 years, although the company later attempted to clarify his comments to say that he believes the network would not operate in his current form in the future. elsewhere the south asian country of bangladesh is that it's considering adopting a new payment method to save money. invest image mich. 15, believe the world has changed too much for swift, remained at the predominant platform for international transactions. i've never seen in my career which has been long and extensive in finance. i've never seen sanctions that were successful. and i think that these were well telegraphed in advance. i think it's more of a public relations gimmick to have these and an actual impact that it's going to have. i think the world has changed pretty drastically. we're not looking at a situation that was in the 1960 seventy's eighty's or ninety's. this is a new n

bank. jonathan: christine lagarde talks about optionality. if the inflation data that leans in that direction, i don't think they will have much choice. tom: i go to something i think people understand which is degrees of freedom and they are running out of them rapidly and that's what happens with double-digit inflation. jonathan: we will get headline data from germany in about an hour. looking for a downside surprise on germany. we will get to that story a little later with futures negative a quarter of 1% this morning. this is bloomberg. ♪ what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create million

we are seeing shifts here of one example of a national bank with shares of apple going to parity moments ago on euro-swiss. these tectonic forces are extraordinary. how do you fold them into an equity belief? >> i think you are seeing interest rate volatility mainly. that was the issue coming into the year. the policy regime shift was going to create the macro volatility in equities in the vix averaging over 26 for the year. to me, i'm not sure where homebase is. fx has been volatile so it's hard to have a view on risk assets. tom: you lose money. do you assume you lose money given what you just said about volatility? >> i don't think so but you assume your risk-adjusted returns are structurally lower than they have been the last few years. it has institutional investors reducing the size of their positions and takes down look entity and that creates more volatility which portends weaker risk-adjusted returns. i don't think you assume you lose money on a nominal basis but your risk-adjusted view on that is impeded seriously. lisa: we talked about how the fed is at the beginning of rate h

after a surprise rate hike by the swiss national bank. details ahead. >>> and it all comes a day after the u.s. central bank's biggest rate hike in 28 years. initially the markets were up as we saw yesterday we'll run through everything jay powell said about the economy and the fed's plans. >>> and elon musk is expected to tell twitter he still wants to buy the company. it is thursday, june 16th, 2022. a big day here on "squawk box. mike santoli is here we'll talk about this in just a moment >>> good morning welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and mike santoli. andrew is off today. we got the fed decision yesterday. it was 7

bank of england, or swiss national bank, but the fact we're below those is a softer landing because of the slowing that many believe is being caused by the fed. finally there's one central bang, bank of japan. they purchased over 100 billion of them, so far defending 0.25 of 1%. you can see for yourself, fresh new low going back to september of '98, let's call it a fresh 24-year low. >> time to travel to tokyo thank you, rick. >>> last week, oil back in rally mode today, and pippa stevens has the numbers. hi, pippa. >> that's right, oil is in the green today, though not nearly enough to maic a dent in last week's losses. fuel demand is remaining strong, at least not time being, which is putting the floor on oil decline. for a gain of 100, brandy crude up 0.5 of 1% nat gas down 2%. now, energy stocks are also bouncing back today, the sector of about 5%. the top performing s&p group goldman sachs said they have questions about whether the energy rally is over they don't think it is they noted with each of the prior three dips in the sector used the strong returns, tyler, back to you.

the swiss national bank also raised rates for the first time in 15 years. surprising many economists. and hong kong monetary authority increased its policy by 75 basis points on thursday. >>> today is a new day and let's see how trading is faring right now. here is how asian markets finished. you can see hong kong shares up more than 1%, shanghai up nearly 1%. let's have a look at europe. there is the dax, up a bit and also ftse 100 also up. so more positive today but i think all the analysts are saying don't expect prices to keep rising. >>> american consumers are acutely feeling the rise of costs of inflation. and now central banks are taking action to curb the prices but will it help? here is what our political commentator told us. >> well, it is hard to say at this poi this. part of the reason why ib flakes has gone up has to come with the war this ukraine and represented disruption to energy markets. that has taken a lot of supply offline particularly of russian energy that european countries depend on, that has driven up energy prices as a result and

surprise and aggressive rate hikes went global with the swiss national bank raising an unexpected 50 basis point following the fed's 75 yesterday am the bank of england has a bigger problem with inflation went up a quarter. european central bank could follow as central banks, some worry about currencies, everybody battling inflation move from the pandemic-era policies of zero and negative rates. fed chair jay powell,fact, saying the fed will be raising rates to restrain the economy. >> as you get closer to the end of the year, you're in a range where you've got restrictive policy, which is appropriate, 40-year highs in inflation we think policy will need to be restrictive and we don't know how restrictive. >> reporter: let's show you where the median forecast is and the big change in march. 3.4 end of this year i don't know if 2.5 is neutral add some more in the following year 3.8. all that have is around where the market thought the fed ought to be and rate cuts built in for the fed and even the market for 2024 with 3.4% rate. so a big jump yesterday by the fed but much more work to

>> for national bank charters, yes. stable coins are used now principally as you know around the platforms, the digital platforms. in the baileywick. we're blessed by a plethora of regulatory agencies in the financial sector it will need to be sorted out. >> something given the challenges we've had in the last months, something we have to move quickly on? are you concerned with how long it's taken congress to actually act there? there comes a point at which a new regulatory framework is needed to beloprotect the publid reserve competition and support all that that time is coming and i think, i'm encouraged there are a bunch of bills and congress is working on this. they can grow really quickly we have seen they can have reverses as well >> and you think overall the ideal role of the fed in overseeing stable coins is ultimately long term what's the role of the fed? >> one question is around cbdcs do we want a private stable coin to wind up being the digital do dollar we don't know we need a digital dollar as such yet it

of north dakota and the indian bank the national bank of agricultural and rural development. 2 examples to take otherwise, globally mobile and fickle flows of money and through that institution fix it in your community and help that money stay in north dakota or stay in the rural areas of india. this is the function of the 2 banks. the public banks are locateed do this and specialists and you >> remark than financealization where it accelerates flows of capitol. the third major topic i explore is governorance. trid unions and the government, from min strolls and regular representatives of the public as well as small earnprizes. specified representatives from communities and the other one the most handy down the most democratic bank in the world is [inaudible]. i want to sort of emphasize in this example that it is very democratic and inclusive model of upon governing a public bank and something i recommend if san francisco has not already looked at it to look what it is doing. i will tell you why. it is the bank create in the 69. a bank ownd and controlled by the working class of costa

so all of the central banks -- now, by the way, the fed raises rates and you have the bank of england raising interest rates for the fifth straight time and then you had a surprise interest rate hike from the swiss national bank for the first time in about 15 years. so this is a global phenomenon. and the worry right now in the markets and for economists is if you have that many central banks that, many policymakers around the world looking to tamp down inflation, and do so by removing money from the financial system, whether or not that slows the entire world economy down. and that is the reason why you're seeing so much of this concern about whether or not the fed may or may not be acting appropriately going forward if they were to tamp inflation down. but by doing so send the economy in a recession. it might come to a point where the economy needs to go into a recession, hopefully a mild one, to keep that inflation in check. >> and eugene, as you know, at the white house behind you, they're frustrated because they know that the reality is there is no switch that could be flipped to

the national central banks, i extremely worried interest rates will have to be willing to arise shopping and the limits of all simply creating wealth without necessarily having having done anything for it. these limits have soon been exhausted. i don't see any common capacity to, to keep funding a country which is socially politically and economically bankrupt and whose infrastructure is his complete the broken johnson child speaks of a martial plan for ukraine, but, but europe will not have the capacity to raise that kind of capital, at least not in the bay in the future. trust or to be specific lack thereof is the focus next on cross talk as peter and guess get to the nub of russia on the west current relations. nicholas ah, ah, ah, ah. hello and welcome to cross hot were all things are considered. i'm peter lavelle. any meaningful relationship is based on the following trust. this is absent in russia's relationship with the west. essentially, moscow does not deem western leaders to be good faith actors. this is the lesson learned since the end of a cold war. as we all know, regaining

an economic hurricane apparently coming according to the head of the nation's largest bank. jpmorgan's ceo jamie dimon scary prediction followed up by elon musk's bad feeling about the economy amid plans to cut 10% of tesla's work force. >> it's a hurricane, it's -- right now it's sunny, everything's doing fine, everyone thinks there's, they can handle this. that hurricane is right out there down the road coming our way. maria: coming up, the chem the accurate agenda and its impact -- democrat agenda, why leading ceos are expecting layoffs as recession looms after years of spending and inflation at 40-year highs. but this week joe biden said it's not something he can do anything about. >> the idea that we're going to be able to, you know, click a switch, bring down the cost of gasoline is not likely in the near term nor is it with regard to food. maria: coming up, wyoming senator jan barrasso on the economic -- john barrasso on the economic predictions ahead of janet yellen's testimony in front of his committee this week, on tuesday the. and with inflation already at a 40-ye