facing new legal and political fallout following his cnn town hall. we ll take a look at the comments that may have stuck out to prosecutors as some republicans also voice concern over a few things he said. and a debt ceiling meeting between president biden and top congressional leaders gets postponed. what that could mean for the looming debt ceiling crisis. good morning and welcome to way too early on this friday, may 12th. i m jonathan lemire. thanks for starting your day with us. we begin with a new overnight, the pandemic era immigration policy known as title 42 has officially expired. already we re seeing a massive influx of migrants at the southern border. homeland security officials say illegal border crossings topped 10,000 per day this week, the highest levels ever. the biden administration is urging those seeking entry into the united states to use lawful pathways. we are clear-eyed about the challenges we are likely to face in days and weeks ahead, and we
claims data. that still does potentially loom on the horizon. the bank of england raised interest rates by a quarter point. that s the 12th hike in a row. tell us the sense in europe if they believe this could temper inflation and do we think the continent could also be looking at recession? the bank of new england has taken recession out of its vocabulary. it seems to think there should be a flattening in terms of growth just above that 0% mark, in fact. so who knows where that could actually continue to go. with interest rates remaining at their current high levels, of course inflation still at double digits then. that march number 10.1% is where we saw it. so all of those factors still impacting, still hurting. in fact, today we saw a gdp number come out at 0.1% for the
the uk but also in the u.s.? it s a really big week i think on both the corporate side of things and the macro side of things. you re right here in the uk the big focus first of all is tuesday s gdp dates and i think last time around for the third quarter we had a better than expected number but this time around there are some quiet, quiet, weak forecasts for growth around 0.3%, 0.5%. straight ahead wednesday a major event for the uk is the bank of new england minutes from a couple of weeks ago. we have inflation over here running at an eight-month high at 3.7%. there are feelings building that the bank ofening lapped england has to raise rates. the minutes will be dissected to which way the bank of england is going, can we expect rates to be raised by summer fed reserve deciding on