cartel about where they are going to put oil prices and output here. so i think when the very near-term, what it means, look at where gas prices are today. $3.55 a gallon. that is down 25% from last year. this has been a good piece of the inflation story in the u.s., but also in the european union, where, you know, inflation levels have been coming down, still too high, but having coming down. what does the white house have to say about this? the white house points out, it doesn t set these prices. that is opec. we are not a party to opec plus, which makes its own decisions. we are focused on prices for american consumers, not barrels, and prices have come down significantly since last year. overall, what we ll watch here is how much oil prices could rise and how much gas prices could rise. the expectation had been that these gas prices would stay well below year-ago levels, in part because global demand is softening for oil from china and the united states. because the overall economi
comes due. learning it on the federal level with the debt ceiling and the personal level as well, when you raise interest rates, money is no longer free and someone has to pay for that so we are collectively paying for that credit card debt as well. the gap between when people were paying down debt and now it s up, that was the big inflation surge, people trying to keep up with prices and they could do it out of savings for a while, and then they had to start putting it on the card. so borrowing to just keep up right now. sandra: so important we get those inflation levels down. and they are not down low enough yet, even at 5% on top of last year s increases, that s a lot of money. sandra: the debt ceiling talks, talking about implementing more and more spending. transition to chicago, it s something to see what s happening there, as far as businesses are concerned. and fleeing of the big businesses. the that city is so dependent on for their revenues. this is the new mayor, as
settle? will we get to a point where prices are at the same level as they were before the crisis in ukraine? crisis in ukraine? one of the thins crisis in ukraine? one of the things you crisis in ukraine? one of the things you have crisis in ukraine? one of the things you have to crisis in ukraine? one of the things you have to keep - crisis in ukraine? one of the things you have to keep in l crisis in ukraine? one of the . things you have to keep in mind in general is that when we have inflation levels and the price level generally rises, it is rare to see negative inflation evenin rare to see negative inflation even in certain subsectors where you get down to the levels where you have been before. that doesn t seem to be the most likely thing. what we are seeing, however, with a time delay, most likely incomes will pick up, waiters will pick up, we see that wage growth is stronger as well than it used to be before this inflation shock, as incomes pick up with a new price, that
markets, but who knows what geopolitics russia and ukraine could throughout. we put this onto a giant mix, and my impression is that we have had this 12th rise. this is not a case of 12 and out. perhaps it goes further because inflation is not yet under control. there are fears it has become embedded, and there is fears in the uk context that it there is fears in the uk context thatitis there is fears in the uk context that it is a little stickier than it is elsewhere. the bank leaving their options open, leaving the weapon loaded for further rate rises in the future, at least one injune. loaded for further rate rises in the future, at least one in june. thank ou ve future, at least one in june. thank you very much- future, at least one in june. thank you very much. let s future, at least one in june. thank you very much. let s go future, at least one in june. thank you very much. let s go back - future, at least one in june. thank you very much. let s go back to i future, at lea
the russian military, it s a cautionary tale for china. we have to help ukraine end the war on its terms as quickly as possible or we ll have a bigger problem with russia and china. martha: very consequential times that we re living in. thanks very much, ambassador volcker. good to see you today. so breaking right now, we have a lot happening this hour. fed chair jerome powell has just announced another hike in interest rates in this country. he says he s still working to fight the elevated inflation levels and he s warning the full impact on bailing out banks in this country has yet to be seen. charles payne live from new york. somebody has to pay for it. you do. everybody with a community bank account, everybody with a small bank account, everybody with a bank account in america is paying once again to bail out the billionaires. if you re the spouse of a military veteran, i want you to know something. your spouse has earned