what a crazy day in the markets and for the economy. just when we thought the inflation news couldn t get worse, it did. a sign of what is coming. wholesale inflation that makes you think wait a minute. the retail inflation that is bad could get worse. susan li with more. the dow down sharply this morning after the near record high inflation numbers for producers. wholesale prices coming at 11% higher than last year. you couple that with the steepest consumer price increase and 41 years. we know that americans and companies are paying a lot more for their goods these days. meantime, you have america s biggest banks kicking off what wall street sees as a crucial earnings season to check on the health of corporate america. the biggest lender in the country, j.p. morgan and jamie dimon confirming that his prediction of a economic hurricane down the road has not changed. he points out that the u.s. economy continues to grow in the job market hand consumer spending remains healt
changed. he points out that the u.s. economy continues to grow in the job market hand consumer spending remains healthy. despite that, j.p. morgan and morgan stanley disappointed didn t appointing profits and sales and blaming the stock market. the slow down means job cuts. j.p. morgan companies have already started reducing their head count. black rock is also slowing down hiring. these companies are trying to figure out how sharply the u.s. central bank has to raise interest rates in order to bring down inflation and slow the economy. economists say there s a 50/50 probability they will raise it 75 basis points or a full percentage points. if that happens, that would be the sinkest largest rate increase in one meeting going back to march 1984, neil.