that has happened historically when we re at this point in the business cycle. so pretty tricky. hopefully we get a little bit of luck here pandemic continues to fade and the fallout from the russian invasion on oil and natural gas and other markets, the worse of that is behind us, if that is the case, it makes it easier for the fed. i think that they might be able to pull it out, but a lot of risk here. do you think inflation is peaking at this point? inflation has been the story really be devilling the american psyche right now quite frankly. is peak inflation around the corner? yeah, i think so. you know, i think really tied to those oil prices and what we pay at the pump. because that has also driven up diesel prices which makes the cost of food hire. and when get the packages from amazon, it costs more because of the higher diesel. so we need to get oil prices moving south and this goes back to the invasion of ukraine. hopefully the worst of the fallout on oil prices is behind
this is gown to be reversed or this is putin s fault or anything has really got no sound economic ground to stand on. paul: well, but if you look at the financial markets, how they responded this week to the inflation numbers, there was a lot of commentary and even some suggestion in the pricing that they think this is peak inflation in march, that it s not going to continue to go up. you disagree with that? yeah, i totally disagree with that and don t forget the producer price index or the wholesale price index came out the next day and killed that a thought, right? [laughter] but if you go back and look at the consumer price index, i actually saw it as much worse news than i expected in the whole sort of inflation space. and the reason is this: that you remember at the beginning the white house was responding to the higher inflation by saying, well, sure, but if you take out gasoline and tomatoes and used cars and this and that, then the number was actually pretty good, right? and
the u.s. senate to, quote, protect the heart and soul of the nation by changing filibuster rules to pass new voting rights legislation. i ve been having these quiet conversations with members of congress for the last two months. i m tired of being quiet! and a frightening scene when a man storms the cockpit of an american airlines flight and tries jumping out of the window, just moments before takeoff. it is all caught on video right there. first, let s get right to our top breaking story and bring in cnn chief business correspondent christine romans, and, christine, the white house was more or less expecting a high number, but i guess the question is will it moderate in the coming months as some have predicted. have we reached peak inflation? yeah, and that is the biggest question out there, right. these are numbers that are not news to the american families who are paying more for just about everything. let s walk through these numbers. 7% this headline year over year
to what greg said earlier about this is probably peak inflation for this year and it s going to trend down. if it does, great. but if it doesn t, biden just gave everybody a sound bite that s going to come back to haunt him with him saying, i think we re at peak inflation and they re going to replay that a million times if it fails to come down. so that s a vulnerability. there are things he can do. he can cut tariffs. he can increase legal immigration so we don t have such a labor shortage and goods can actually move and we can have truckers. so if i were the biden giving the biden administration advice, it would be do the actions that you can do. that you know can fight inflation rather than focusing just on the build back better program. but if the reality is, joe manchin, the key vote they need is focused on inflation in terms of how he s going to vote, right, margaret? does raise the question whether this is the nail in the coffin. of course. and like, look, pam, i think wha
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