Gone the worst week for the markets since the financial l crisis back in 08 and the quickest move from record high to correction a 10 drop in the history of the s p 500. Thank you and welcome to power lunch. Team coverage of this coronavirus induced sell off continues. Meg is breaking down the latest news on the outbreak bob is tracking the volatility Rick Santelli is in chicago watching the yield curve and Steve Liesman is here on the pressure facing jay powell and the fed. Meg . The virus has now reached more than 40 countries with total case numbers worldwide topping 82,500 and more than 2800 dead. The World Health Organization telling every country to be prepared, citing the virus quote pandemic potential that includes being able to detect cases early, isolate t m them, trace their cats and provide quality clinical care. Saying people need to have the right information, including what the disease looks like. In 90 of cases, its a fever and in 70 , a dry cough. Typically not a runny
Something weve got used to. Before some brief showers tonight, something got used to Mother Nature has been cooperating with timing at least as far as the rainfall weve seen lately livermore dublin in the 30s oakland and alameda youre in the mid 40s. Well, north bay temperatures also in the 30s this morning, definitely cool enough for that jacket and whether enough that you do want to leave a little extra early because who needs to drive fast so it down a little bit 50s for your high temperatures later on and that sunshine definitely making its appearance later on today robin very slow heading into San Francisco john the backup at the bay bridge toll plaza still there. Its only gonna get heavier as we continue through the morning drive its already crawling from the oakland maze, so just be prepared for that are averaging 14 minutes to make it and checking in on highway 17 we mentioned the slippery roads and if you travel on 17 youll notice that accrues have activated all the signs tell
Coming up. Tom a riskoff mood percolating through the markets. Of course, we had u. S. Officials coming out and downplaying hopes of a trade breakthrough at the g20, and the commentary from jay powell and james bullard, seeming to disappoint some investors who were banking on a 50 basis point cut in july. Warningsay powell said of Downside Risks have increased, but stopped short of saying that cuts are imminent, a nd jim bullard said a 50 basis point cut might not be warranted, going for more like 25 bits in july. We saw equities pullback from the initial fedinduced rally. China also looking in the red, hang seng futures down 91 points. Yesterday, the chinese banks really tipped the market lower here after the reports that they may have been involved in not agreeing with subpoenas when it comes to north korea violations. More on that later on. Moment, 6. 88 at the pretty flat, but Dollar Strength story is percolating through the asiapacific. The bond market continues to see yields goin
alone. and they re expected to rise even further as we reach peak summer travel season. the high prices also driving inflation to the highest level since 1981. the consumer price index jumping 8.6% in may compared to the same time, same month last year. now the white house calling that staggering increase uncomfortably high. cnn s christine romans has more now on these troubling new numbers and how wall street is reacting. american consumers are still feeling the pain of higher prices for just about everything, but especially at the pump. look, the may consumer price index, that number up 8.6% from the year before. the fastest since 1981. and when you look at just the month, prices rose 1% from april to may, 1%, that s a big move in one month. core cpi, which they strip out food and energy which can be more volatile, that rose 6% from last year. prices across the board more expensive than last year. largely driven by shelter, the biggest yearly gain there since 1991. food u
Second, be data dependent. Third, communicate your intentions clearly. European markets look to close the week on a volatile note and food and beverage stocks are threatens by the weight loss drugs. And eus metsola needs u. S. As an ally. It needs support for ukraine and there is no denial that we need the transatlantic allies. C biden will continue on the track in order to live up to the commitments made. And investors brace for septembers nonfarm payroll data with hopes a weaker reading to push the fed to the end of its hiking cycle. Good morning. Good morning, julianna. This is our last show together for a while because im off next week. There is so much going on. The imf meetings are interesting to take stock at what is happening with the growth economy and when they publish the data next week. It is an opportunity to assess how far we have come and what the imf is saying with the challenges ahead and the structure themes facing the economy. The theme this year is high debt and low