pain. looks like no one is going to be spared here. lits bring in christine romans. we may not be spared, but any glimmer of hope? i m calling it a take no prisoners economy. the investors, home buyers, car buyers, companies, maybe even workers, no one is spared here for now. this is in the global fight against inflation. central banks are jacking up interest rates. no end in sight there until high inflation is vanquished. the fed has done it five times. the fed chief himself acknowledging the fed s medicine will be painful for everyday americans, for consumers, even workers. he says i wish there was a painless way to do that. there simply isn t. wall street finally seems to believe him here that more pain is come ing. wall street saying this could invite a recession. brutal stock market losses this year, bear markets for the s&p 500 and for the nasdaq. the dow on friday closing at the lowest level since november
again and russia s war on ukraine could keep oil prices high for some time. at the same time we are seeing signs americans are changing how they are spending their money. households are cutting back on the big ticket items as prices soar there. may s retail sales pell .3%, that was driven by a 4% drop in car sales. car prices are at record highs, airfares are rising too. u.s. flight bookings dipped 2.3% in may. americans have pulled back spending on services in about the past four to six weeks on things like dining out, travel, air cuts, home cleaning and this is all americans up and down the income ladder. higher income americans unnerved by big stock market losses. there had been hope consumers would shift spending from stockpiling goods during the pandemic to now splurging on vacations and eating out. so watch this space here. and we can see that higher prices are beginning to eat into
think that if president putin can go after slavs, then they could be vulnerable. so this just demonstrates his attitude, wolf, towards southern nations. he doesn t respect sovereignty of any of the neighbors. so, so disturbing. former ambassador bill taylor, thanks as usual for joining us. thank you, wolf. just ahead, president biden s candid response to the mood of the nation, feeling the pain of inflation, rising interest rates, and stock market losses. stand by. we ll be right back. f pain. i was unable to eat. it was very hard. kimberly came to clearchoice wiwith a bunch of missing teet, struggling w with pain, with dental disease. clearchoice dental implants solved her dental issues. [ kimberly ] i feel so much better. i feel energized to go outside and play with my daughter. i can ate anything. like, i don t have to worry. clearchoice changed my life. ready to style in just one step?
to see on the court. you know, the justices disagree vigorously. but behind the scenes have a rapport with each other. unfortunate to see that. great reporting. thank you. also some sad news to report this morning. former creative director at vogue andre leon tally died at 73. standing at 6 6 , he was an iconic presence at fashion shows around the globe, often sitting with vogue editor anna wintour before the two parliamented ways. tally was widely known as a fashion pioneer, award-winning author and host of america s top model. a trail blazer indeed. sad news there. let s get a check on cnn business this morning. looking at markets around the world, you can see asian shares mixed with the tokyo had kind of a big tumble there. european shares have opened just narrowly higher. on wall street, stock index futures this hour also barely leaning up. look, tough day on wall street. the culprit, a rising ten year note yield. stock market losses across the