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Your stock market and your 401(k), that will plummet. in fact, they re already going down as we speak. this will not only impact the housing market us about also america s financial institutions. we re headed straight for a recession, even as inflation continues to climb. now, this week, we also learned that the producer price index this measures wholesale prices that businesses pay and you pay more on top of it it s up a whopping 10.8%. if you watch this program, you know the driver of these costs is record high gas prices and diesel prices. joe biden could work to bring those prices down right now and don t take my word for t let s listen to word for t let s listen to kevin o leary, cnbc, take a look. the economy and the market won t be able to recover unless we see some relief and relief that we can believe is a long-term solution for oil. here s how you fix that problem. it was a policy mistake by biden when he came in. you reverse the mistake. ....
Listen if you look across the broad range of data, what you see is that expectations are still in the place, very much in the place where short term inflation is going to be high, but comes down sharply over the next couple years. that s really where inflation expectations are. as you get away from this episode, they get back down close to 2%, this is really important to us that that remain the case. that is what they re trying to do. you can see the cpi number, 8.6%. businesses are feeling that 10.8%. so i went on to ask the chairman about slowing retail sales, which we saw last month. if he s hearing that inflation is changing consumer habits. you see some things getting sales going down. overall, spending is very strong. the consumer is in really good shape financially. their spending. there s no sign of a broader slow down that i can see in the ....
He wants to make sure the working class has a chance to get ahead in this economic environment that he says is doing great. first off, the economy is not great. we have a negative gdp. we have the lowest labor participation rates effort. dpi numbers came out 10.8%. i don t think i would be bragging about the economy right now. i will never vote for a tax increase. i don t know that republicans that will vote for a tax increase. what joe biden wants to do, he wants to act like he s only going to tax the rich. he s proposed taxing poor people. he s done that before. he s personally proposed cutting medicare and social security. how can this guy get up there and completely lie? here s why he s like he is. he grew up going to a rich prep school. he s been taking care of your tax dollars. he doesn t know what it s like. ....
As prices continue to rise for everything from clothing to gas to groceries. and new numbers this morning show the increase in wholesale prices in june pushed the yearly increase to 10.8%. that s near a record annual pace. and wall street is struggling to recover from yesterday s nose dive with the s&p 500 falling into the bear market. all of that adding up to the ceo of morgan stanley saying he thinks there s a 50/50 chance of a recession. joining me to break it down is tom costello, kelly o donnell and matthew dowd. let s start with that economic part of the puzzle. what would an interest rate hike of three quarters of a point mean? i think we should probably stress the reason the fed is going to do this is because it only has one tool in the tool box to get inflation under control. and that s a hammer, only they are using a sledge hammer right now. ....
It right on inflation a long time ago. joining me to discuss all this, mohammad ellerian. thank you for being with me. i wish it was on better news. let s talk about what the fed does this week. should the fed raise rates by 75 basis points? it should. it should do all it can to catch up. it is desperately behind. and the more it is behind, the more this inflation problem persists. so you said over the weekend your prediction is that we will likely hit 9% inflation. how soon? in the next few months. as christine just said, pipeline inflation, the ppi, what is in the pipeline still, is running at 10.8%. inflation expectations are high. and wage growth is going to go up. so when you put all these things together, it is too early to call for a peak on the inflation rate, unfortunately. ....