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Good day i m andrea mitchell in washington, d.c. the wall street journal is reporting that the justice department and the securities and exchange commission are investigating the collapse of silicon valley bank and stock seals sales by its executives before the bank went under. they are questioning whether regulators should seen troubled signs in new york signature bank they are scrambling to diffuse political fallout. inflation moderated slightly for the eighth month in a row but is still rabove the fed s 2% goal ahead of next week s meeting to set interest rates. another factor in the decision, the stress on the banking industry from the financial turmoil caused by silicon valley bank and signature bank this recent days. steve leaseman joins us now. the banking industry is ....
Projecting that in saying that they were going to do everything they could to make sure that this did not spread. yeah. the reason why there is no blanket insurance first of all, it s not the law. the law is up $250,000 so people who are watching at home, if you have $250,000 in the bank or less, that s insured. the question is those over it. they need a finding of systemic rinki risk steve, thank you very much. joining us is banking committee member chris van hollen how would you judge the way the administration has responded, especially compared to 2008? i give the biden administration very high marks for the way they responded and responded quickly. ....
That the worst of inflation is behind us. as this headline is putting it, from chicken wings to used cars, inflation begins to ease its grip. we re seeing prices drop at the pump too. the national average cost of gas hitting $3.40. oil prices falling as well. opec+ opted against trying to stop the slide of prices by choosing not to make further cuts. i want to bring in steve leaseman to talk more about this. i m curious as the signs you re specifically seeing when it comes to inflation. do you feel as if it s starting to ease here, starting to come down, and should we with all that information involved expect to get another rate hike from the fed? yeah. two obviously related questions. all the things you mentioned are accurate in terms of the declining prices and i think it s important to say we re back ....
And waiting to see what she s determine what she will ultimately determine about this bill. it s a bit of a cliffhanger here in washington. indeed. thank you. steve, this morning you said you didn t see any relief from the inflation story in the new data that were released. help us understand where you think things stand now. well, just that, andrea. the inflation numbers came in hotter than expected. you can really get a feel for how it is sapping the strength of the economy and the consumer by just doing the simple math. i will give it to you right now. disposable personal income, before you take care of inflation, was up 0.7%. take out inflation, it was down 0.3%. same with consumption, consumer spending up 1.1%, take out inflation, it was up 0.1%. on a real or inflation-adjusted basis, consumer spending is weak. their income is weak as well. ....
Funds rate towards 3.5%, where it hasn t been in many years. over that period of time, perhaps they will see some progress, some of the supply chain issues start to resolve themselves. we need more people back at work in illegal immigration front and from the u.s. labor supply. we need to see all sorts of things. the supply chain problems resolve to get the inflation problem under control. if that happens, over time there might be some relief coming. we could see some reduction in inflation. then we could be back to sort of a more growth oriented economy. steve, thank you so much, from cnbc. and, of course, chris continue kristin welker. thank you very much for being with us, larry. good to be with you. you have been warning about inflation since last spring. you were one of the early hawks, if you will. you were apparently critically involved in persuading senator ....