and i m rosemary church. just ahead. unfortunately our next available seats for rebooking are on the 31st and beyond. once again, our next available seats for rebooking customers at this time is at the 31st and beyond. these are the scenes playing out in airports across the u.s. as massive disruptions at southwest airlines leave holiday travelers stranded. plus frigid temperatures and paralyzing snowfall hammered parts of the u.s. this holiday weekend. we will speak to one new york official about the difficulties that remain as temperatures finally take a turn for the better. no relief for soldiers fighting in ukraine s hardest hit front line towns as president zelenskyy warns russian troops will stop at nothing to gain just a little ground. live from cnn center, this is cnn newsroom with rosemary church. thanks for joining us. it is the travel nightmare after christmas. thousands of flights are being canceled across the u.s. after the monster arctic storm that
This very fast increase of interest rates because of these other factors. as these other factors start to abate, you re left with just high interest rates. yeah, exactly. it s interesting because i think at this point in the inflation cycle you re no longer seeing goods inflation, right? you re no longer seeing supply side inflation. you re starting to see a lot of wage inflation and service side inflation. now the question is how much damage does the fed cause to the demand side of the equation? i think investors heading into the december meeting were hoping finally for some doveish language and hear powell say we re going to take a wait and see approach and they didn t get it. i think in 2023 it will still be investors holding their breath waiting to finally hear those words from jay powell. what are you looking forward to next year? i am looking forward to a return to cooler inflation, a return to you. personally? yes.
Years, and american consumers are feeling it. they re feeling it in the price at the gas pump and the price of groceries and home prices as well. what s interesting to note is retail sales remain strong, and economists say the reason for that is because of something called revenge spending. after more than two years of the pandemic, consumers are still buying stuff that being said, when you talk to strategists, when you talk to analysts, they say there is more pain ahead, and there are real reasons to be worried. listen to this. i think the market is getting very, very badly wrong about what the fed said. the fact that the fed didn t do 75 when the market was maybe thinking about it shows once again the fed is behind the curve. we have supply side inflation, which is going to get worse because of what the fed just did. and the global economy faces two additional charges, the ever fluid war in ukraine as well as china s strict zero covid policy, which is weighing on
Consumers are still buying stuff. but if you look at that momentary uplift in the markets, earlier in the day here in asia, analysts i ve been talking to are saying look, it is not all good news. listen to this. i think the market is getting very, very badly wrong about what the fed said. the fact that the fed didn t do 75 when the market was maybe thinking about it shows once again the fed is behind the curve. we have supply side inflation, which is going to get worse because of what the fed just did. and the global economy is facing two additional challenges, the ongoing war in ukraine as well as a strict and punishing zero covid policy in china which has had a negative impact on domestic consumer spending inside the country as well as wreaking havoc on the global supply chain. so much to consider. thank you for joining us with
So, look, inflation is at its highest level since the 1980s and americans are feeling it, with the price of gas, groceries, home prices, as well. retail sales remain strong, but economists point out something that they call revenge spending. is the factor behind that, as we go into year three of the pandemic. but despite the rally that we re seeing here in asia, analysts who i ve been talking to say, look, it s not going to be all good news. in fact, they tell me there are real reasons to be worried. take a listen. i think the market is getting very, very badly wrong about what the fed said. the fact that the fed didn t do 75 when the market was maybe thinking about it shows one against the fed is behind the curve. we have supply side inflation, which is going to get worse, because of what the fed just did. don t forget, the global economy is facing two additional challenges.