that's all for this edition of dateline. i'm craig melvin. thank you for watching. [music playing] ♪♪ welcome to the third and final hour of "squawk box" here in europe. equity markets are opening now. wecome to the viewers joiningb. us stateside. a big rate decision from the bank of england to theq swiss national bank. rescue of credit suisse here.

we have a large day here in europe. the earlyu■ signals are weaker the stoxx 600. we are falling out of the gate with the downbeat action at thiq stage.t(e1 somewhat helped by the futures stateside. weaker hand over, butok signal may see a bounce. yesterday, we were firmer in europe. there may be a catch-up trade. a couple of levels of green,çó á the overall print is weaker. the .50% move on the individual stock and baskett( çólevel. technology stocks trading at the top. banking names at the bottom. every stock in the basket trading weaker. yesterday, we saw reaction to janet yellen pushing back

against widespread guarantee of uninsured e1deposits. that rattled the banks stateside and thewju)sq't is across to the banking names in europe thib morning. we are trading lower in media stocks. down by 1% at this stage. every stock in that basketñi trading weaker. .75% off construction. the theme is all stocks in the baskets are in the red. all trading with red arrows. financials are a basket containing theñi banks here in europe including ubs. oil and gas is down e1.40%. thee1 defensives toward the top end of the boarde1 from xdtelco utilities to real estate tracking below the flat line. autos givingxd back a tiny bit

territory. there are green arrowse1 from porsche to renault.e1 just leaning positive. not much in the way of green arrows here. it is technology out in front .30% to the upside. we got above the threshold!u■ o 7,534. .40% off from the start. a bigger decline and that is the pound support we have seen with n the currency and the inverse relationship. we are giving back .40%. that is more than coming off the french and german stock markets more contained on ñpi■ other coe markets. on thee1 periphery, we are down .75% on the spanish stockl market. a large amount of disparity.

ñyrrñ the fed raised rates by 2 points bringing the target rate jay powell expressed turmoil in the banking sectorok and says t banking system is safe and sound. all stocks higher this morning as we countdown to the u.s. action. european banks are weak trade today. diving into the individual names. barclays down 1%. more with hsbc down 1%. deutsche bank is contained this morning. ubs is at the cente8this morning. it is down .30%. credit suisse is tracking lower. across the board, 1% or soc gen and qbnp and santander. finma has more reasons for

writing down the bonds. the contract was explicit, but written down in a viability event. finma said it was all due to liquidity. the amount provided to ubs ande credit suisse. the banks in frankfurt. it is a weakere1 print from bank of americae1 trading up. geoff. karen, thank you for that. let's bring thee1 story to davi allen. cio at albacore capital group. good morning. nice to see you. >> good morning.e1 >> focused. the whole banking story and credit suisse gives us a nice entry to the conversation. before weçó talk about where yo see value in your particular space, let me ask you has the

at-1 debacle with credit suisse moved thelp needle now on th discussion asw3 to when you creditors get made good andtw @o which w3don't? it is ourt( understandinwdlf th credit structure in the bankingr sector? >> this is why we are wary. itis5a■ difficult to analyze. with credit suisse, the cost of capital will go up as we get more nervous. we are a."■ research driven fir and you have5a■ to readt( the documents. you hó6÷e other guests who know moreq than i do about this, but it seems there were things in the documents to allow this to5 happen. it is important to read the fine print. a lot of us don't do that these days. apple computer disclosuresht■fá people quickly click go.

>> explain to us how you feelt( about bank credit more broadly. you said you are not interested. >> there is an effect in the business. i go back when i came to europe in the mid 2000s. credit suisse, we are a bank which was solvent as well as lehman brothers. you look at the other banks like morgan stanley and shifted to asset managememu andq wealthlp nd proper -- pr propensity of the bank to make leans and at-1s has them pulling back p more. ubs will pull back from the market which opens up the zt lenders and private lenders. >> there are consequences broadly from the banking system from the last number of sessions. we sawe1 that yesterday.e1

perhaps one more ratee1 hike. that changed with the path and the implications for the credit market. give us a wash up of what you now see as decent credit exposuree1 going intook recessit this point and what do you think could stand the test of time? >> i think the bank of england decision is easier after yesterday. i wille1 predict a failure. it looks obvious. i think you are at the end of the fed hikes and boe hikes. doing well. gr. i hadçó 5 pounds for an egg mcmuffin and coffee this morning. if you are looking at a price taker or maker. ifqokt( you checked in the hote taken a plane, you see demand and prices going up. companies inw3 our portfolio ca set prices like a food company.

wheat is down and energy is down materially. there will be slowdown, but mild. if you pick the right é@■compan, our business is credit by credit selection. companies are doing well in the economy. >> everything is going up. i had fune1 on the sky news tracker. you can put in the risk categories which have gone up. bread to milk to light bulbs to exercisei] sessions. thisu■ feelslpu■ like it is notd downturn. animal spirits have been alive and well thanksu/to savings. we have depositfáe1f&d■ holders concerned about result of capital at this stage. we know the work force is reset in terms of how many hires they are willing to embark on. things are changing. are we talking about a different environment ofq setting pricest higher? >> you have to offset that withr oil. $70.

commodities are down. some leading indicators for us as europe is an energy consumer. if you look at ourñ the big risk with, of course, germany and ukraine crisis, it was energy which has come in ae little bit. we are looking at that for raising prices at the chemical business. if you look at margins, the pressure will reduce and you could see prices coming down actually going forward. >> where are we with defaultq rates at thee1qlp moment and th programse1 the companies will enforce going forward? >> i think it is important to look where things were. to 5%. bank of england rates going back to the 1700s, it is 4% usually. rates ofq zero is unusual.xdok we had defaults to zero

stimulus. the normal is w33% to 5%. you have to look ate1 the capit structure. if you are at the top of the capital structure, you get your money back. you look our business today, we have the first lean marketfá an secure markets with double digit and secured u■debt. there is equitye1 below you sometimes. i think the fault is normal. if you are june junior debt, it low. if you are securities, you are higher. >> we have fallen into the view that the zombies walk among us. this extensive period of low interest rates allowed businesses toe1 survive thate1 shouldn't have and don't have viable business mode themodels.g particular had -- particularlyl

inu■ the tech space. have companies been better?;■ credit positions? >>p,■ definitely zow[u amongt( . the walkingxd woundedlp with th financial markets.5a■ a lot of companies took the opportunity to refinancefá debt and do fixed rate zg7debt. i think where people got in trouble was being too cute on refinancing. if you have debt maturing in two years and you extend for five or seven years, they feel itf ds to of the things we say having done 4%m■ for over 30 years is if you need to refinance the debt, refinance the debt. don't be cute for a quarter point here. there are companies that were cute and faced withxd maturitie. they will structure in and work outfáe1 and we have done, i wou say, my dad said, don't look fod t punches

you, fight back.e1 we are protecting the capital of investors. we wind up in processese1 to q=im9 >> what does this meanxdxd for m a front? we talk about the washup ofçó silicon valley bank. we had active last year and do you think that changes with what we have seen? >> one thing which isxde1 interesting is the equity markets. in 2017, there were companies in europe like one of the best businesses inxd europe which wa pricing at 3.5% interest rates. today, they are closer to 9%. thee1 rate has tripled for companies on thejfq lean side. the s&p is up 50% at the same time. that market is higher and the cost of capital has doubled or tripled. there is a correlation with the cost of capital and value of the

enterprise because of net income ufter e1e1interest. what peopleñr struggle with is people say our cost of capital is i]10%. you chargei] for that first leai -- first lien debt. it looks like the equity market hasi]ñr to normal5a■ize a bit. there"ç&■ok a process where youy a company and fix it up and it &o%11■ works. fix it up and it what doesn't happen ist( buy at2 times and run it for three years tim. to let you go. there is an argument made by the private equity community that leverage is less involved in the transactions that engaged in and you would see in

the public markets necessarily. is that true in terms of your understanding of the risks that >> they don't leverage? >> that is an argument. we are concerned around this desk like everybody else about the unrea÷i9■ losses that+■ maks private equity companies portfolios. they don't have to re-price in the same way publict( markets d. at some point, those losses will have to be acknowledged. the push backe1 from then is e1, well, we don'tçó engage in as mh leverage. :uz have to take a çówrite-down, that will not can challengew3 t terms of the loans or anything we engaged to finance the businesses.xd >> the leveragee1 from the portfolio with a single company

leverage. the fact you are saying -- the fund is not leveraged again. companies and firms responsible extending debt and you have a fivey?lr çórunway, you arexd oefortable. you have to add valuation. there is an art to the valuation. you will get immediateq ñr valuations. private markets tendçó to be aet low for time for private equity. >> david, nice to see you. david allen. cio at albacore capital group. cio at albacore capital group. still to come, we have thee1 hi. i'm wolfgang puck

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the bank of england is due out with the latest rate decion in a matter of hours and it isw3 expected to hike by another 25ñi points in what wou be the 11 consecutive hike.e1 the ftse 100 is up a bit this

morning. governor andrewlp bailey warned that the news in asset prices could trigger the vulnerability in market based finance amplifying an;,■ market5a■ conditions. that is the implication of what we are seeing in the banking contagion situation and whether it has ramifications for monetary policy. we saw the pathway change for theñr fed overnight. 25 basis points. potentially another move at this point and what we have5a■ acros the banks with declines.t( nat west is trackinge1 higher.5■ uk consumer price cameñ in hottr with the setback for the boe.e1 governor bailey pledged not be to swayed by big data. we will have the news in the sector cloudingu■ the s7■pictur. sterling is stronger at 123.09.

áz what we are seeing in recent weeks as month. let's get toe1 arabile with mor. what are we likely to hear? >> reporter: karen, 25 basis points is whatq we are likely t hear. thatxd is whatñi analysts are picture -- are expected to get today. it is likely to be a split vote. how they see inflation is the key factor. having seen that number come out yesterday at 10.4% for the month of february on a year on year e1 basis. the question is is it likely to remain stickye1i] at that end a p r(t&háhp &hc% how do they bring it down to 2%? how much more work do they do?t( analysts expect the terminal rate to set at a peak of 4.5%.e1 that means a leape1 to 25 now a

another one scheduled in may is the hope that perhaps it remains at the levels and not increase anyñi further. the questionw3 around growth is also a veryxd pertinent one. you don't want to stifle that too much more either. we have seen the uk continuing to struggle with the growth numbers and growth projections as well. how they continue to get any sense of growth with higherçó interest rates and seen mortgages continue to go higher. energy prices have been the key factor as well for a lot ofeo house holds while food supplyok and food inflation conáa'ues to sit at thew(op end of the basket. it does continue to hurt consumers. when that does fallñi away evero slightly, what does it then mea■ for inflation? does that begin to peter off extensively and doesu■ it do so quickly or does it remain fairly high for too long?

some sentiment may be taken out of the ecb. and theyu■u■edi] to how the interest rates have begun to make a debt on inflation. it doesn't seem that way when ic things could change. that is the banking upheaval, but prices will begin to wear off with food prices and the energy pricefá shocke1 which we certainly feltçó extensively at the latterq part of last year ad clearly into this year as well. quite a few things to look at to ô#5■plicate the decision having seen yesterday's print come out hotter than initially expected. governore1 andrew bailey certaiy has his work cut out and does the policye1 committee as well. >> arabile, thank you very much

for that. down at the bankof england. beforwó we go to break, rio tinto with revelations around an attack by a cyber criminal group. we are just getting initial headlines through here. it does appear that a cyber criminal group have made claims about having data related to certain records processed by the payrollxd services team in januy of 2023. at this e1stage, it seems rio i not giving us a very full picture. it may also be that they are investigating themselá the extensive nature of the data attack. the cybere1 events.e1qp information held hostage.

rio saying none ofxd the record have been released from the internalw3e1 memo. they arer what would you gaine1e1 from th payroll unless it is a paye1 pa theyq are receiving? >> the data you can sellñi on t dark web with.e1 unfortunately this data can bee used for othere1çóe1 nefariouse purposes. just something to be aware of as we continue to watch the market. whe with we cnom

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european equities accelerate losses with banks leading declines after the fedt( raised rates 25 basis points andxd5a■ suggested the hikinge1 cyclp drawing toñr a close. >> also possibleu■lp this poten tightening will5a■ contribute significant tightening in credit conditions over time and with that, that means monetary poñ

«>> the peak of the rat journey and u.s. futures take a leg higher with the 500 drop on the dow as janet yellen talks about the5a■ backstop. >> not considering anything to do with'c■ blanket insurance or guarantee. more central bank action ahead with the bank of5a expected to hike 25 points as they struggle with inflation. switzerland is looking how the snb addresses the fallout on the collapse of credit suisse. that decision due within moments. usbc accused of security violations. bitcoin hoveringi] around nine-month highs. we get ae1ok check on the cryptocurrency landscape.e1

so, it hasçó been ae1lp fascinating xdmorning. finma regulator came out justifying the decision withçó k at-1 bonds. the snb and the market is split on what it thinks we will get. 50 ise1 the expected number to take us to 1.5%e1 here. the markets are veryfáok cogniz of the issues as creditt( relat to the behavior of the markets on thee1 credit suisse story. we haveçó 50 basis points.w3 the snb policy rate moving from 1% to e11.5%. the snb saysxd ite1 doesn't rult further interest rate increases

at this stage. the bank says it cannot be ruled out that additional rises in the policy rate will be necessary to ensure priceok stability overc medium term. for all of you who are active in the currency markets and interested in thew3 snb on currency intervention,5a■ we ren ready to intervenee1 in currenc markets. we will remain ó.÷ active partis paintxd to steere1 the levels against otherjf lpcurrencies. let's see, what else. the bank will provide monetary5 conditions appropriately and will remain active in the foreign exchange market as necessary. we are gettingñr a slew of projections which have movedçn'r higher, notably from previously. the snb with 2023 inflation at

6% as the previous as 2.4%. 2024 goes to 2% against the forecast of 1.8%. interestingly, karen, we have çó re-confirmation of activity on basis points, we are alsoe1 getting a lift with the inflation numbers. >> and it is interesting given what we have seen with the clean up of credit suisse as you had an impact on major institutions of december. you have the data for lifting by 50 basis points todaye1 and perhaps some of the mystery solving with the level. we have 1.5% level now ont( the interest rate. if you compare that to the united states and all of the talking here in england of getting to that 4.25% and e1÷k■

and 5% in the united states. if you have too much of the gap if you have too much of the tz destabilizing as you speak of monetqkñ flows in switzerland.çó you see the logic for the snb. what would that say aboute1 the stability in switzerland and foreign exchange markets. we have joumanna [trnding by for any key point to jump out to you, joumanna? >> reporter: you know, i think we're in a special situation whereby if they hadn't hiked by 50 basis points, the marketñr would panic thinking the snb would be more concerned about the situation in switzerland more than the price reaction we had this week. the fact they didt( go for 50 basis points and pricing in 40. it is not that much of a price with 50. es -- especially in light of the

fed which went 50 points yesterday. sticking with what was priced in is not going to send mre1ok knek shock to investors and'c■u■ in with the language that has come out of the snb and chairman jordan over the last couple months. if you look at the data,ñr inflation is high. that is at a 20-year high. core inflation at 2.4%. that is the highest on xdxdreco. it sounds like a small number compared to the other inflation prints we are getting around the world. for switzerland, it is still high. the fact they are hiking to come which means theyq@#re not excluding more rate hikes in the future means their worr iséíoot done as well. i was picking up on the inflation forecast that you werr citing at fá2.6% for the year. on the interest rate5a■ yy"le u

certainly, there is still an implication of more work to do. the snb meets four times a year. they have less windows to get the hikes through. whenfá they do hike, they have go onw3 bigger increments. also, aux majore1 key this weeka line sayi measures have put a halt to the crisis. in their highs, what the threeq of them, the regulators and the government and snbq decided to o over the weekend, with the forced merger, was enough to put cr. there are differing views out there and we continue to talk about the t(fallout of the at-1 bondholders, but not because of k%e pressure it puts on the system, but what it means fo÷(ñ legislation particularly because the regulator did change the law

in thet(e1 final hours over the weekend to accommodatet( for th at-1 ñiwrite-down. if this is the precedent,lpok w should we take the documents at their word when the regulators come in and change things around at tv%÷ laste1 second? as we have talked about on the show, ecb and bankñr of england operate and do things differently. tk reflect the hierarchy of the structure. that is one element to think gpthe e1snb decisio% monetary policy decision, but there will be a press conference and lots ofñi media and questio directed at the chairmanjf with respect to the deal they constructed over the e1weekend. the repercussions it could have on switzerland. i will sit down with the chairman in a coupleu■ hours ti.

i'm looking forward to bringing you that interview. >> thank you, joumanna. let's take a look at market reaction on what is a big day for central banks. we have red ink across the board. down on the stoxx 600. the benchmarkxd here which is i contrast to yesterday. it is up .50%. individual markets on the ftse 100 in the uk with .25% offfá t german stock market. the overall turn is weak to date. picking up on thee1 wall street trade and janet yellen's comments in guarantees for the uninsured deposits. we have different basket stocks. we are mostly red. a couple of patches of green in resources and technology.

we have media names and banks trading down .80%. trading 1■ names is up 4.6%. tech names from lpprosys. we have elsewhere to theok down side is schroeder's. a look at the u.s. markets andt futures still poised higher. we are the boards holding up 160 points. let's geti] to the dow jones industrial average. i think what we are looking at is a resiliente1 start at the beginning of the session. focus on crypto. let's look at coinbase. down around 10% as you can see here. this on the back ofr news that the u.s. and s.e.c.

has issued cryptook exchange ok coinbase with a wells notice. warning the company it has identified potentiali] violatio of u.s. securities law. coinbase chief legal officer said regulators have not dealtx with the cryptow3 company in go faith and a legal case will help clarity on the regulation. let's get to e1arjun who is at e important blockchain event in q paris.ñixd arjun. is very much top of mind here. we had a bad year in the crypto markets last year. there has been a@imge rally at the start of this year despite the turmoil in the banking sector. i have been catching up with their thoughts on the crypto winter which may be coming to an end. listen to what they had to say. >> p when the winter will thaw exactly.

%uz5a■ seeing the cryptoht■jf and bitcoin industry in general is here to stay. even in the wake of recent events of u.s. banks. >> i think it is too early the winter is over. i'md i think we have to see what the if it is able to calm down, the )jr)j givinglp reassurae that bank deposits areçó safe, might see a slowdown of the bitcoin atw3 the moment. >> reporter: to pick upfá that conversation, i have joseph lubin. joe, i want to ask your view on this. a lot of people thinkinge1 abou the mood in the industry. we see thefá big rally in the market int( terms ofxd price.

is this crypto winter coming to an end? >> it may be a controversial thing to say, but the state and strength of the ecosystem has never been better or stronger. ar macroeconomics headwinds in the re small number of companies in our space. the sizes of the conferences in paris and denver and los angeles have never been bigger. oncm@q builders come into the ecosystem to build an alternate economy, they don't leave. the speculators runj and run out. building has never been better. >> in reality, you are running businesses in a difficult environment. consensus is up4ézok cut jobs across the entire crypto economy here. jobe cuts i the past few months. are you expecting things to be on the up going forward in terms of business? >> absolutely.

volumes have increased in our ecosystem. the general level of assets, whether crypto assets or other by monetary and banking complications. so, we are seeing a lot of xd activity. >> and you have seen a bigger m and ethereume1 as well. it stayed everything going on. why is that? >> becauseq they're sound. bitcoin is aw3 sound money. ethereum is an ultrasound money. sc in the ecosystem has5a■ never b better and it isñi accelerating. >>ñr is itxdp, the federal reserve may not be as ggressiveñr with the rate hikes? >> that is part of ñit. it isysñ anxd inflation hedge.

it's an'c■ ecosystem economy feature hedge. there is tremendous building in our space and interest in the legacy economy. >>5a■ let's talk about the regulatory landscape. a lot of people are talking aboutp,■ it over the past with s.e.c. with aá"9u)(q to çó coinbase and s.e.c. alleged charge against tron. the s.e.c. has beene1e1 aggress since the collapseñió[■ of ftx. whate1 is your view? >> i thinkt( more clarity andfá explicit would be helpful to the industry. i think our industry has suffered from having two major iedw3çóe1 into one. the tech crypto is building

decentralized infrastructure. money cryx(> should be regulated. money crypto people issued tokens that are rightly seen as securities.r tech crypto peoplefáe1 are technology -- technologists. >> i want to focus on ethereum forw3e1 a moment. within thati] new york a.g. suggested if ethereum could be a security and they say the stake has incentivized users to own. >> anybody can say anything. it doesn't make it true. it is unfortunate that that sort

o i don't think it is all that relevant. matt and bill wrote a piece on consensus blog describing what is going on with the ethereum token in opposition to the there is another great piece by bill hughes called money crypto versus tech crypto on coindesk. the short piece. itu■ is a very crisp representation.5a■ >> people are looking to the expectation of profit of the is that all concerning? qqyr:ujt point. you are confident at this point >> definitely not. >> what5t$uz the implications? point to speculate onw/í someth

that is extremely e1unlikely. >> are you frustrated in particular with the s.e.c. at this point given the way theyu■ have gone about the market so far in termst(q of enforcement? >> i think our ecosystem ise1 generally frustrated. i think some of us believe that many of the actions are righ4■p and reasonable. again,xdñr more clarity. we have seen focus on things thatlp should see reó,÷ scrutin and we have seeni] misunderstanding. once again, the difference between moneyçó crypto and tech crypto. >> joe, thank you. regulation is top of mind at paris blockchain week. and frustration from the industry around how the s.e.c. is approaching the crypto industry at this point. they want a moreçó collaborativ

app2 we heard from joe lubin.t( founder of ethereum. thank you. >> thank you, arjun. let's look at u.s.lp futures. they have been in the greene1 a bouncing up t o bit's hard to run a business on your own. make it easier on yourself. with shopify, you can have everything you need to streamline your shipping, returns, and product storage, so you can focus on growing your business. because when we

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the federal reserve lifted intereste1e1 rates by 25 basis points bringing thee1 targete1 from 4.75% toe1 5%. it is the 11th hike since march of 2022. itb]ould be the last as the fed indicated it is on the verge of the pause and considered run this month in light of the global bankingv the would could is doing a lot. u.s. banking system isñr quote safe and sound. powell acknowledged theu■t( cen bank has softened its tone in the light of recent events.

>> we're looking at what's happening among the banks and asking if there is tightening in credit conditions. we are looking at that with the rate hikes. that is a substitute for rate hikes in a way. policies need to be tight enough to bring inflation down 2% over time. it doesn't have to come from rate hikes. >> the fed kept the terminal rate unchangedlp since december. they only expect one more rate hike this 5a■year. several officials predict the rate going among the level. the committee revised projections forecasting rates would h÷)q) of 4.1%. you look at theq dot plot and i looksok like the despersion of 1

rate hikes and signaling and that future rate hike path is not set. >> participants expect slow growth and gradual e1re-balance1 supply and demand in the labor market. if that happens, participants don't see rate cuts this year. i wouldxnsay theçó path in the economy is uncertain.e1 >> the fed updatedlpe1 the fore to what it predicted back in december. the unemployment forecast remain unk■canged at 4.6%. inflation now expected to be 3.3%. ého■ at the trak of the fed and the dollar index has been declining against all sorts ofñrok currencies across

asian region. the view ise1 that would not occur. the point is as youe1 highlight, could is the word. that is the problem to get you could be wrong footed. thee1 issue is what happens fro the banking contagion with the deposit holders? does itht■ stop the spiral? that is difficult for thefá fedo get ahead. >> i beltwuu$e market believes there is something wrong withok the financial plumbing. i think the marketoku■ reaction yesterday was key of that. the central bank did what we ó]$ike 25 basis points tot( sho there is nothing to be too worried about, but was dovish with the language. yesterday, we got a selloff. the selloffu,pñ5a■ wasn't what

said, but yellenu■ said. yellen said there is no backstop on the fdic insurance on thed deposits. the bit that makes me thinklp t market is skeptical about theu■ financiadpáujt)jt is the indexj which sold of5a■ aggressively. hikes don't have to be ae1 positive, but they are good news ultimately. you pay out the depositors at one rate and you lend to theqwe borrowsu■ at another.e1 that spread is the profit. it is easier to make a biggerçó profit when interest rates are higher. why, when we saw 25çó basis pois of further increase in that spread,q ultimately, we saw the regional bank selloff. it means the market is not

convinced there isn't further problems to come in the financial çójfsystem. >> yellen's commentsçó come as e bank withe1 first republic and what happens withxdñr it. this is the bank fallout. i think there are concerns of thee1 ramifications ofok switcho banks too big toçó fail. i think now we have questions over what would be safe and not safe. to me, powellxd was interesting yesterday. he spoke of rule of thumbe1 guesswork with the credit contraction. what is the implication for the activity unemployment ore1 tightening in the labor force. heok doesn't know. >> and in thefáñ2h#irst intervin the program this morning, the fed is as lost as the rest of us when it comes to the data. a$ráháhe ■3truth. >> the policy risk is elevated

here. the policy we could see from the central markets which is particularly more pressing. stay with cnbc. we will break the news from the bank of england later on today >> we will hear from thomas jordan. jordan. thumanna has shipstation saves us so much time

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it is 5:00 a.m.e1 here at cc global headquarters. here is the top "five@5." you can still put your money to work. it turnsñi out jay powell - what janet yellen told lawmakers to send stocks in a tailspin.