Be Reimagined Feed if you didnt know whether you were next they were both tied up . Yeah. Yeah. I was called in and they saw what turned out to be the biggest art heist in history. It went from gold medal winning icon to a pariah would really happen with jesse l. Martin sundays at nine on cnn biden and trump agree on a time and a place. The stage now set for two president ial debates, including the first one just six weeks from now right here on cnn plus the dow flirts with 40,000 after a new Inflation Report, send stocks higher traders optimist the fed will finally cut Interest Rates, making car and home buying more affordable in the coming months and the war with russia and ukraine takes an ominous turn. Newtons force is making significant gains in the northeastern city of kharkiv, prompting a sobering announcement from ukraines president cnn will take you to those frontlines in ukraine were following all these major developing stories and many more all coming in right here to see you in a new central get ready because next month youre going to see history right here on cnn. President biden and former President Trump have accepted cnns invitation to debate on june 27th making it the earliest general Election Debate in modern history. Thats right. And then both candidates also accepted a second invitation from abc news to debate in september. This comes after Biden Challenge Trump earlier in the de, to two debates in both june and september, cnns mj lee and cnns Kristen Holmes join us now. First i wanna go to mj at the white now so mj, what more do we know about this . First face off, a 2020 rematch that cnn is gonna be hosting next month well, its amazing, honestly how quickly all of this came together and just a matter of hours, joe biden and donald trump agreeing to two president ial debates. The first one will be hosted by cnn, as you said, on june 27, both campaigns agreeing basically to shun the president ial debate calendar that was set forth by the commission on president ial debates, basically arguing that the idea that the first debate wouldnt take place until september is just too late that both campaigns are set on trying to reach voters much earlier than that. And in fact, we are told that there were for some informal Back Channel Conversations between the two campaigns described to us as having been largely about the mutual disdain for the cpd. Now that what is unusual about the cnn debate is that the atlanta studio where this will take place is not going to have a Live Audience. That of course is unusual if you look back on previous years what the Biden Campaign had said is that they saw the past debates has having become spectacles that they didnt think that having a Live Audience was actually conducive to a lively and helpful debate and one person we are that we are Learning Being who is going to be joining the Biden Campaigns Debate Sessions is wrong, claimed that of course, is the president s former Chief Of Staff. One is closest and most trusted advisors. He tells me that he is going to be taking some Vacation Time to help the president with his debate prep. I dont know how relaxing vacation thats going to be. The other question, of course, that we dont know yet is who is going to be standing in for donald . Trump at these debate prep sessions. Remember, last time around in 2020, that role was played by bob bauer, the president s personal lawyer, but im told that its just too early to be talking about those debate prep details. But i think what is clear in The Big Picture is that the Biden Campaign did want to use this issue to try to go on the offensive. We saw they want it to be first to put these to debate ideas out there and have the Trump Campaign accept that idea. And we also saw up president , the president saying earlier, i hear youre free on wednesdays and one of these social media videos that clearly is a reference to the fact that donald trump has been stuck in a courtroom for a number of weeks now in New York City . Yeah, he really tried to stick it to them on that one, mj. Thank you so much. Life force at the white house. Kristen holmes, i wonder what you think of. Theres long been this question and trump is sort of played it up about whether biden was going to debate him, but it all happened pretty Fast And Furious today. Biden comes out sort of Jabbing Trump and then theres the acceptance trump comes jabs at. Now, then he accepts a fox invitation, but now by another debate, yeah, whats going on with this . So biden will not do a fox debate, right . So were told that biden is not going to it. Ill read that statement from the campaign in just a second. But just to give an overall view here, talking to trumps senior advisers and those in his orbit, theyre a little bit irked right now, the fact that joe biden somehow took over the debate narrative, despite the fact that donald trump has been really using this as a narrative at all of his campaign rallies. Hes been up on stage with an empty podium next to him know when theyre saying, come debate me and hes often said, i will debate anywhere anytime this has been kind of a rallying cry for donald trump and for some of his top advisers. Now what we saw today was joe biden really taking control of the narrative and now donald trump trying to take it back. So after we saw this announcement from biden after donald trump had accepted these two debates, he then got on truth, socials to say he was going to accept a third debate at fox on october 2. So this is true social here. Well, the Biden Campaign is saying, well, you already agreed to our terms. Thats not happening. They wrote the actual statement was President Biden made his terms clear for two oneonone debates. And donald trump accepted those terms no more games, no more chaos, no more debate about debates. Well see donald trump on june 27 in atlanta if he shows up. This is also a big thing between both campaigns now is that continue to go to each other. Oh, youre not going to show up. Youre not going to show up. All right. Sounds to me like theyre both going to show up. Thank schoolyard stone. It is clear and stuff, but, remember that the Biden Campaign me clear. Theyre trying to get under trump skin your it sounds like its working. All right. Kristen holmes, thanks very much. I want to talk more about this with former white house Chief Of Staff in the clinic administration, leon panetta. He also served as Defense Secretary and cia director under president obama gif director secretary panetta, youve where a lot of hats, but i do want to talk to you today with your political hat on. What was your reaction to this announcement to the to the biden video saying that hes ready for two debates. We now in very quick succession have plans for a cnn debate and an abc debate. Its, its really not every day that we see also candidates sidelining the commission on president ial debates. So what do you make of all this . Well, i think its great its great for the American People and frankly, i think its great for the candidates to be able to do a debate, though without an audience present focusing hopefully on substance of the issues that are impacting on america. Look, the reality is both campaigns to this point, have not been, have not been very effective. I think trump, of course, has been stuck in court biden has been trying to get a message out on the campaign trail, but hasnt been doing too well. I think this is really important. To be able to give the American People a firsthand view of these two candidates. And the tremendous differences that exist between them. I mean, obviously President Biden wants to talk about the issues in these debates. But as brianna was just saying, you know, its kinda, be phrased it and it didnt schoolyard taunts. He said well, make my day kinda like Clint Eastwood reference and you talked about the fact that i made a reference to trumps legal troubles so what do you make of that strategy . Well, look, i think i would love it to be a debate on substance and issues because theres a lot of problems facing our country and our world that really need to be fully debated but as always in these debates and we remember from the last one trump, tends to be a boolean person in debates, and he, he interrupts, he interferes. Hes going to try to create chaos, which is strength, very frankly and biden is going to have to be able to develop the right kind of talking points that hit back on what trump is trying to do. So they are going to have to prepare for it. No question and theyre going to have to be ready to be able to react because this is going to be a debate in which the unknown could really hurt one candidate or the other and you heard mj lee just say there that hes bringing in his former Chief Of Staff to help him get ready if you were ron klain, how would you be counseling President Joe Biden to go after trump . Well, i think ron klain is a tremendous choice to be able to do that. He knows biden, he knows politics. Hell be hell be great at helping the president. I think i think the most important thing is that President Biden has to be who he is. He cant be somebody else you make a bad mistake when you try to convert somebody into playing another role that hes not accustomed to. And joe biden is joe biden, youre going to have to let him be who he is. But youre also going to have to be able to prepare him so that he is ready to deal with a lot of the kind of spontaneous reactions that trump is going to present. A trump. Trump does an officer operate . In an order and he doesnt operate in substance . He operates by bullying. And thats what hes gonna do and the challenge is going to be, how do you, how do you handle that . And how do you turn it back on trump . Thats going to be the challenge that joe biden is going to have to face while trump is certainly much more of a known quantity this time around he was when biden faced him last time and when he really appeared on the National Political stage as a president ial candidate back in 2016, leon panetta, thank you very much. Appreciate it good to be with you. We are now less than an hour away from the closing bell on wall street and stocks are rallying back near record highs. Now, look how close the dow is to 40,000. Thats a milestone that it has never crossed. Investors are responding to todays key report on Consumer Prices, which shows inflation, cooling slightly and the 12 months ending in april after several months lets of inflation coming in hotter than expected. Lets get to cnns matt egan to dig into this new Government Data on the economy. First, matt, lets talk about the markets, how theyre responding well, briana alex, i think investors are relieved relieved that in that inflation is finally moving in the right direction again, of course that direction being lower. So we do see the dow is just about 150 points away from that 40,000 milestone on track to close at record highs also, record close as possible for the s p 500 and as dak now, todays Inflation Report showed that Consumer Prices were up by 0. 3 between march and april, that its cooler than expected, cooler than the month before annually consumed versus up by 3. 4 . Now thats not great. Thats above precovid trends. But this is an improvement from the month before, and it is miles away from that 9 Inflation Reading from two years ago. And when you dig into this report, you do see some positive trends here. Consumers are catching a break on food prices. Finally, we saw month over month price drops for groceries, new cars use cars and airfare. Also, core inflation, which excludes food and energy for g prices that is now increasing at the smallest rate in three years. So that is a positive trend. Now, i think when you take a step back, its clear that inflation has not been solved, right . The cost of living remains a major problem for millions of americans. And frankly, a political liability for this white house. But these do numbers, these do, these numbers due point to some progress i think the point though is that were going to need to see further progress in the months ahead before americans really start to feel better about things. So amount what do you think this report means for what the feds gonna do when it comes to Interest Rates well, alex, i do think this keeps a live the hope that the fed is going to be able to start lowering Interest Rates later this year. Remember, entering 2024, there were hopes for up to six rate cuts this year now its not even a short thing. Therell be one now in the last 24 hours, we have seen investors mark up their bets for Interest Rate cuts not in june probably not in july, but look at that in this chart shows that theres now a 74 chance priced into the market for an Interest Rate cut at the meeting in september, which by the way, is the last meeting before this election. Of course, Interest Rate cuts would be great for consumers, right . Would mean lower mortgage great, its credit card late grades car loans. But the problem is the fed, they need to see real proof of progress, not just one month of improvement, but a series of months were inflation is ticking lower. They dont want to cut Interest Rates too soon because that could make inflation worse. So we need to see whether or not this is the start of a new trend. Were inflation in, does move decisively lower. All right, were looking for that, matt, thank you for that report. Thanks. Still ahead. The us is preparing a major weapon sale for israel as the countrys military steps up, its attacks in Northern Gaza and also parts of Rafah In The South coming up, well speak to an icu doctor in gaza about what hes witnessed. Plus trumps defense in the Hush Money Trial gears up for another round of crossexamination of Michael Cohen. The testimony so far and what we could learn tomorrow from trumps former fixer and new fallout from miss usa and Miss Teen Usa. Now relinquish pushing their crowns allegations of bullying and a toxic Work Environment ms colorado, usa, who also just gave up her crown will be joining us live. Stay with us cnn news central. Hes brought to you by far sega visit us at for sega. 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