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Through what you're describing with an unemployment rate that was 6% or 7% instead of 3.6%, where you pointed out it's been for the past four months. that's just about where it was pre-pandemic. if we weren't adding record number of jobs, if we didn't have this strong job market behind us helping consumers get through this period, along with an elevated savings measure that i talked about a second ago, but the second thing is let's talk about energy. i think we have to bring to this conversation that the price of gas is down. it was $5 a gallon at its peak, it's now $4.72. no one would mistake...

The inflation. and he is worried about unwinding the huge bond portfolio. during the covid crisis, the fed bought up securities to cushion the financial system. called quantitative easing. qe in wall street speak. now it is selling them. tightening, qt in wall street speak. something that we've never done before. dimon said that people will be writing about this in the history books for 50 years. in may he warned about big storm clouds. now he is downgrading his forecast and warning about a hurricane. and overnight, we saw gas prices a record up another 3 cents, $4.72 a gallon. there is really...

As this riot is playing out, what he was doing, that is the piece we know the least about. the least public information has been available about, there is a lot of information about the house and about the congressional leaders and some aides in the white house, but exactly what trump was up to, what he was saying, i think is going to be incredibly important and i think we will be learning a lot more about that in the come weeks. >> on another note, gas prices, $4.72 a gallon, which is very high. >> that's a lot. >> president biden asked about this basically all the time. yesterday at the whit...

Now. 5% for a 30-year fixed rate mortgage, up from 4.72% just last week. that is spiking 2 percentage points in the past few months. we haven't seen rates like this in a long, long time. look, the housing market is hot. there just are not enough homes for sale to meet demand, sparking bidding wars and sending home prices to record highs. now you have rising mortgage rates on top of this, it is keeping home ownership out of reach for many americans. particularly first time home buyers. imagine a $350,000 home purchased a year ago at 3%. that same monthly mortgage payment will be more than $300 ...

Yesterday u.s. stocks finished lower thursday thanks to mixed bank earnings, the dow ended down .4%, that's partly anything, a third straight week of losses, earnings for morgan stanley and goldman sachs better than expected. twitter shares fell nearly 2% after elon musk made that offer he believes twitter's board can't refuse. that would suggest that maybe wall street doesn't believe his intentions here. he's offering to buy the social media platform outright for $43 billion, take it private. musk says the offer is not about making money but about the future of civilization. watch this space....