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Live from Washington, D.C. this is Balance of Power with Joe, Matthew, and Kaylee lines. Inflation is stuck. Welcome to the Wednesday Edition with data showing inflation holding at elevated levels as economic growth is unchanged on the market. Now trying to figure out what it all means for Jackson Hole at the end of this week. I'm Joe Matthew alongside Tyler Kendall in for Kailey Leinz today in Washington. Tyler it's great to have you along.

This is all boosting the Fed's case for keeping rates unchanged. And that seems to be the way the market's looking at this rate. Headline PC and core stayed unchanged. But we also have to keep in mind that we saw consumer spending slow. So maybe there's going to be two sides here when it comes to the doves and the hawks. And we wait to hear what the fed chair Kevin Warsh has to say this Friday. Yeah that's for sure. We're going to be putting some good voices on this over the course of our hour, beginning with Liz Penn Panchayati, The Economist at Groundwork Collaborative, and we'll play it to the panel as well, because this all comes back to the issue of affordability.

Tyler, that you and I talk about every day, whether you're on the white House lawn or here in the studio, right. The number one issue, we are now ten weeks away from the midterm elections. I would ask who is counting, but I know that you and there are both counting here. There's a few different headwinds that are happening, including the renewed trade conflict with Canada and also the fact that the U.S. is ramping up the economic pressure when it comes to Iran.

That's right. We'll have a lot more on that as we make our way through the hour here. And we have to remember that this market is kind of holding its breath after getting through the economic data this morning. Tyler, we've got two Nvidia earnings plus Salesforce plus CrowdStrike. But the granddaddy of them all is Nvidia. And we've been watching the stock throughout the day here. We might not see a lot of movement till after four white.

So let's get to it and see where we stand right now. For that, we're going to check in with Charlie Pellet at world headquarters in New York. I thank you very much, Tyler Kendall. Yes. Nvidia shares trading lower right now down 1.5%. Going to be all over those numbers as they cross shortly after 4:00 Wall Street time. Complete coverage on Bloomberg Television and radio. Again, Nvidia head of earnings down by 1.5%. And as Joe mentioned, two other key reports CrowdStrike and Salesforce will have those for you as well after the close of trading.

Right now we got stocks a lower rough session lows. But bottom line here basically treading water with the S&P down 1076 66. Now down one tenth of 1%. Dow industrials down 154. On the Dow decline there of just about 3/10 of 1%. As that composite index down 3/10 of 1%. And those stocks the Philadelphia Stock Exchange semiconductor index down 2/10 of 1% two year at 4.22%, the ten year ahead of Kevin Warsh, Friday, 4.66%, and the 30 year, 5.18% spot gold 4591.

The ounce down 1.4%. West Texas Intermediate crude turning around, moving higher, oil advancing on supply concerns as Russia moves to escalate its war. Right now we got WTI up 5/10 of 1% 8276 a barrel. Brent 8868 up by one tenth of 1% a story. We've been all over metal platforms. The stock is gaining on the down day for much of the market. Metal platforms up now by 1.1%. It has agreed to pay up to $18 billion to settle a landmark social media case with multiple states around the country.

Actor Tim Curry has died. He was 80. Perhaps best known for his iconic role as doctor Frank and Furter in The Rocky Horror Picture Show, a college staple, Jo Ann Tyler that is on Bloomberg Business Flash, Tim Curry I'm just here in this Charlie. Incredible. That's why you keep it locked in the Bloomberg. Joe. Matthew, we keep you up to date on markets and celebrity deaths I think that's Bloomberg right there Charlie I don't know how he does it.

It's the market headlines. It's the breaking news. No matter what happens Charlie is on it and he'll be back in about 20 minutes time with another. Read on the markets here. All winding up to Nvidia after the bell. Yep, you heard us mention it. And we'll say it a lot more times between now and then with potentially the near-term direction for the entire market hinged off a single quarterly earnings report. Thanks for being with us here on the Wednesday edition of Balance of Power on Bloomberg TV and radio, alongside Tyler Kendall.

I'm Joe Matthew in Washington. As we dissect the data, if there's any point to it, we're in a world here where everyone's so obsessed with Jackson Hole at the end of the week that, well, of course they're parsing through each data point. But then again, no one knows how to react to it because we're all waiting for the fed chair to speak on Friday. Yields are moving a little bit long. Bond up a couple of ticks 518 on the 30 year.

The ten years at 466 up four ticks the two year 422. Everyone's been talking about the 30 year mortgage 6.7%. And when this is all going to break, you can make the argument. Tyler, that this data reinforces the Fed's view that it can keep rates unchanged for the foreseeable future. Right. There's a lot that as you're outlining, we're going to need to pass through here. But then the other side are those questions about what the future of the economy's growth is going to look like, and in particular, consumer spending.

And whether or not we're seeing in this data what is perhaps a front loading from the World Cup a couple of months ago, or if this is a more durable slowdown. So there's a lot of that we need to pass through. But you're right, it's all leading up until Friday. And what is Kevin Warsh going to say to reassure investors if anything? There are two camps on this, it seems. One is nothing burger. He it doesn't make any news which is sometimes the fed chair's job.

Or does he need to lay down a marker and make a very stern point for this market that he is here to fight inflation? We remember how that went last time and I bet Liz Pen Katie does as well. Great to have her back. Vice president, policy, advocacy and research at the Groundwork Collaborative. Liz, it's good to see you. Uh, I'd also throw another item on this whole story. And that's a $40 trillion federal debt. How do you compile all this data and concerns about our fiscal straits with your eyes on Jackson Hole on Friday?

I think both with our eyes on Jackson Hole from potentially a fed chair who is going to be quite silent. Um, combined with Congress, who seems more interested in blowing a hole in our revenue streams than in plugging them, um, together, the economy doesn't look so great right now. Um, I think the big question for Kevin Warsh is how he plans to use the couple of tools the fed has to actually fight the inflation that we're seeing.

Um, as the president, you know, adds additional tariffs on Canada, sanctions on Iran. We know that that interest rates as a blunt instrument are really not one that can bring down that type of sticky inflation coupled with rising oil prices given his conflict in the Middle East. I think, you know, though, Kevin's hands might be tied on the on the Fed's tools, um, in the wake of the data that we're seeing. Um, his lips seem to be sealed as well, which doesn't give a lot of confidence to the markets at this point.

Mhm. Liz, what is the biggest upside risk to inflation over the next 3 to 6 months. Shelter wages. You mentioned this now renewed trade conflict with Canada. And also the fact that we are still seeing those tensions in the Middle East. My big concern is that, you know, I think we had this exact conversation in February or March where we said, if the war in Iran comes to a close here in the next six weeks, eight weeks, we won't see sustained price pressures from the war.

We are now six months into that war. There is no durable end in sight. Um, you know, whatev