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Good morning, Opening Bell crew. Senior reporter Phil Rosen here.
Yesterday, Fed Chair Jerome Powell gave a speech at the Economic Club of Washington, saying the stronger-than-expected labor market is going to make the inflation fight difficult.
"It kind of shows you why we think this will be a process that takes a significant period of time," Powell said, adding that the path forward is "probably going to be bumpy."
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Happy Friday, team. I'm senior reporter Phil Rosen.
In case you missed it, the European Central Bank Thursday made a half-point interest rate hike, marking its fifth consecutive move as part of its inflation-fighting efforts.
EU policymakers plan to make the same sized hike at their meeting in March, similar to expectations for the US central bank to repeat yesterday's rate hike at its next meeting.
Welcome back, readers — Phil Rosen here. On this day 54 years ago, the Beatles played their last-ever gig on a rooftop in London.
And just the same, today marks my last Monday writing to you from California this winter.
That's not to say I'm on par with the Beatles, but I've never really believed in coincidence. I'll leave that verdict for you.
Now — into the housing market we go.
Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Weekly, a roundup of some of our top stories. Sign up here to get this newsletter in your inbox each Sunday.
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Good morning. I'm Phil Rosen, reporting from Los Angeles.
The good weather here has left me postponing my return to wintry New York. After weeks of sunshine, a few seconds of Manhattan air just might give me frostbite at this point.
And speaking of cold hard reality, the Wall Street Journal reported that Elon Musk is trying to raise fresh funds to pay off some of the pricier bits of his $13 billion Twitter loan.