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This is CBS Eye on the World with John Bachelor. Here's John Bachelor.

The American economy, I start with the financial times giving us good news from Europe in these

last hours. European stocks surge after Fed signals interest rate pause. I welcome

Elizabeth Peek, a columnist at the Hill, a commissate Fox News, much on Fox Business to help us

interpret this headline because it's a negative that is a positive about American direction

for the Federal Reserve for interest rates and for all of our worries about a hard landing

A.K.A recession. Liz, a very good evening to you. Okay, the surge in Europe is something about

dovish remarks by the Fed. The Fed's dovish remarks. I look for them. Oh, long-term rates are

going higher. In other words, the bonds are plunging. That's good news for the short term.

I, at that point, I put my pencil down and I said, good thing I'm going to talk to Liz.

She'll interpret this. What are they talking about, Liz? Good evening to you.

Good evening. Well, in recent days, we've had a couple of Fed governors come out and basically say

that because long-term rates have gone up so much that the Fed may not have to raise rates much

further. I think we did hit on this last week, which is that the Fed really controls short-term

interest rates. Basically, what we've seen over the last year plus is that short-term interest

...