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The Global Brief with Bianca Nobilo
Coffin Of Queen Elizabeth II At Buckingham Palace; Ukraine Takes Back Territory In Swift Counteroffensive; Charles III Makes First Visit To N. Ireland As King; New Inflation Data Spooks Investors. Aired 5-6p ET
Aired September 13, 2022 - 17:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BIANCA NOBILO, CNN HOST: Hello and a warm welcome back to a continuing special coverage as the United Kingdom and the world mourn Queen Elizabeth
II. I'm Bianca Nobilo in London.
And it's been another momentous day for the British monarchy. The coffin of Queen Elizabeth is now here at Buckingham Palace. Throngs have turned out
for its arrival a couple of hours ago. Her body will stay here until Wednesday. It will move to be Westminster Hall to lie in state.
After spending much of the day in Northern Ireland, the King and Queen consort are also back in London. And it was a busy day for King Charles and
Camilla. They met with mourners, political leaders and attended services of prayer and reflection in honor of Elizabeth II. The king also reiterated
his commitment to rig faultlessly is the leader of the United Kingdom.
King Charles III also spoke of the Queen's great affectionate Northern Ireland and said that his family felt it's sorrows.
Here's a closer look at the day's proceedings.
NOBILO (voice-over): Twenty-one rounds to salute the new monarch. King Charles continues his tour of the United Kingdom, arriving in Northern
Ireland to an upbeat crowd.
Expected to build upon the foundations of his late mother, the new king needs to be a source of healing, greeting the public in Belfast and meeting
with leaders at the Hillsborough Castle royal residence where Queen Elizabeth II played a part in cementing the peace following decades of
KING CHARLES III, UNITED KINGDOM: My mother felt deeply, I know, the significance of the role she herself played in bringing together those who
history has separated. And in extending a hand, to make possible the healing of long held hurts.
NOBILO: In a sign of unity amid a fractured past, the king met with the Irish president and northern Irish leaders and lawmakers.
ALEX MASKEY, SPEAKER OF THE NORTHERN IRELAND ASSEMBLY: Queen Elizabeth showed us a small but significant gesture, a visit, a handshake, crossing
the street, we're speaking a few word of Irish, can make a huge difference in changing attitudes and building relationships.
CROWD: God save the king. God save the king.
NOBILO: Chants of "God save the king" greeted the king and queen consort to St. Anne's Cathedral, in a service of reflection that brought together
politicians and community leaders.
UNIDENTIFIED MALE: And the blessing of God Almighty, the Father, the Son, and the Holy Spirit be with you and remain with you always. Amen.
NOBILO: In Edinburgh, mourners streamed by her coffin, adorned with the Scottish crown. One last look before she's flown home.
The king now back in London to greet the arrival of his late mother's casket at Buckingham Palace. She will be moved to Westminster hall on
Wednesday, where the public is already queuing to say their final goodbye to a leader who united the kingdom.
NOBILO (on camera): Max Foster is here with me now.
Max, you were here when the late Queen's coffin was brought in the hearse to Buckingham Palace. You've been reporting on this since we had the
announcement that you made that she passed away. Did you have a sense of a moment of history unfolding as you are watching? It
MAX FOSTER, CNN ROYAL CORRESPONDENT: Yes, obviously, this is the iconic palace. This is what we have done defy most closely with the Queen. She's
going into it for the last time. I think that is pretty profound.
And also, looking ahead to tomorrow, I think she will be going to lead for the last time. I was also told by my sources that the whole families in
there, the king and queen, all the queen's grandchildren and their spouses and their grandchildren.
And we were under the impression that we might get some pictures of them receiving the coffin, but we didn't get them. So, I don't know what
happened there. But it's a reminder, isn't, how deeply personal all of this is, and all the plans first and foremost to allow the family to grieve and
then the public to grief. So, the idea of them more being in the palace with the coffin and a vigil with the coffin is quite profound as we speak
NOBILO: You've been speaking quite a lot about how the Queen may have felt when she could -- if she could see these displays of family unity that we
had this week particularly from the prince and princess of Wales and the duke and duchess of Sussex, and we saw them out in Windsor. Presumably,
they would both --
NOBILO: -- both of those couples would be outside.
FOSTER: Yes. So, you know, what we don't know is how close they've come together. There's some reporting that even at Balmoral, William and Harry
weren't necessarily together the whole time. You can't expect them to fix those wounds, deep wounds straight way, but what they are coming together
for the Queen. And I think that is profound and I think that hopefully would lead to sort of more progression, you know, families fixing
themselves a bit.
But, ultimately, it's really always making the point about, this is about the Queen. We have come together for the Queen. We'll actually come to
unify for the Queen. And we are going to unify for the country.
Even today, I got a note about how Harry won't be wearing uniform and they don't want that to become a debate and overshadow all of this is about.
NOBILO: I mean, I been thinking, and speaking to people a lot about the public displays of grief that are just expected of this royal family. As
you say now, behind this closed-door altogether. We've seen so much of them, whether it's standing vigil, doing walkabouts, meeting members of the
public and Charles being out here the day after his mother passed away. You have worked closely on real stories for much of your career.
Do you think that never gets easier? They just raised with the expectation that they will in a very peculiar way have to share the most private
moments with the world at large?
FOSTER: I think it's trying to get the balance right and accepting that, you know, they had two duties, one to the family, one to the nation.
The public walkabout is so essential, because particularly over this period, because it's about keeping that connection going. If they were
aloof and not interacting with the public, that could literally be the death of the monarchy because it's -- what's the point of view? You're not
just one family, you represent the head of state and you read there to represent us. It's also the way for them all just to be seen in the public
and it's just a nice thing to do. It helps them grief by interacting with them.
I mean, we're going to see more of the -- away from the king, other families coming up more. It's time for them to present it more.
NOBILO: It's a staggered approach with the --
FOSTER: Yeah, we'll see more at the procession I'm sure. I don't expect the whole family to be in procession behind the spectacular cavalry led
procession to Westminster tomorrow. I think that's going to be really a big moment.
NOBILO: Max Foster, thank you so much.
More now on the king's first trip to Northern Ireland as the United Kingdom's new monarch. He met with party leaders from Stormont, the
Northern Ireland Assembly, and acknowledged the Queen's role in its complicated political landscape.
Nic Robertson is in Belfast for us -- Nic.
NIC ROBERTSON, CNN INTERNATIONAL DIPLOMATIC EDITOR: Bianca, it was King Charles's 40th visit to Northern Ireland, but his first as king. If he was
worried at all about this crucial visit to a deeply divided part of the United Kingdom, perhaps he needed to have worried. He was waving the crowd
says he pulled up in his motorcade. They were very sympathetic towards him. They were chants of god save the king, renditions of the national anthem.
It was a warm reception.
He reciprocated by talking to the people in the crowd. Nevertheless, the messages here about reconciliation, the messages about everything his
mother meant a northern Ireland.
(voice-over): In Belfast, tributes to the late Queen Elizabeth pileup, flowers laid under a mural of the most loved monarch. Notes of condolences
thank her for her service.
But this is a pro-British neighborhood. Unlike many things in Northern Ireland, now you how you use the monarchy depends largely whether you are
pro-British unionists, which is often protestant, or pro-Irish nationalist, mostly Catholic.
For almost half of Queen Elizabeth's 70-year reign, the two sides, loyalist and Republican, fought over their competing views. More than 3,000 people
When it came to peace almost 25 years ago, it was the Queen who would later help peel some of the divisions by reaching out to anti-British, pro-Irish,
Now, it's Charles's turn. He inherits a politically broken Northern Ireland. Its power-sharing government paralyzed by pro-British politicians,
who refused to join a government with the pro-Irish, Sinn Fein who, for the first time in Northern Ireland's hundred-year history, one more seats than
any other party during an election in May.
Charles's own history with Sinn Fein hit a low point in 1979, after the murder of his mentor, his father's uncle, Lord Louis Mountbatten, by the
group's paramilitary wing, the IRA.
But Sinn Fein has long since renounce violence. After its election win, is already pushing for a vote to help unite Ireland.
But despite their differences with the monarchy, its leaders offered words of praise for the late Queen after her passing.
MICHELLE O'NEILL, SINN FEIN VICE PRESIDENT: I think that both Martin McGuinness -- Queen Elizabeth herself played a very significant role in
terms of sending a very strong message that we have healing to do as a people, between the two islands, between the people who live ion the
ROBERTSON: A similar message of respect and gratitude from pro-British unionists.
JEFFREY DONALDSON, DEMOCRATIC UNIONIST PARTY LEADER: Her ministry lead by example in Northern Ireland. I've reached out the hand of friendship to
help with the reconciliation process. We are duty bound to build on those foundations.
ROBERTSON: But, Brexit is reviving old tensions. Pro-British unionists fear it is led to increasing isolation from mainland U.K. and blamed the
E.U. to put pressure on the U.K. government to get a better deal for the E.U. They're refusing to join Northern Ireland's power-sharing government,
leaving schools, hospitals, road repairs, municipal officers and much else in limbo.
It's yet another testing time in Northern Ireland, though, the violence is not imminent, and would be highly unlikely to reach the scale of the past.
KING CHARLES III, UNITED KINGDOM: My lords, and members of the House of Commons.
ROBERTSON: But as King Charles, the new symbol of British rule, steps into his mother's role, there can be only hope he helps soothe frayed relations
as this mother once did.
ROBERTSON (on camera): And perhaps King Charles did manage to do that today, speaking about his mother's wish for a better life for the people of
this place, not saying Northern Ireland, which might indicate pro-British or the north of Ireland, which might indicate pro-Irish, but using very
nuanced careful language, following here today at least in his mother's footsteps -- Bianca.
NOBILO: Nic Robertson for us. Still to come tonight, some of the other headlines that we are following, including stunning advances from the
battlefield in Ukraine. We'll have an exclusive look at what the Russian size has left behind.
And much more on the few moments of the day here in the United Kingdom.
Stay with CNN live from London.
NOBILO: A very warm welcome back to CNN's live coverage outside Buckingham palace. We are not getting to our biggest international headlines.
The Ukrainian side says that Russia lost dozens of tanks and fighting vehicles during its lightning offensive on Kharkiv. CNN cannot confirm
these numbers. But now, military analysts say that one Russian tank division may have lost half its combat power.
An independent analysis group says it's verified a surge in Russian losses. Ukrainian forces recently liberated thousands of occupied area especially
in the northeast.
Now, that's putting pressure on Russian President Vladimir Putin at home.
Sam Kiley and his crew went inside the recently liberated city of Izium and Sam is now standing by for us in Kharkiv.
Sam, your team was the first international team to get this access. I cannot wait to hear about what you are seeing. And also, President
Zelenskyy says for their advances that will need to come by other means. What does that mean exactly?
SAM KILEY, CNN SENIOR INTERNATIONAL CORRESPONDENT: Well, Bianca, this has been a lightning advance, an extraordinary amount of territory captured in
a short period of time, partly probably because Russian forces were drawn off, even secret into thinking that the main counteroffensive would be in
Kherson, in the south, which you and I've discussed over the last few weeks.
But whatever the truth of the matter is, they have been folded up pretty rapidly. President Zelenskyy has basically acknowledging now is that the
element of surprise has been lost to the Ukrainians in this northern sector. And so, they will have to rely much more on partisan activities,
special forces, longer range artillery, maneuver capability, and maintain that momentum in less conventional way, fighting a Russian army that is
based on very old-fashioned Soviet doctrine, where clearly the Ukrainians have already established the upper hand.
But we travelled through about an hour and a half or more of territory, very recently abandoned by the Russians to get to Izium, this former, very
important Russian headquarters effectively and logistics space for the world in the east of the country. This is how it unfolded.
KILEY (voice-over): It's been a stunning advance. Ukraine's rout of Russian invaders recaptures 6,000 square kilometers, Ukraine's president
says. This land was held by Russia just a few days ago. Now, it's providing a rich harvest to Ukraine's army of abandoned Russian equipment.
The Russian Z symbol painted over. The guns ready to kill Russians. The recapture of Izyum, a strategic prize, accelerated by precision strikes
from new artillery donated by western allies.
This is clearly hit with a very large piece of artillery or airstrike. You can see how important it was strategically, clearly a former school, as a
kind of children's painting on the wall. But it's also got these large holes dug to store tanks or artillery pieces. There's one, two, three,
We were shown into a command center in the bunkers of an old factory.
So down here we have seen medical facility. Call it something like that inside this bunker. There's a barracks. They're sleeping here.
UNIDENTIFIED MALE: Yeah.
KILEY: The top brass slept in beds made of old doors.
And, of course, the command center here. As we walk along here, it's actually extraordinary. There are different labels for the different roles
for the senior Russian officers on this school desk that have been arranged in this bunker, it looks like a bread factory.
Now they were safe down here underground but they didn't feel safe enough to stay in Izium. What's critically, ultimately, for the Ukrainian armed
forces, is making sure that the senior officers of the Russian army stay on the run. If they do that, the Russian armed forces will collapse completely
in Ukraine and potentially threaten the longevity of one Vladimir Putin.
This couple celebrated liberation. They told me that some of their neighbors were delighted and they blamed Ukrainian forces for shelling
their homes. But he insisted the incoming shells never hit the check points or Russian artillery based right outside the house and so blamed the
Russians for false flag attacks on civilians.
He said the Russians behaved like pigs. They stole everything from all the empty houses before they ran away. The Russian guns were busy here. Wooden
admission boxes now stockpiled for winter fuel.
And to the Ukrainian victors here, the spoils have been rich. The capture of Izium and the rout of Russia here has broken a key link in Putin's
logistics chain in the battle for the east.
Now you have the remarkable scene of a tank coming to collect an abandoned Russian howitzer.
I asked him if it was a hard fight. Not really he said.
The latest Ukrainian successes may not be the beginning of the end of this war but not even the Kremlin can deny that this chapter has been a sorry
tale for Russia.
KILEY (on camera): Now, it's all about momentum for the future here, Bianca, with the Russians now retreating into areas that they have been in
control of for sometime, since 2014. So, Ukrainians are going to have to find some way of following up in a way that's effective and keeps that
momentum and keep surprising the Russian forces -- Bianca.
NOBILO: And, Sam, what can you tell us about these reports of Russians hiding in the forests?
KILEY: Well, it's kind of inevitable that Russians that are left behind would go underground. We saw that in Kyiv, with the successful defense of
the Ukrainian capital. It was weeks in some cases before some Russians were captured living in abandoned, building cutting out in the forests, having
been abandoned by the main body of the troops.
This may be different though, if these elements have that have been left behind to conduct operations, unconventional operations, and attack the
Ukrainian logistics, it would indicate the Russians are learning from the kind of NATO style tactics that the Ukrainians are now employing. But I
think actually, the reality is that an awful lot of these Russians are simply collapsed, a lot of people left behind. Ukrainian claims to have
captured a very, very large numbers of Ukrainians and I think there are a lot of stragglers left in these woods.
They still pose a threat. And there's a huge amount of unexploded ordinance, mines, booby traps of the Russians have left behind to, Bianca.
NOBILO: Sam Kiley for us in Ukraine, thank you so much. Phenomenal access and reporting from you and your team, thank you.
Russia's battlefield setbacks are reverberating all the way to Moscow, and it's not good news for Vladimir Putin. Those involved say that almost 50
municipal deputies across Russia have just signed a petition demanding his resignation. That's 29 more than on Monday. And they say they're trying to
support colleagues from the district of St. Petersburg, who demanded treason charges against Mr. Putin and now faces charges of discrediting the
Jill Dougherty is an adjunct professor at Georgetown University and a former CNN Moscow bureau chief.
Jill, it's always great to speak to you. I'm really glad that we can get your views on this, provide a bit of context.
How big of a deal is it to have this number of deputies publicly speaking out and condemning the actions of Vladimir Putin and calling for him to
JILL DOUGHERTY, ADJUNCT PROFESSOR, GEORGETOWN UNIVERSITY: I think it's significant because this really has not happened before, but you do have to
put it in context, that this is St. Petersburg and Moscow, very liberal cities, a large number of people. At least traditionally who oppose
And these are municipal councils. They're kind of like city, let's say city hall, or city council members, they are not a very high, important
position. That said, the fact that they actually banded together and even went so far as to say Putin should be impeached. That is really
You've also got other indications of at least concerned and a blame game beginning. You have -- there are a lot of military bloggers who
traditionally have supported the Kremlin have come out and said, this is that ray, just how did this happen? You have the president of Chechnya, who
of course is very supportive of Putin, criticizing it. But they're not necessarily laying the blame on President Putin. Excuse me, they are
however saying, they should not be happening.
So, I think there are a lot of challenges for President Putin right now coming from this and how he will respond, both militarily, what Sam has
been referring to, and then also politically, are very important.
NOBILO: Obviously, Jill, you have to be mindful, especially in the West and some countries there's obviously a hope, people are looking for
evidence that Vladimir Putin could be under increased pressure or could be in trouble politically or his hold on things could be loosening slightly.
But what do you make on the combination of these newly 15 municipal deputies speaking out, what you just said about the military, the fact that
the Russians are being significantly pushed back by the Ukrainians, there's also been reports that discussions in Russia media taken a slightly
different tone lately, that some people have been speaking out and voicing concern that it is not in Russia's interest to continue this war.
Obviously, this is still the minority. But all of that taken together, does that speak to a potential shift or can we just not make that assessment?
DOUGHERTY: It's very hard I think to read the tea leaves than understand. These things that are happening are very significant and rare. But don't
forget, President Putin has really come down very hard on anybody who criticize, you know these people of the municipal counselors already have
been called in, some of them, you know, to the police. They've been fined.
So far, they've not being in prison. But that is a distinct possibility down the road. And then you'd have to say, you know, is President Putin as
you mentioned, actually in danger of being overthrown? Or ended, you know, his presidency?
That, at this point, still does not seem very likely, although anything is possible it seems these days. But that doesn't seem very likely.
But he's getting pressure. I was thinking as we discussed, as he got the military pressure, domestic opposition, he also has the economic problems
which are quite severe, even though they aren't getting through some of the sanctions, they have some major economic problems. "Financial Times" noting
today that the budget surplus has almost evaporated because of a drop in energy exports.
And then there's a lot of diplomatic pressure. Chancellor Scholz talked with Putin and was very critical, saying you have to end this, find a
diplomatic solution, pull out your troops and respect borders. And then President Macron of France saying much the same thing, calling it a brutal
But those, that type of criticism diplomatically, it's probably isn't going to make any difference to President Putin. And so far, it looks as if he
will continue, although we don't really know how he will continue to try to answer to that, that offensive by the Ukrainians.
NOBILO: That is the key and rather alarming question. Jill Dougherty, thank you so much for joining us today. Appreciate it.
Now, it could take six months for deadly floodwaters to recede in Pakistan. That's the word from Pakistani officials who fear that the country is about
to experience an epidemic of water borne illnesses like cholera, dengue fever and diarrhea.
Officials opening mobile hospitals in the hardest hit areas, they say that the damage from the floods it's expected to $30 billion.
And after months of terrifying climate stories from all across the globe, a new U.N. report warns we're headed in the wrong direction, and we faced
unmatched destruction from climate change.
The report warns that fossil fuel emissions have spiked higher after a brief reprieved due to pandemic lockdowns. It says that nations must cut
emissions seven times more than they have promised in the Paris Climate Accords. If not, the floods, droughts, heatwaves and wildfires that have
made headlines in recent months will only get worse.
Still to come tonight, King Charles the third makes his first visit as monarch to one of the U.K.'s most volatile regions. A look at what happened
when he visited Northern Ireland in just a moment.
NOBILO: King Charles III made his first trip to Northern Ireland on Tuesday, as the United Kingdom's new monarch, cheering crowds lined the
streets as the king's motorcade made its way through Belfast.
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NOBILO: And St. Anne's Cathedral, the king and Queen consort attended a service.
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(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: Father of all mercies, we commit to your loving care are sovereign lady, Queen Elizabeth, who, for 70 years, has been to this
land a wise, gracious, and dutiful monarch.
(END VIDEO CLIP)
(VIDEO CLIP PLAYS)
NOBILO: The service at St. Anne's Cathedral concluded with the singing of the national anthem.
(VIDEO CLIP PLAYS)
NOBILO: There have been more moving scenes in Scotland today, as the coffin of Queen Elizabeth II left Edinburgh for London. At St. Giles'
Cathedral, where the Queen lay in rest overnight, the hearse pulled out slowly. At first, near silence. Then, the crowds cheered as the Queen's
(VIDEO CLIP PLAYS)
NOBILO: At Edinburgh Airport, the Queen's coffin was placed on a plane in front of a guarded honor from the royal regiment of Scotland.
(VIDEO CLIP PLAYS)
NOBILO: And then the Queen's cortege arrived in London. Anne, the princess royal, accompanying her mother on her final flight.
Thousands of people lined the streets, cheering as the hearse drove by, and into the gates of Buckingham Palace.
Let's bring in CNN's Matthew Chance who is in those crowds earlier.
Matthew, it's interesting listening to the noises of the crowd because you might have expected pure solemnity, but actually, there were cheers and
jubilant, at points.
MATTHEW CHANCE, CNN SENIOR INTERNATIONAL CORRESPONDENT: Yeah, there was. And yeah, this isn't a crowd which is grief stricken. There's a certain
amount of sadness, of course. That this iconic figure has gone. But people are there because they wanted to pay respect to the Queen, but they also
want to celebrate her life, 96 years, 70 years on the throne.
This is not a tragic -- I mean, obviously, it's a sad loss for the people who knew her and the nation. But it's not tragic. She's 96 years old.
People want to celebrate and honor her in her death.
That's why, yes, people are respectful. They're understanding in silence as the coffin went past. But they are breaking out into cheers and applause.
Three cheers for the Queen broke out spontaneously, as her casket entered the hearse, the gates of Buckingham Palace for the last time.
And we've seen that all along the procession of that casket, from RAF Northolt when it came to London, as well.
NOBILO: With that juxtaposition were talking earlier, with the death of Princess Diana, which was obviously so shocking and so tragic, to Queen
Elizabeth II, where there's obviously there is a sense of finality and a life well-lived.
NOBILO: Do you get the sense from speaking to people in the crowd that that affection, that, respect and admiration will transfer from all of them
to King Charles III? Because, often, people are saying at the moment, you don't have to be a monarch to be a Elizabethan, that that might not be the
CHANCE: I've never put it like that, but you are right. The succession is automatic, of course. Charles, Prince Charles automatically became King
But what's not automatic is the transfer of the respect in which his mother was held in the hearts and minds of people in Britain. Charles has got to
work for that, and he has only started that process. There has been a concurrent operation fully choreographed to make sure King Charles goes to
the various constituent parts of the United Kingdom, shows himself in an official capacity as the king meets his subjects.
And so far, it's gone quite well, in a sense that he's got a very warm reception, people have been congratulating him. People are being positive
towards him. Of course, he's not his mom. He's not Elizabeth II. He hasn't been on the throne.
In fact, he has a checkered past in terms of the popularity with the British public, particularly when you look at what happened with Diana and
her later death.
I mean, he was held responsible for that by a lot of people.
NOBILO: A lot more baggage.
CHANCE: He has been rehabilitated since then. The question is, can he continue that rehabilitation? And hope to sort of reach the heights of
respect that his mother enjoyed through her death.
NOBILO: And do you think -- I mean, the security operation is gargantuan, it's absolutely massive. Can you talk through some of the preparations of
what's in place to shepherd these enormous crowds, especially as we look ahead to tomorrow and the rest of the week when the Queen would be lying in
state in Westminster Hall?
CHANCE: Well, I mean, it's obviously going to be big. But actually, the security operations that I've seen has been discreet. We've seen some
police presence. Just at key locations to make sure the crowd don't go where they're not supposed to go.
But it hasn't been heavy-handed in any way at this point. Obviously, it's going to be a much bigger challenge as the days go on because it's going to
be hundreds of thousands of people of basically bringing the center of London to a standstill as a jostle for position to get a glimpse of the
Queen's vehicle and power past her coffin when she laid in state.
But, you know, it's a massive security operation managing that many people. When you add to that, the fact that the state funeral on Monday is going to
have, how many world leaders? Dozens of them. All of them have very sophisticated and complex security arrangements in place.
You get an idea of just how what a big enterprise Operation London Bridge really is. That's the code name given to the operation to -- funeral
arrangements for Queen Elizabeth. That's been in the plan since 1960. So hopefully they will get it right.
NOBILO: Matthew Chance, thank you so much for joining us.
Still to come tonight, some of the day's other big stories, including a free fall on Wall Street. Why the U.S. stock market has dropped shards
And we return to our top story as well, how the Queen's only daughter is playing a special role in this week's events and in Britain's monarchy
NOBILO: To Wall Street now, and one of the worst days of the year for investors. The Dow plunged on the heels of a new report on inflation and
fears of a recession. The other U.S. indices are down as well. It's the Dow's worst day since mid June.
Rahel Solomon is in New York.
Rahel, thanks for so much for being with us. We always talk on these days when the stock markets absolutely tanking. What's behind this one?
RAHEL SOLOMON, CNN BUSINESS CORRESPONDENT: Well, Bianca, we've got an inflation report this morning that was not what we were expecting. We are
expecting to see declines and inflation, and that's not what we got. So, this is the CPI report, the consumer price index report, a very important
It showed, Bianca, is that on a monthly basis, inflation and prices modestly rose one tenths of a percent, not so bad it sounds, except we were
expecting prices to move in the other direction.
We were expecting prices to decline one-tenths of a percent. On a yearly basis, Bianca, prices increased about 8.3 percent. And if you look at the
CPI over the last few years, you can sort of a sense that obviously inflation still remains very high, but it looks like maybe perhaps we had
peaked in June when we saw inflation annualized 9.1 percent.
But this is all because energy prices has really fallen quite significantly, but other areas of the economy in the U.S. continues to
accelerate prices for shelter, and what our international friends my call accommodations. Those prices continue to rise, food prices continue rise,
medical cross continue to rise/
So, that is what you're seeing in the market that comes a week after the Federal Reserve is set to meet to decide what to do with interest rate
decisions. We expected event ahead today that they were going to erase rates and of the three quarters of a percent. That would be the third
consecutive rate hike of that magnitude before recent history. We hadn't seen a retired like that since 1994.
But when you get a report like this and inflation report that came in hotter than expected, it all but guarantees we're going to see a more
aggressive Fed. The reason rise and distrust century traders are reacting the way they are, is because the more aggressive the fed has to be, the
greater the likelihood of a policy misstep, of overshooting and causing a recession, which is part of the reason we saw the Dow fall nearly 1,300
points, its worst day since June of 2020. It was an historically bad in the markets.
NOBILO: So, Rahel, are the signals now pointing to a recession?
SOLOMON: I'm sorry one more time?
NOBILO: I was just asking if the signal is now pointing to a recession?
SOLOMON: Yeah. You know, it's a great question. And it's what investors and traders are basically preparing for. When we get inflation that proves
that it's stubborn, it's persistent, it's not abating the way the fed would like it to, it displays the likelihood that the Fed would have to do more
other than less. The more that that has to do in terms of raising rates to cool consumer spending in terms of trying to cool consumer demand, the
greater the likelihood they will do too much.
We will really see a pull boy on consumer spending. And consumer demand businesses respond to that but starting to cut workers. And consumers
respond to that in terms of seeing the unemployment rate rise. So, that's the concern that we are seeing in the market.
So, to answer your question, quite simply, it does in fact increase the likelihood of a recession.
NOBILO: Rahel, thank you so much for joining us. Rahel Solomon for us. I'm sorry about my microphone issues.
Now back to the story here in London, the reign of Queen Elizabeth II was unprecedented. And there's a new moment in history just hours ago, of the
Queen laid in rest in Edinburgh.
And the princess royal became the first female royal to take part in a traditional Vigil of the Princes. Perhaps no surprise for a royal
considered groundbreaking in her own right.
Isa Soares has more.
ISA SOARES, CNN CORRESPONDENT (voice-over): As the Queen's coffin continued to this route from St. Giles' Cathedral in Edinburgh, with
cameras focused on King Charles, onlookers may have missed the Queen's second child, Princess Anne, stood dutiful along the side. Elizabeth's only
daughter, and was by her mother's bedside on Thursday, fitting then, that she shouldn't company the procession, when the coffin entered the palace of
Holyroodhouse, after an arduous six-hour journey, and for foreign of, poignant courtesy.
Of the Queen's four children, it was princess and who was by her side along side the full route from Balmoral castle to here in Edinburgh on the Royal
Mile. She will now escort her mother's coffin as it makes its final journey to London.
Her efforts often go unnoticed. In 2021, she carried out 387 engagements, two more than her elder brother, and she maintained involvements with
hundreds of charities. During the pandemic, the Queen trying to and for help with their first zoom call.
PRINCESS ANNE, UNITED KINGDOM: You should have six people on your screen.
QUEEN ELIZABETH II, UNITED KINGDOM: I can see for anyway.
PRINCESS ANNE: Actually you don't need me, you know what I look like.
SOARES: Speaking on British television over the weekend, she said there was no manual on how to be a royal and she learned by following her
PRINCESS ANNE: To know what the true values are into stick with them, not worry too much about the fashions and things that come and go but to
understand what is the bedrock of society.
SOARES: Sixteenth in line to the throne, and has been princess royal since 1987.
Her importance in her court of King Charles is assured. Just 21 months apart in age, the two are set to be very close.
KATE WILLIAMS, ROYAL HISTORIAN: Charles would be very wise to use in the monarchy going forward. She is popular. She's well-loved. Her work ethic
commands respect. People find her a very engaging character.
And Charles is in a honeymoon period, but he needs all hands on deck. And someone who can really help him is Anne.
NOBILO: The princess royal will continue to be an integral part of her majesty's last journey, a testament to her belief, like her mother's, in
duty and service.
NOBILO: Joining me now to discuss the future of the monarchy and the events of today is CNN's Richard Quest.
Richard, you saw the hearse carrying the late Queen Elizabeth II enter the gates of Buckingham palace. You felt the mood of the palace. Describe that
RICHARD QUEST, CNN BUSINESS EDITOR AT LARGE: I think it was obviously moving, it was somber. But what really noticed was the cheering. It wasn't
jubilation, but it was the applause, and it was the applause that said thank you. That seems to be the word that is being used again and again.
Like Paddington bear, in a sense. Thank you, ma'am, for everything.
The princess royal said it today in her statement, thank you. Charles said it, thank you. And when you hear people cheering, respectfully cheering,
they are just saying good on you, thank you.
NOBILO: It's that finality and gratitude. They are happy that they got to have her for such a long amount of time.
QUEST: Yeah, absolutely, thank you.
NOBILO: And when we look at the day itself, we had King Charles III in Northern Ireland, playing an important role, trying to build on the
foundations of his mother, in some respects. There are so many different things happening in tandem at the moment. What do you think is important
QUEST: So, the thing I noticed, Walter Badgett (ph), a famous constitutional scholar.
NOBILO: I know him, yeah.
QUEST: Viewers will maybe know this from the crown, where the first queen had this constitutional crisis. There are two things, there is the
efficient, and the dignified. And they are two sides of the British constitution.
And throughout the last few days, we have seen the pendulum swing between the two. We saw it again today. The efficient in Scotland, the business of
government, Charles cementing his -- maybe not his authority, his position, his presence.
And tonight, the dignified. Once again, the Queen -- I very much can see the duopoly of role that the royals play is absolutely front and center.
NOBILO: And one of the things that good old Walter, our constitutional favorite, he used to talk about as well is the mythic quality of the
British monarchy and how the peak of all British pomp and ceremony, and the great theater of our lives. We are seeing that obviously in the proceedings
of today. Even the fact that the Queen designed her own hearse when she was alive, she had a hand in every element in of this, didn't she?
QUEST: She tied every bow, ticked every box.
To give you two examples. First, a couple of years ago, when she said I hope -- a few years ago, she said I would like Charles to be head of the
commonwealth. Next, I would like Camilla to become Queen consort. Next, the British crisis over change of government, got a new government in. Next,
new prime minister, Liz Truss, ticked. Got it all sorted.
And there are of course still issues remaining, but she has tied as many issues and finality as she possibly could, which I think is just absolutely
remarkable. And I do not for one second believe any of it was by accident. She knew her time was limited, she knew the time was right to do things,
and she got it all done.
NOBILO: That she absolutely did. I think anybody that understands leadership thinks about what happens after they are gone. And it feels like
she has done that.
Looking ahead to tomorrow, we are expecting gargantuan queues in London to see her while she is lying in state in Westminster Hall. From the people
you have spoken to, and what you've experienced so far, what is that going to be like for the city?
QUEST: In a way, tomorrow is the big day, because we know with the funeral service is going to look like. We know what happens when it goes off to
Windsor. But tomorrow is the day when the pictures will define the event.
This is where you have the guards, the grenadier's, the bands, the mournful music.
It's when you have the Queen's coffin on a gun carriage going down Whitehall. If you think back to the pictures of King George's funeral, it's
always these pictures of him going around Admiralty Arch. And that's why I think tomorrow is going to be by far and away the day when you really feel
It's not funeral itself, which will be significant and a religious service. There will be lots of diplomats and which leaders are there and who's doing
what. But tomorrow is British pomp and ceremony.
NOBILO: Richard Quest, thank you so much for joining us.
And thank you for joining our special coverage in London tonight.
Stay with CNN. "THE SITUATION ROOM" is next.