Biden Administration, FED, Penn Wharton discussed on TuneInPOC



Balance sheet roll off is likely to take place this year. And the fed at least believes that that can affect the inflation question. But what about on the executive branch side with the administration, are there things that the Biden administration could do to dampen inflation? That's been a cause of concern. Not just for the fed, but also for a lot of consumers, regular people across the country. Well, you're going to get bored of my responses because I'm going to come back to the virus. If this is the number one thing that the administration and frankly, all of us, we all play a role in bringing down inflation because it's our behaviors with respect to the way that we respond to the virus. Are we getting vaccinated? Are we wearing masks when the viruses in a highly transmissible phase the way it is now? So we got to work together. We got to get the pandemic under control. There are things the administration can do on that front for sure. And I think, you know, everybody has sort of recognized that war could have been done and should have been done sooner. And I think the administration is taking steps there. And obviously they're looking at other sort of factors in terms of what's going on in meat packing. And is there some excessive profit taking or something like that happening in certain industries? They've taken steps to reduce gas prices by releasing oil from the strategic reserve. And so those sorts of things. I think, you know, the administration is trying to do what it can do, but at the end of the day, I think this is supply chain and it is related to the pandemic itself. One last one, a big one, but one last one, which is the build back better. What effect would that have an inflation and the economy if in fact it were enacted? Well, probably not a huge impact on the economy. And I think by just about every study that I've seen, whether it's come out of Goldman or moody's or Penn Wharton, I think the people who've analyzed build back better in terms of the potential inflationary impacts basically all of them reached the same conclusion, which is not much impact on inflation. Longer term medium term and longer term, there are definitely things in the build back better act that can help mitigate inflationary pressures, adding, making it easier for people to afford child care. Productivity enhancing investments in education and that sort of thing. So longer term, probably things that will improve or reduce inflationary pressure, short term, not much there. Doctor, thank you so much for joining us today. I really appreciate that Stephanie kelton. She's Professor of economics and public policy at stony brook university. British prime minister Boris Johnson right now is holding a news conference about COVID policy and he now says the UK will have a chance to ride out the omicron wave without going into lockdown. You can watch the prime minister on the Bloomberg at guai go. Meantime here coming up, former New York congressman Joe Crowley on the state of the state of New York under governor hochul. This is balance of power on Bloomberg television and radio. With three bright minds thinking of questions. How far apart are the two Americas right now? Someone's bound to ask the one you most want answered. What defines that as the year goes on? Tom Keene, Jonathan farrow and Lisa Abramovich. How do you explain the fact that you have not seen a cheer from equity traders? Bloomberg surveillance? Well, that occur within market stability. Weekday mornings had 7 eastern on Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. Hey dad, your prescription will be ready in just a minute. Hey, dad, your laundry will be ready in just a minute. Dad? Your lunch will be ready in just a minute. Hey, honey. Why don't you take a minute? When you help care for a loved one, you give them as much time as you can, but it's just as important to take time for yourself. AARP can help. Find free care guides to support you and your loved one at AARP dot org slash caregiving. That's AARP dot org slash caregiving. Brought to you by AARP in the Ed council. Markets, headlines, and breaking news 24 hours a day. At Bloomberg dot com, the Bloomberg business app and at Bloomberg quick tape. This is a Bloomberg business flash. A route in tech shares is dragging U.S. stocks from all time highs on concerns that higher interest rates will devalue profits. Treasuries are down and the yen is also down to the lowest since 2017. The S&P 500 is little change now down just about two the Dow Jones Industrial Average is up 7 tenths of a percent of 258 and the NASDAQ is down 1.6% down 255. The ten years down 1430 seconds, the yield is 1.67%. West Texas intermediate crude oil is up one and a half percent at 77 19 a barrel comics golds up three quarters of 1% at 1813 70. The dollar yen one 1615 the Euro dollar 1291. That's a Bloomberg business flash now more balance of power with David Westin on Bloomberg

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