19 Burst results for "Edward Lawrence"
History That Doesn't Suck
"edward lawrence" Discussed on History That Doesn't Suck
"The summer of 1916. The great war is going in several directions right now. Here's where things stand across the war's major theaters. Feeling threatened by Philippe petain's rising star, but knowing he can't exactly fire at national hero. French commander Joseph joffre gets rid of him another way. Through promotion. In early May, Philippe receives command of army group center. Val del remains under him, but now at an arm's distance with general Hubei Al nivelle taking his place. His leadership is a more traditional often approach. The mincing of tens of thousands of men each month at Verdun will continue. At the end of May, Britain and Germany's pre war naval arms race comes to a head. Powerful dreadnoughts, battle cruisers, and more. A total of 250 warships blast away at one another in the North Sea. Over the course of a few days, this engagement, the battle of jutland, sends 6904 Brits and 2551 Germans to their watery graves. Yet, despite Britain's heavier death toll, the battle is inconclusive as the heavily damaged German navy fails to break the likewise hurting British navy's strangling blockade. Frustrated but aggressive as ever, German vice admiral reinhard scheer argues that if Germany is to break Britain, it must resume the policy pursued through most of 1915, even if this upsets the Americans. Germany must engage in unrestricted submarine warfare. On the eastern front, Russia launches its brusilov offensive that June. Fighting through the summer, Russian forces regain ground in Galicia taken by the austro-hungarians last year. It will prove the greatest Russian success of the war. But hundreds of thousands will die on each side while wounded and missing will run the three month campaign's casualties well over a million, thus adding to the millions of casualties Russia has already seen. The suffering Russian people are running out of patience for this war, and for their Tsar. Oh, and of course, hundreds of thousands of casualties have stacked up in the Balkans too. In the Middle East, British forces are fighting their way through Ottoman defenders in Mesopotamia. Thomas Edward Lawrence, AKA Lawrence of Arabia, is assisting and encouraging the Sharif of Mecca Hussein ibn Ali to carry out an Arab revolt in the name of independence from Ottoman rule. Yet neither Lawrence nor the Sharif know that at the same time, Britain's Mark Sykes and France's Francois Georges picot are working out a secret agreement as to how their respective empires will divvy up a post war Ottoman free Middle East. There's yet more action in Asia and Africa and even Ireland where British forces are crushing a rebellion, seeking an independent Irish republic. But fascinating has all of these developments are. They are not our stories today. Continuing with our focus on the western front, the summer of 1916 brings us to what well may be this theaters, if not this wars, most infamous battle. The sum. You might remember my mentioning some briefly a little earlier. Yes, this is the major offensive that French commander Joseph joffre was busily planning so many months ago when colonel Emil trian was sending warnings of Eldon's vulnerability. The wheels started turning back on December 29th, 1915, when the new commander in chief of the British expeditionary force field marshal sir Douglas haig met with his French counterpart. They dreamt up a joint Franco British offensive to hit the Germans in northern France. In pica di, near the summer river. The choice of location was French driven and more convenient than strategic. This is simply where the western front defending British and French armies bump into each other. They decided to strike the following year in 1916 when their allies Russian Italy would likewise do so. The thinking here is that, if pummeled from the southeast and west, Germany won't be able to meet the needs of the moment by moving troops from one front to the other, as was its practice thus far. Okay, not a bad idea. Ah, but as we know, general German Erich von falkenhayn beat them to the punch with his offensive avail dawn in late February 1916. Nonetheless, the Franco British plan was not to be deterred. They adapted. With hundreds of thousands of poilu heading to verdant, the sun would remain a joint effort, but become significantly more British than French. Thus, field marshal sir Douglas haig and the British fourth army's commander sir Henry rawlinson do much of the planning. Now, these two have their differences, but to appreciate those, we need to talk about what trenches now look like for a second. Remember earlier in the episode, when I said that trenches would evolve? Oh, that they have. Not all trenches are equal, but generally, defenses start with barbed wire. Not a little barbed wire. A lot. Many soldiers survived the machine guns, gas and mortars, only to charge across no man's land and get caught and barbed wire, like a fly in a spiderweb. Killed by a bullet or simply exposure, their corpses might hang here on raw in a weeks or months long battle. Pass the wire is the frontline trench. It's deep enough for a soldier to stand and is likely lined with four maintaining and bullet catching sandbags. Meanwhile, the trench itself should zigzag or curves so that if taken, the invading force can't insulate the defending soldiers. Those defending also have various types of armaments here. Other trenches break off from this one. Forward into no man's land, we might have saps, which are small paths for spine or launching an attack. And they're quite dangerous. Whereas several hundred yards behind the front, we have the support trench filled with supplies and reinforcements ready to move to the front. Several hundred yards farther back still is the reserve trench. More men and supplies are here, but if we need them, it means the front line has been taken and it's time to regroup for our counter attack. Finally, these three rows of trenches have to be connected, and this is done by criss-crossing them with communication trenches. In short, trench systems are now as complex as a small town, which is why soldiers often name trenches just like streets. With names from back home, of course. Don't picture the trenches as being classy, perfectly safe or comfortable though. Soldiers could be well out of sight of the enemy, chatting away when a perfectly placed mortar suddenly ends a life. Nor is the enemy the only concern. Sandbags fail, or are in short supply. It rains, snows, or just turns out that the water table is high and soon a soldier might be knee deep in water. That water then mixes with blood and other bodily fluids of the dead. And now a scrape on the knee is a life threatening infection. In fact, forget the scrape, just stand in the water long enough, and you're soaked feet will start to bloat, decay, and possibly need some degree of amputation. Appropriately enough, that condition is called trench foot. Oh, and don't forget the rats. Lots of rats. That all said, let me now slightly contradict myself with greater nuance. While both sides experience the hell of trench life, allied trenches tend to be rougher. The Germans, as the invading force, wisely settle in for the long haul. They're more likely to dig deeper, impressively reinforce dugouts. Poor concrete, and I kid you not even run electricity and bring in bunk beds. That kind of awesome, almost indestructible several line trench system is what the Germans have at the sum. And with that background, let's talk strategy. Sir Henry rawlinson wants to blast the Germans for
History That Doesn't Suck
"edward lawrence" Discussed on History That Doesn't Suck
"The summer of 1916. The great war is going in several directions right now. Here's where things stand across the war's major theaters. Feeling threatened by Philippe petain's rising star, but knowing he can't exactly fire at national hero. French commander Joseph joffre gets rid of him another way. Through promotion. In early May, Philippe receives command of army group center. Val del remains under him, but now at an arm's distance with general Hubei Al nivelle taking his place. His leadership is a more traditional often approach. The mincing of tens of thousands of men each month at Verdun will continue. At the end of May, Britain and Germany's pre war naval arms race comes to a head. Powerful dreadnoughts, battle cruisers, and more. A total of 250 warships blast away at one another in the North Sea. Over the course of a few days, this engagement, the battle of jutland, sends 6904 Brits and 2551 Germans to their watery graves. Yet, despite Britain's heavier death toll, the battle is inconclusive as the heavily damaged German navy fails to break the likewise hurting British navy's strangling blockade. Frustrated but aggressive as ever, German vice admiral reinhard scheer argues that if Germany is to break Britain, it must resume the policy pursued through most of 1915, even if this upsets the Americans. Germany must engage in unrestricted submarine warfare. On the eastern front, Russia launches its brusilov offensive that June. Fighting through the summer, Russian forces regain ground in Galicia taken by the austro-hungarians last year. It will prove the greatest Russian success of the war. But hundreds of thousands will die on each side while wounded and missing will run the three month campaign's casualties well over a million, thus adding to the millions of casualties Russia has already seen. The suffering Russian people are running out of patience for this war, and for their Tsar. Oh, and of course, hundreds of thousands of casualties have stacked up in the Balkans too. In the Middle East, British forces are fighting their way through Ottoman defenders in Mesopotamia. Thomas Edward Lawrence, AKA Lawrence of Arabia, is assisting and encouraging the Sharif of Mecca Hussein ibn Ali to carry out an Arab revolt in the name of independence from Ottoman rule. Yet neither Lawrence nor the Sharif know that at the same time, Britain's Mark Sykes and France's Francois Georges picot are working out a secret agreement as to how their respective empires will divvy up a post war Ottoman free Middle East. There's yet more action in Asia and Africa and even Ireland where British forces are crushing a rebellion, seeking an independent Irish republic. But fascinating has all of these developments are. They are not our stories today. Continuing with our focus on the western front, the summer of 1916 brings us to what well may be this theaters, if not this wars, most infamous battle. The sum. You might remember my mentioning some briefly a little earlier. Yes, this is the major offensive that French commander Joseph joffre was busily planning so many months ago when colonel Emil trian was sending warnings of Eldon's vulnerability. The wheels started turning back on December 29th, 1915, when the new commander in chief of the British expeditionary force field marshal sir Douglas haig met with his French counterpart. They dreamt up a joint Franco British offensive to hit the Germans in northern France. In pica di, near the summer river. The choice of location was French driven and more convenient than strategic. This is simply where the western front defending British and French armies bump into each other. They decided to strike the following year in 1916 when their allies Russian Italy would likewise do so. The thinking here is that, if pummeled from the southeast and west, Germany won't be able to meet the needs of the moment by moving troops from one front to the other, as was its practice thus far. Okay, not a bad idea. Ah, but as we know, general German Erich von falkenhayn beat them to the punch with his offensive avail dawn in late February 1916. Nonetheless, the Franco British plan was not to be deterred. They adapted. With hundreds of thousands of poilu heading to verdant, the sun would remain a joint effort, but become significantly more British than French. Thus, field marshal sir Douglas haig and the British fourth army's commander sir Henry rawlinson do much of the planning. Now, these two have their differences, but to appreciate those, we need to talk about what trenches now look like for a second. Remember earlier in the episode, when I said that trenches would evolve? Oh, that they have. Not all trenches are equal, but generally, defenses start with barbed wire. Not a little barbed wire. A lot. Many soldiers survived the machine guns, gas and mortars, only to charge across no man's land and get caught and barbed wire, like a fly in a spiderweb. Killed by a bullet or simply exposure, their corpses might hang here on raw in a weeks or months long battle. Pass the wire is the frontline trench. It's deep enough for a soldier to stand and is likely lined with four maintaining and bullet catching sandbags. Meanwhile, the trench itself should zigzag or curves so that if taken, the invading force can't insulate the defending soldiers. Those defending also have various types of armaments here. Other trenches break off from this one. Forward into no man's land, we might have saps, which are small paths for spine or launching an attack. And they're quite dangerous. Whereas several hundred yards behind the front, we have the support trench filled with supplies and reinforcements ready to move to the front. Several hundred yards farther back still is the reserve trench. More men and supplies are here, but if we need them, it means the front line has been taken and it's time to regroup for our counter attack. Finally, these three rows of trenches have to be connected, and this is done by criss-crossing them with communication trenches. In short, trench systems are now as complex as a small town, which is why soldiers often name trenches just like streets. With names from back home, of course. Don't picture the trenches as being classy, perfectly safe or comfortable though. Soldiers could be well out of sight of the enemy, chatting away when a perfectly placed mortar suddenly ends a life. Nor is the enemy the only concern. Sandbags fail, or are in short supply. It rains, snows, or just turns out that the water table is high and soon a soldier might be knee deep in water. That water then mixes with blood and other bodily fluids of the dead. And now a scrape on the knee is a life threatening infection. In fact, forget the scrape, just stand in the water long enough, and you're soaked feet will start to bloat, decay, and possibly need some degree of amputation. Appropriately enough, that condition is called trench foot. Oh, and don't forget the rats. Lots of rats. That all said, let me now slightly contradict myself with greater nuance. While both sides experience the hell of trench life, allied trenches tend to be rougher. The Germans, as the invading force, wisely settle in for the long haul. They're more likely to dig deeper, impressively reinforce dugouts. Poor concrete, and I kid you not even run electricity and bring in bunk beds. That kind of awesome, almost indestructible several line trench system is what the Germans have at the sum. And with that background, let's talk strategy. Sir Henry rawlinson wants to blast the Germans for
Bloomberg Radio New York
"edward lawrence" Discussed on Bloomberg Radio New York
"China the most vocal since president Xi Jinping took his leadership role, protests have spread from zhejiang to Beijing, Shanghai, were huge crowds gather calling for president Xi to step down, as well as disband the Communist Party. Meanwhile, authorities are set to resume local transportation after a month, gradually and orderly, but adviser doctor Anthony Fauci says the COVID zero approach to fighting the pandemic is not effective without a long-term strategy, Fauci also says he's puzzled by China's insistence of using only vaccines manufactured in China. White House COVID response coordinator doctor afshar says it is incredibly important for people to update their COVID vaccines heading into the holiday season. New Canadian strategy for paper boosts the military spending and expands ties to the indo Pacific to forge stronger ties with Asia allies, also will carefully screen Chinese owned enterprises and North Korea state media says it's received new support from president Xi. In San Francisco, I'm Ed Baxter. This is Bloomberg. Brian back to you. All right, the time here is about ten minutes before the top of the hour. I mentioned that the BBC had one of its journalists beaten and kicked by Chinese police during COVID protests in Shanghai. That's according to a story by the press association, citing the BBC broadcaster. It's a cameraman, Edward Lawrence, that this story says, who is attacked while covering the demonstrations in Shanghai yesterday on Sunday. A BBC spokesman told the press association that Lawrence was held for several hours before being released, adding that he was beaten and kicked by police during the arrest. From The Wall Street Journal U.S. officials fear the Ukraine war is slowing the delivery of weapons to Taiwan and said to be a backlog of weapons running to the tune of about $19 billion. The delay is hurting efforts to arm the island as tensions with China escalate. From the South China morning post, WhatsApp has dismissed a media report claiming that a database containing phone numbers of some half a billion users have been leaked and put up for sale. This was in an article by cyber news, it reported an advertisement on a hacking forum and offered to sell a database containing the mobile phone numbers of 487 million users, some 3 million said to be from Hong Kong, a meta spokesman, said that the report was speculative and based on unsubstantiated, screenshots. And a final note for you from the Financial Times, the value of rare scotch whiskies has jumped by more than a 5th this year. That's due to younger investors looking for tangible assets in these turbulent times. And that is a look at the media. It's now 9 minutes before the top of the art Juliet back to you. Thank you, Brian. Joining us is Greg potel lead partner global consumer practice at Carney on the assessment of Black Friday, and what we
Tech Path Crypto
"edward lawrence" Discussed on Tech Path Crypto
"I think by the actions that we take, though, we help keep longer term inflation expectations anchored and keep the public believing in 2% inflation by the things that we do even in times when energy is a part of the story of why inflation is high. I don't know. High chair pal Janelle Marty with Bloomberg. So the fed is facing two more ethics related incidents with the revision of the financial statements from president bostick and the president bullard speaking at a closed event. So some senators like Elizabeth Warren are seeing that this is a sign of greater ethics problems at the fed, could you talk about what this does to the public's trust in the bank and what the fed is doing to prevent this kind of behavior from becoming common. Sure. So you're right. The public's trust is really the fed's and any Central Bank's most important asset. And any time one of us, one of the policymakers violates or falls short of those rules, we do risk undermining that trust. And we take that very seriously. We do. So at the beginning of our meeting yesterday, actually, we had a committee discussion of the full committee on the importance of holding ourselves individually and collectively accountable for knowing and following the high standard that's set out in our existing rules with respect to both personal investment activities and external communications. And we've taken a number of steps and I would just say we do understand how important those issues are. I would say that our new investment program that we have is up now and running and actually was through that that the problems with president basics disclosures were discovered when he filed his new disclosures. We now have a central group here at the board of governors that looks into disclosures and follows them and approves people's disclosures and also all of their trades, any trade anyone has to make was covered, has to be approved, pre approved. And there's a lag. There's a lot to break down from your other 45 days where we have some of their game markets. The political aspect of the fed, but there's a lot to break down here. We will give that to you. Yes. And there's also some indicators too that we're going to show for you guys that actually hold ourselves to the highest. We had been looking at for quite some time. And again, you guys know my position on this. On the investigations that are going to continue to see in here, I still think our 14 K Bitcoin is but we'll see. There are some other indicators too. We'll show you guys that I think also can prep you for how to play this market over the next few, really over the next few months, which he has the ability. We're going to have Jeff Ross on tomorrow. We'll break this down after, even though he's going to gloat a little bit because we've been talking about this for some time. Michael McKee from Bloomberg television and radio. Earlier this year, you touted the three month Bill yield out to 18 months as the yield curve. A 100% explanatory power. And you said quote, if it's inverted, that means the fed's going to cut, which means the economy is weak. That curve is only two basis points away from inversion now. So I'm wondering why you are so confident that you have not over tightened, particularly given that rates work with a leg. Well, because so we do monitor the near term forward spread. You're right. And that's been our preferred measure. We think it just empirically dominates the ones that people tend to look at, which is twos tens and things like that. So it's not inverted. And also, you have to look at why. And this should be clear. Not giving up the root curve. He's doing what it's doing. They're doing that explanation in a way to play this market. For this, in some cases, many people will look at this situation where the markets are be aware that there are coming in. That's going to affect the to the market and also macro aspect that I think you're right. We'll start to reveal themselves, especially as I said. November, not a good month. Follow up December is going to be a big deal. Several meetings ago that the risk of doing too little outweighed the risk of doing too much is what you're trying to tell us today is that risk assessment has changed a little bit. I don't think. Well, what's happened is time has passed and we've raised interest rates by 375 basis points. I would not I would not change a word in that statement though. I think until we get inflation down. Yeah. You'll be hearing that from you. Again, if we over tighten, and we don't want to. We want to get this exactly right. But if we over tighten, then we have the ability with our tools, which are powerful tools at the beginning of the school. We can support economic activity strongly. If that happens, if that's necessary. On the other hand, if you make the mistake in the other direction and you let this drag on, then it's a year or two down the road and you're realizing inflation behaving the way it can. You realizing and it didn't actually get it to go back in. But I'm sure this is the risk that this become entrenched in people's thinking and the record is that the employees cost to the people that we don't want to hurt a lot of holiday shopping. That's maybe a head looking up so right now. This isn't scary to people. Here we are in November. Right before Thanksgiving, you know, rolling into it. We're now focused on this kind of on that, what's the place? What's the level we need to get to rates? And I don't know what we'll do when we get there, by the way. We'll have to see. There's been no decision or discussion around exactly what steps we would take at that point. But the first thing is to find your way there. They don't even have a plan for when they slow down. Thank you, Chris for Gabriel and Associated Press. Just to go back to housing for a minute, you mentioned the impact that rate increases have had on housing, home sales are down 25% in the past year. And so forth. But none of this is really showing up, as you know, when the government's inflation measures, and as we go forward, private real-time data is clearly showing these hits to housing. Are you going to need to put a greater weight on that in order to ascertain things like whether there's over tightening going on? Or will you still focus as much on the more lagging government indicators? So this is an interesting subject. So I start by saying, I guess, that the measure that's in the CPI and the PCE captures rents for all tenants, not just the not just new leases. And that makes sense actually because for that reason that conceptually that is sort of the right target for monetary policy. In the same thing is true for owners equivalent rent, which comes off of it's a re weighting of tenant rents. The private measures are, of course, good at picking up the, at the margin, the new leases. And they tell you a couple of things. One thing is, once I think right now, if you look at the pattern of that series of the new leases, it was very pro cyclical. So rents went up much more than the CPI and PCE rents did. And now they're coming down faster. So the implication is that there are still as people as non new leases roll over and become an expire. You are still in the pipeline. There's still some significant rate increases coming. But at some point, once you get through that, the new leases are going to tell you that what they're telling you is there will come a point at which rent inflation will start to come down. At that point, is well out from where we are now. So we're well aware of that, of course, and we look at it. And I would say that in terms of the right way to think about inflation, what it is to look at. This was kind of already predefined. They already knew they had lost the money that we also discontinued the red wave, I think, the process. In just a quick follow, it looks like stock and bond markets are reacting positively to your announcement so far. Is that something you would want to see? Is that a problem or how that might affect your future policy to see this positive reaction? We're not targeting any one or two particular things. Our message should be, what I'm trying to do is make sure that our message is clear, which is that we think we have a ways to go. We have some ground to cover with interest rates before we get to before we get to that level of interest rates that we think is sufficiently restrictive. And putting that in the statement and identifying that as a goal is an important step. And that's meant to put that question really as the important one now going forward. I've also said that we think that the level of rates that we estimated in September, the incoming data suggests that that's actually going to be higher. And that's been the pattern. I mean, I would have little confidence that the forecast, if we made a forecast today, if we were doing an SEP today, the pattern has been that one after another, they go up and that will end when it ends, but there's no sense that inflation is coming down. If you look at the I have a table of the last 12 months of 12 month readings and there's really no pattern there. We're exactly where we were a year ago. So, okay, so I would also say it's premature to discuss pausing. And it's not something that we're thinking about. That's really not a conversation to be had now. We have a ways to go. I'm not even sure that was it. Unless I would want people to understand. We're not going to pause. We're not going to pause. Of not doing enough or the mistake. You're ready. Withdrawing. We're not going to make the mistake. And doing that too soon. So I control those messages and that's my job. And where's my job? Edward Lawrence with Fox business. Thank you. Fit chairman. So how big of a headwind is all the fiscal spending to what the Federal Reserve is trying to do to get inflation back to the 2% target? You know, in theory it was a headwind this year. But I do think the broader context is that you have households that have these significant amounts of savings and can keep spending even so I think those two things do tend to wage to sort of counterbalance each other out. It appears consumer spending is still positive. It's a pretty modest growth levels. It's not shrinking, but people are the banks that deal with retail customers and many retailers will tell you that the consumers are still buying and they're still they're fine. So I don't know how big the fiscal headwinds are and they haven't shown up in the way that we thought they would in restraining spending. So it must have to do with the savings that people have. What about the spending? There's tens of billions yet to be spent. From the inflation reduction act, the American rescue plan, chips act, bipartisan infrastructure Bill. How does that go into your thinking about the future? Demand is going to have some support from those savings and also from the strong demand that's still in the labor market. We still, guys, hopefully this is something that you'll get a chance to kind of go back and check the fed. All these questions that you're seeing right now that are coming in. Are really just a lot of reiterating what the fed announced and what Powell was talking about. So you heard it. I don't think this is anybody on our channel right now that's watching this is thinking that this is not a bearish situation. This is definitely a hawkish move. The fed is clearly not slowing down and the question is going to be whether or not this can hold through the end of the year. Now you guys have heard me say that November is a problem for what's happening right now. Obviously from a political standpoint, but also from the fed component and the pending data that's going to start support the CPI numbers in early December, which is another problem. December presents an issue because we'll start to get a little bit of notice as to how the quarterly earnings are going to show up across a lot of companies. And with that, that goes into my point, which is where we're going to probably see some very interesting things happen in Q one because of the Q four numbers. So you guys have heard me say that. This is one that just to kind of just showcase. I want to jump over to the CPI. Our own data now, by the way, we're doing this daily now for you guys. So you can get to Bitcoin and all of these. And you can kind of see the numbers start at slide. Look at this amplification just fell out over the last few days in precursor and then this morning's print obviously down from yesterday's print. So again, this is the direction of the market I do anticipate we're going to continue to still sentiment is slowing. This concern I have right now with Bitcoin is this right here because we were starting to realign here with Bitcoin. And when I say realign, top line sentiment and what you see right here is called amplification. That's basically thinking forward thinking sentiment, meaning people that are doing intent based actions. I'm going to buy Bitcoin. I'm going to stack Bitcoin. Those kinds of things versus just general, you know, I'm interested in Bitcoin learning more about it. I hear so many good things. Those are kind of general top line statements that we measure. And those are the things that really kind of fall in place when you look over here at the chart, and where this is going. Right now, obviously, just to kind of reconstruction here. I think we're on Bitcoin, right? Yeah. So you can kind of see the scenario playing out for this. This is not something that's going to look good. I wanted to jump to a few points here and then we'll cut loose. We'll do a full wrap of this. I'll do a full interview with doctor Jeff tomorrow. We're going to break this down and really what this means long-term. Because I think there's some hidden messages in here that could give us some insights as to how to play this market if we start to see another downstroke. That's the big thing that could play into this. Now, one thing to be aware and I wanted to kind of jump to a couple of tweets here. This is from Darius, you know, we've had Darius on the show. Be clear, at Federal Reserve pivot is almost always bullish for risk assets. Has been for a century. I've been saying all year. Don't buy when there's blood in the streets. This is why you buy when there's cleanup. All right, so guys right now, we have blood in the streets. This is where we're at right now. The catalyst is, what does have to happen? Within the market to be able to move this to a position where we might see a lightning because I think 75 comes in on December right now at the look of this, along with the kinds of things we're going to see from macro pressure outside of the Eurozone because there's a lot there. I want to also showcase a tweet that I did the other day. I think it was last night or the night before. If you guys, I want you just to get a frame. And I'm not a longtime bear. I am a, I'm a bull, but, you know, we're living in a bear market, and you have to attach this to reality. I was reading this book right here. It's called mega threats. This will scare the crap out of you. In the essence of what we'll see in the coming months and possibly years with extended inflation. So I can see why the fed is pushing so hard. They're talking, or his anticipation, the author, noriel, rubini, he basically talked about the dollar to fall very sharp, stagflation is now in play. We will see stagflation, which is where you basically are losing jobs and prices are still going up. That's basically the definition. Deep recession versus a general recession. This is a deep recession potential and then inflation on bridle, meaning we are going to either hold at a very high percentage close to double digits for a longer period of time, and then this is the thing that's very interesting is the globe could split kind of into a true east versus west. Now it's kind of already east versus west, but I'm talking about everything. He talks about everything from Internet, energy, healthcare. You name it, we are going to see a division and a de globalization of what we're going to see because it's going to be every country for themselves. This book right here will get you in a frame of what we may be facing in 2023. The question is, how does this play out? But for those of you who've listened to some channels out there calling for pivot this year, I just don't see this is going to happen. You also don't forget. You've got micro strategy coming up with their third quarter earnings. It was a shambles, which tells us that we've got a problem with a sailor because how's he going to be able to gain access to more money at low rates to be able to essentially engage in more purchasing of Bitcoin? Because that's what he's going to go after. So that concerns me there. And then you've got resistance mounting this obviously we knew FOMC doge has been on the fly here recently. We've got a lot in front of us, people. And I think the scenario that plays out right now is how does December look from a macro standpoint because I feel like we're going to see a CPI either flat or up flatter up. We're going to see job numbers start to really pour in. And I think we'll see real estate continue to dump. And with those kind of things, it's only give syndicated. This is going to be no reason for them to slow down in December as the point. And with that being the case, you're looking at potentially a market correction. Again, back to the statement I've said for the last two months, November is the month I'm worried about. In the sense, when I say worried, it's good if you're looking to buy crypto at the bottom because I feel like the bottom may be in November. And if December gets a slight recovery, but up from what could be death zone type scenarios. Altcoins also lead the crypto market dump basically ahead of the interest rate decision. Everybody kind of knew that as well. All of our indicators right now in sentiment have been pointing down since we've gone to data. So very cool. I think the scenario. When you guys want to jump in over there, you can grab CPI, our CPI, meaning crypto power index on a daily basis now. We're dropping that in there. So let's take a look at the Ethereum right here. Again, Ethereum is starting to separate right there. There are several binance. What are they doing? Binance tipping down just a little bit. Let's jump to the poll real quick and then we'll take a few questions. Okay, or maybe not. Oh, by the way, thanks for the birthday mentions guys yes it is the birthday so. Anyway, let's jump to the poll real quick. 24 years after the fed meeting, crypto will market will have crashed remain the same. I think we may be down a little bit here. So I'm going to go on the crash at 33%. Interesting number. I hate that number. I love that number. I hate that number. But anyway, we're going to wrap up here today. If you like these live streams like this, where we do the restream and do a little bit of commentary afterwards, smash the like button, it lets us know you want us to continue. We are going to bring on a lot more macro analysts this week next and more. Along with some Bitcoin people that I think are going to be interesting to listen to because there's some interesting plays starting to come into. We've got a video coming up also on polygon and what JPMorgan just did in DeFi. Don't miss that video. This is big news. And it's this framework of what's getting ready to happen. This is an exciting time. I know this is a bad news, but get ready, I think we're in for some interesting stuff I had right now. All right, we're going to wrap up out of here guys. If you're not part of the diamond circle, get in right now, it's free and it's simple to join all you have to do is click the link below. And you're going to get in on updates, additional content, all kinds of stuff from the crypto pit, as well as, guess what? We do our own sentiment data inside the diamond circle. Now we'll drop a little bit in there for you guys. Absolutely free. So sometimes we show it on the show. Sometimes, but there's now we're approaching 40 tokens. Plus, we're going to hit 50 by year end. So we've got a lot happening. Everything's clicking along right there. Make sure and join in over there if you want to catch me on Twitter. Is that Paul Barron? We'll catch you next time right here on tech bath.
Bloomberg Radio New York
"edward lawrence" Discussed on Bloomberg Radio New York
"Had on housing home sales are down 25% in the past year. And so forth. But none of this is really showing up as you know in the government's inflation measures. And as we go forward, private real-time data is clearly showing these hits to housing. Are you going to need to put a greater weight on that in order to ascertain things like whether there's over tightening going on? Or will you still focus as much on the more lagging government indicators? So this is an interesting subject. So I start by saying, I guess, that the measure that's in the CPI and the PCE, it captures rents for all tenants, not just the not just new leases. And that makes sense, actually, because for that reason, that conceptually that is sort of the right target for monetary policy. In the same thing is true for owners equivalent rent, which comes off of it's a re weighting of tenant rents. The private measures are, of course, good at picking up the, at the margin, the new leases. And they tell you a couple of things. One thing is, once I think right now, if you look at the pattern of that series of the new leases, it was very pro cyclical. So rents went up much more than the CPI and PCE rents did. And now they're coming down faster. So the implication is that there are still as people as non new leases roll over and become an expire. You are still in the pipeline. There's still some significant rate increases coming. But at some point, once you get through that, the new leases are going to tell you that what they're telling you is there will come a point at which rent inflation will start to come down. At that point is well out from where we are now. So we're well aware of that, of course, and we look at it. And I would say that in terms of what the right way to think about inflation really is to look at the measure that we do look at. But considering that we also know that at some point you'll see rents coming down. And just a quick follow, it looks like stock and bond markets are reacting positively to your announcement so far. Is that something you would want to see is that a problem or that might affect your future policy to see this positive reaction? We're not targeting any one or two particular things. Our message should be, what I'm trying to do is make sure that our message is clear, which is that we think we have a ways to go. We have some ground to cover with interest rates before we get to before we get to that level of interest rates that we think is sufficiently restrictive. And putting that in the statement and identifying that as a goal is an important step. And that's meant to put that question really as the important one now going forward. I've also said that we think that the level of rates that we estimated in September, the incoming data suggests that that's actually going to be higher. And that's been the pattern. I mean, I would have little confidence that the forecast, if we made a forecast today, if we were doing an SEP today, the pattern has been that one after another, they go up and that will end one it ends, but there's no sense that inflation is coming down. If you look at the I have a table of the last 12 months of 12 month readings and there's really no pattern there. We're exactly where we were a year ago. So, okay, so I would also say it's premature to discuss pausing. And it's not something that we're thinking about. That's really not a conversation to be had now. We have a ways to go. And the last thing I'll say is that I would want people to understand our commitment to getting this done. And to not making the mistake of not doing enough or the mistake of withdrawing our strong policy and doing that too soon. So I control those messages and that's my job. Edward. Edward Lawrence with Fox business thank you. Fitch chairman. So how big of a headwind is all the fisk will spending to what the Federal Reserve is trying to do to get inflation back to the 2% target? You know, in theory it was a headwind this year. But I do think the broader context is that you have households that have these significant amounts of savings and can keep spending. Even so I think those two things do tend to wage to sort of counterbalance each other out. It appears consumer spending is still positive. It's a pretty modest growth levels. It's not shrinking, but people are the banks that deal with retail customers. And many retailers will tell you that the consumers are still buying and they're still they're fine. So I don't know how big the fiscal headwinds are and they haven't shown up in the way that we thought they would in restraining spending. So it must have to do with the savings that people have. So what about the spending? There's tens of billions yet to be spent. From the inflation reduction act, the American rescue plan, chips act, bipartisan infrastructure Bill. How does that go into your thinking about the future? You know, demand is going to have some support from those savings and also from the strong demand that's still in the labor market. We still see pretty significant demand and a tightening labor market in some respects, although I think overall, I would say it's not really tightening or loosening. So we see those things. And what those things tell us is that our job is going to require some resolve and some patients over time. We're going to have to stick with this. We take all that as a given, but we know what our objective is, and we know what our tools can do. And so we think about it. We'll go to Nancy for the last question. Hi, chair Powell, Nancy Marshall, kenzer, from marketplace. I'm wondering, has the window for a soft landing narrowed do you still think it's possible? As a narrowed yes. Is it still possible? Yes. I think we've always said it was going to be difficult. But I think to the extent rates have to go higher and stay higher for longer, it becomes harder to see the path it's narrowed. I would say the path is narrowed over the course of the last year, really. Hard to say. Hard to say. Again, I would say that the sort of array of data in the labor market is highly unusual and to many economists, there is a path to ordinarily that there's a relationship to GDP going down and vacancies declining, translating into unemployment. Or there's okun's law. So all those things are relationships that are in the data and they're very real. There is a little bit different this time though because you have this tremendously high level of vacancies and we think on a very steep part of the beverage curve. While I would say is that the job losses may turn out to be less than would be indicated by those traditional measures because job openings are so elevated and because the labor market is so strong. Again, that's going to be something we discover empirically. I think no one knows whether there's going to be a recession or not. And if so, how bad that recession would be? And our job is to restore price stability so that we can have a strong labor market that benefits all over time. And that's what we're going to do. It just real quickly, why do you feel like the window has never? Because we haven't seen inflation coming down. The implication of inflation not coming down. And what we would expect by now to have seen is that as the really as a supply side problems had resolved themselves, we would have expected goods inflation to come down by now long since by now. And it really hasn't, although it actually has come down. But not to the extent we had hoped. At the same time, now you see services inflation core services inflation moving up. And I
Bloomberg Radio New York
"edward lawrence" Discussed on Bloomberg Radio New York
"Inflation back down to 2%. We can't fail to do that. If we were to fail to do that, that would be the thing that would be most painful for the people that we serve. So for now, that has to be our overarching focus. And you see that I think in the SCP in the levels of rates that we'll be moving to, reasonably quickly. Assuming things turn out roughly in line with the SEP. So that's how we think about it. Hi. Thank you. Thank you, mister chairman. In a world of euphemisms that we live in here with below trend growth and modest increase in unemployment. I'm wondering if I could ask you a couple of direct questions for the American people. Do the odds now favor given where you are and where you're going with interest rates favor a recession. 4.4% unemployment is about 1.3 million jobs. Is that acceptable job loss? And then given that the data you look at is backward looking and the lags in your policy are forward looking and you don't know what they are. How will you know or will you know if you've gone too far? So I don't know what the odds are. I think that there's a very high likelihood that we'll have a period of what I've mentioned is below trend growth by which I mean much lower growth. And we're seeing that now. So the median forecast I think this year for among my colleagues and me was 0.2% growth. So that's very slow growth and then below trend next year. I think the meeting was 1.2. Also well below. So that's a slower, it's a very slow level of growth and it could give rise to increases in unemployment. But I think that's so that is something that we think we need to have. And we think we need to have softer labor market conditions as well. We're never going to say that there are too many people working, but the real point is this. Inflation, what we hear from people when we meet with them is that they really are suffering from inflation. And if we want to set ourselves up really, really light the way to another period of very strong labor market, we have got to get inflation behind us. I wish there were a painless way to do that. There isn't. So what we need to do is get rates up to the point where we're putting meaningful downward pressure on inflation. And that's what we're doing. And we don't certainly don't hope. We certainly haven't given up the idea that we can have a relatively modest increase in unemployment. Nonetheless, we need to complete this task. How will you know or will you know? If you've gone too far. It's hard to hard to hypothetically deal with that question. I mean, again, our really tight focus now continues to be ongoing rate increases to get to policy rate up where it needs to be. And as I said, you can look at the look at this SCP as today's estimate of where we think those rates would be, of course, they will evolve over time. Because I wanted to follow up with what you just mentioned about the labor market, you said several times that to have the labor market we want. We need price stability and you've suggested maybe there isn't a tradeoff in the long run. But in the short run, there is a lot of concern as people have been expressing here about higher unemployment as a result of these rate hikes or as a result of the rate hike. So can you explain though what about high inflation now? Threatens the job market. I mean, you seem to suggest that inflation high inflation will eventually lead to a weaker job market. So can you spell that out a little more for the general public and how that would work? So for starters, people are seeing their wage increases. Wage increases eaten up by inflation. So if your family is one where you spend most of your paycheck, every paycheck cycle on gas, food, transportation, clothing, basics of life, and prices go up the way they've been going up. You're in trouble right away. You don't have a cushion and this is very painful for people at the lower end of the income and well spectrum. So that's what we're hearing from people is very much that inflation is really hurting. So how do we get rid of inflation? And as I mentioned, it would be nice if there were a way to just wish it away, but there isn't. We have to get supply and demand back into alignment. And the way we do that is by slowing the economy. Hopefully we do that by slowing the economy and we see some softening and labor market conditions and we see a big contribution from supply side improvements and things like that. But none of that is guaranteed. In any case, we, our job is to deliver price stability. And I think you can think of price stability as an asset that just delivers large benefits to society over a long period of time. We really saw that for a long time. The United States said, 2% inflation didn't move around much. And that was enormously beneficial to the public that we serve. And we have to get back to that. And keep it for another long period of time. To pull back from the task of doing that is you're just you're just postponing the record shows that if you postpone that that delay is only likely to lead to more pain. So I think we're moving to do what we need to do and do our jobs and that's what you see us doing. Thank you for taking the question, mister chairman. Edward Lawrence for Fox business. So you had said that Americans and businesses need to feel some economic pain as we go forward. How long from here should Americans be prepared for that economic pain? How long? I mean, it really depends on how long it takes for wages and more than that price is to come down for inflation to come down. And so what you see in our projections today is that inflation moves down significantly over the course of next year and then more the next year after that. And I think once you're on that path, that's a good thing. And things will start to feel better to people. They'll feel lower inflation, they'll feel the economy is improving. And also if our projections are close to right, you will see that the costs unemployment are their meaningful and they're certainly very meaningful to the people who lose their jobs. And we talk about that in our meetings. Quite a lot. But at the same time, we'd be setting the economy up for another long period. This era has been noted for very long expansions. We've had three of the four longest in measured history since we got inflation under control. And that's not an accident. So when inflation is low and stable, you can have these 9 ten, 11, ten year, anyway. Expansions, and you can see what we saw in 2018, 19 and 20, which was very low unemployment, the biggest wage gains going to people at the low end of the spectrum, the smallest racial gaps that we've seen since we started keeping track of that. So we want to get back to that, but to get there, we're going to have to get supply and demand back in alignment. And that's going to take tight monetary policy for a period of period of time. What is that economic pain in your mind? Is it job losses? Is it a higher interest rates on credit cards? What is that economic pain? So it's all of those things. Higher interest rates, slower growth and a softening labor market are all painful for the public that we serve. But they're not as painful as failing to restore price stability. And then having to come back and do it down the road again and doing it at a time when actually now people have really come to expect in high inflation. If
Bloomberg Radio New York
"edward lawrence" Discussed on Bloomberg Radio New York
"Just talking about demand for a second. As I mentioned in my remarks, I think you pretty clearly do see a slowing now in demand in the second quarter. Consumer spending, business fixed investment, housing, places like that. I think people widely looked at the first quarter numbers and thought they didn't make sense. And it might have been misleading in terms of the overall direction of the economy. Not true of the second quarter. But at the same time, you have this labor market. So there are plenty of experiences where GDP has been reported as weak and the labor market is strong and the economy has gone right through that and been fine. So that's happened many times. And it used to happen if you remember in the first quarter of every year for several years in a row, GDP was negative. And the labor market was moving along just fine and it turned out to just be measurement error. It was called residual seasonality. We don't know the situation. The truth is, we think that demand is moderating. We do. How much is it moderating? We're not sure. We're going to have to watch the data carefully. There are there is a great deal of money on people's balance sheets that they can spend. The unemployment rate is very low. The labor market is very hot. There are many, many job openings. Wages are high. So it's the kind of thing where you think that the economy should actually be doing pretty well in the second half of the year. But we'll have to see. We don't know that because you do see a marked slowing in the second quarter that is fairly broad. So we'll be watching that we'll be watching that. Of course, as I mentioned, we do want to see demand running below potential for a sustained period to create slack and inflation a chance to come down. Nicole. Hi, thank you, Sherman, the colder kind scene and business. When does the committee expect to see a meaningful slowdown in the labor market and how much weakness will it accept with regard to slower job growth and hire an employment before it pauses or begins to think about cutting rates. So I think you're already seeing you've seen in the labor market, what you've seen is a decline from very high levels of job creation last year and earlier this year to modestly slower. Job creation is still quite robust, as I mentioned. So you're seeing that you're seeing some increase in initial claims to run insurance, although that may actually have to do with seasonal adjustments. We're not sure that that's actually real. There's some evidence that wages, if you look at average hourly earnings, they appear to be moderating. Not so yet from the other wage measures. And we'll be getting the employment compensation index measurement, I think, on Friday, I guess. And that's a very important one because it adjusts for composition. So I'd say and also anecdotally, you hear much the sort of level of concern on the part of businesses that they simply can't find workers is probably down a little bit from what it was say, for example, late in the latter parts of last year. So there's a feeling that the labor market is moving back into balance. If you look at if you look at job openings or quits, you see them moving sideways or perhaps a little bit down. But it's only the beginning of an adjustment, but I think most also, if you look at, I mean, once you start deciding these things, you can't stop. If you look at the household survey, you see much lower job creation. And the household survey can be quite volatile, but it has no jobs created in the last three months. So that might be a signal that job creation is actually a little bit slower than we're seeing in the establishment survey. So executive summary, I would say there are some evidence that labor demand may be slowing a bit. Labor supply, not so much. We have been disappointed that labor force participation really hasn't moved up since January. That may be related to yet another big wave of COVID and that there's evidence that that's the case. But so we're not seeing much in the way of labor supply. Nonetheless, I would say some progress on demand supply getting back in alignment. So I think we're going to be looking at inflation as well. As I mentioned, we need to see inflation coming down. We need to be confident that inflation is going to get back down to mandate consistent levels. That's not something we can avoid doing that really needs to happen. And we do think, though, that the labor market can adjust because of the huge overhang of job openings of excess demand really. There should be able to be an adjustment that would have lower than perhaps lower than expected increases in unemployment, lower than would be expected in the ordinary course of events because the level that the ratio of vacancies to unemployed is just out of keeping with historical experience. And that suggests that this time could be different. Thanks, mister chairman. Edward Lawrence from Fox business. So you said the path may be narrowed to avoiding recession. So how close are we to a recession? And then how do forecasts of possible recessions from banks and economists? How does that make a soft landing you've talked about more difficult? So as I mentioned, it doesn't seem that the U.S. economy is in recession right now. I think you do see weakening some slowdown. Let's put it that way in growth and you see it across some of the categories that I mentioned, but there's also just the very strong data coming out of the labor market still. So overall, you would say that the problem in all probability demand is still strong. And the economy is still on track to continue to grow this year. But the slowdown in
Bloomberg Radio New York
"edward lawrence" Discussed on Bloomberg Radio New York
"We're not again we're not we don't seek to put people out of work of course we never think too many people are working and fewer people need to have jobs But we also think that you really can not have the kind of labor market we want Without price stability And we have to go back and establish price stability So we can have that kind of labor market And that's a labor market where workers are getting wage increases Maybe the workers at the lower end of the spectrum are getting the biggest wage increases as they were before the pandemic We're participation is high where there's lots of job opportunities where it's just a really I mean the labor market we had before the pandemic was that's what we want to get back to And you see you see disparities between various groups that historic lows We'd love to get back to that place But to get there it's not going to happen with the levels of inflation we have So we have to restore that And it really is in service in the medium and longer term of the kind of labor market we want and hope to achieve Hi chair Powell Matthew Bosa with Bloomberg So as you just mentioned the committee is now projecting a half percentage point rise in the unemployment rate And the SCPs over the next couple of years And it removed a line from its policy statement about thinking that the labor market can remain strong while it tightens policy You just mentioned that that is still your objective though So I'm wondering if you could explain why that line was removed from the statement also whether this means the FOMC is trying to induce a recession now to bring inflation down Not trying to reduce induced recession now Let's be clear about that We're trying to achieve 2% inflation consistent with a strong labor market That's what we're trying to do So let me talk about that sentence Clearly it's our goal to bring about 2% inflation while keeping the labor market strong And that's kind of what the SEP says The SEP has inflation getting down to a little above 2% in 2024 with unemployment at 4.1% And this is a strong labor market This is a good labor market And as I mentioned there are pathways to do it But those pathways have become much more challenging due to factors that are not under our control Again thinking here of the fallout from the war in Ukraine which has brought a spike in prices of energy food fertilizer industrial chemicals and also just the supply chains more broadly which have been larger and longer lasting anticipated So the sentence that we deleted said that we believe that appropriate monetary policy effectively alone can bring about the result of 2% inflation with a strong labor market And so much of it is really not down to monetary policy It just the sentence it kind of says on its face that monetary policy alone can do this And that's not that just didn't seem appropriate so we took the sentence out And given the new projections for the unemployment rate could you talk a little bit about what accounts for such reduced confidence against say a month ago or three months ago that inflation will largely normalize on its own as these supply side issues get worked out Thanks Well yeah I think you've seen again we've been expecting progress And we didn't get that We got sort of the opposite So I also think the situation really since the you know the consequences of the Ukraine war become more and more clear what you're seeing is the situation getting more difficult And you look around the world I mean lots of countries are lots of countries are looking at inflation of 10% and it's largely due to commodities prices But all over the world you're seeing these effects And we're seeing them here Gas prices all time highs and things like that That's not something we can do something about So that is really and by the way headline inflation headline inflation is important for expectations People are the public's expectations why would they be distinguishing between core inflation and headline inflation Core inflation is something we think about because it is a better predictor of future inflation But headline inflation is what people experience They don't know what core is Why would they have no reason to So that's expectations are very much at risk due to high headline inflation So it's become the environment has become more difficult clearly in the last four or 5 months And hence the need for the policy actions that we took today And so our resolution to get rates up and ultimately get them to where we think they need to be In coming months Thanks Chappelle Edward Lawrence with Fox business I want to ask you you talked about CPI going to 8.6% The retail sales surprised the market by falling and then revisions to the previous months were down Are you hearing from contacts about consumers slowing spending or changing their habits So we're of course watching very very carefully for that And looking at the retail the big store numbers and all that kind of thing And so I think the fair.
Bloomberg Radio New York
"edward lawrence" Discussed on Bloomberg Radio New York
"Range of plausible outcomes not just the base case And in this case the risk is skewed for now It appears to be skewed toward a higher inflation So we need to be in a position to act in case it in case it becomes necessary to do so Appropriate to do so And we think we will be So that's how we're thinking about it And I think though that judgmentally too it's appropriate to be patient It's appropriate for us to see what the labor market and what the economy looked like when they heal further We know that we were on a path to a different place as I mentioned when Delta arrived and delta stopped it stopped job creation It stopped that transition away from a goods focused economy where there's excess demand for goods because they're services are not available People are not traveling That transition itself could help bring inflation down because presumably people would spend a little less on goods while they start spending more on travel and all sorts of travel services and things like that So that we want to see that healthy process unfold as we decide what the true state of the economy is And we think it will evolve in a way that will mean lower inflation bottlenecks should be abating We start to see that now with some of them but overall they haven't gotten better overall You know we're very aware of that So that's really how we're thinking about it We're thinking that time will tell us more In the meantime we don't think it's time to raise rates now If we do conclude that it's necessary to do so then we'll be patient but we won't hesitate Thank you Let's go to Edward Lawrence at Fox business Thank you mister chairman for taking the call So the Federal Reserve I was talking about climate change The Federal Reserve released a statement today Says the Federal Reserve supports the efforts to identify key issues and potential solutions for the climate related challenges most relevant to central banks and supervisory outcomes Is this putting us on the path to regulate what banks can offer loans on or invest in like coal plants or fossil fuels So that's not a decision for bank regulators or for any agency That's a decision for elected representatives So we feel that any role that we have and we do think we have a role in climate change It relates to our existing mandates and our existing mandates are really Prudential regulation of financial institutions We expect them in a public expect us to expect them to understand and be in a position to manage their risks So that's physical risk in its transition risk for climate And by the way the large financial institutions are doing this already and we're we think that's right within our mandate There's also a financial stability question that the overall stability of the financial system and so from that standpoint we can do research We can try to help understand what will the pathways be through which climate change affects the economy both physical risk and transition risk That's what we that's what we can do And that's what we will do And we'll do it well within the frame of our existing mandates We'll do it well We're not the people who will decide the national strategy on climate change That has to be elected people and not so much us We feel like we have that narrow mandate and we will do it well Thank you Great Thank you Victoria guida at Politico Hi chair Powell So the fed recently announced that there's going to be new conflict of interest rules for investments by beneficials And this follows obviously the resignation of two regional fed presidents And I'm just wondering do you think that there's more that you will need to do to rebuild the credibility of the fed such as requiring officials to put their assets in blind trusts And also if you could speak to whether you have any concerns that any rules or laws were broken by beneficials Thank you So you know we Let me let me just say that this system The ethics system we had in place had been in place for decades and had as far as we know served with served us well and then that was no longer the case And so we had no moment of denial about that as a group we stepped in and we took the actions that we took and within one FOMC cycle we announced a new set of rules to try to Put us back where we need to be which is we need to have the complete trust of the American people that we're working in their interest all the time Absolutely critical to our work as it is for any government agency And I feel like this call that into question So we reacted I would characterize it strongly And forcefully If there were other things that we could do that were reasonable we would certainly do them So you asked about blind trust The overall authority for ethics around these issues in the federal government is the office of government ethics OGE And they have a long held position which is not favorable to blind trust They do not encourage them They don't think they're effective they think they're cumbersome and they think they're better ways to get at the things that need to be done And those are the things that we're actually doing So I don't know that there are any blind trusts for that reason because they are the irregular They say this on their website if you look In terms of laws broken that's I asked the inspector general to look to see whether there were rules broken And whether there were laws broken and I won't speculate on that but that is with the inspector general now And of course out of my hands Thank you We'll go to Mike McKee at Bloomberg.
WTVN
"edward lawrence" Discussed on WTVN
"Significantly help reduce child poverty. President Biden released a statement and called it of by the Tax relief. The hardworking families um Michael Kastner. Meanwhile, gas prices are now at their highest in nearly a decade. It's not only due to high demand but also that cyber attack that shut down a major pipeline for several days and help to send prices upwards. The hardest places to find gas in the entire nation is right here in the nation's capital of gas, But he says that 67% 2 3rd of all the gas stations in D. C are out of gas. 52% of stations in North Carolina. About half in South Carolina and 41% in Georgia Colonial pipeline says that they have the pipeline going full blast, but the company says it will take some time for the supply chain to catch up. Box business networks Edward Lawrence. A gallon of regular unleaded gas is up an average of 18 cents just over the past month. But it is up is much as high as high as 30 cents higher in areas that were actually affected by that pipeline. Shut down. 16 w. TV END sport. Reds returned home after going five and for the road trip capped off by the big rally in Colorado yesterday since he inaction hosting the Giants tonight, the Indian stay on the road open to Saturn three games kid when they visit the Angels. The Clippers with today off there in Toledo tomorrow, the crew after another show outlaws hoping to right the ship this coming weekend there in New York Saturday. Crew 1212 on the season now Blue jackets continue their coaching search. Meanwhile, the NHL playoffs are now underway and practice rounds for golf. Second major The PGA began today at Kiawah Island on South Carolina. Round one Thursday from the central High Ohana dealer. Sports Test Match Record news radio 6 10 W T V Ed, I'm Alison Wyatt stay connected to Columbus on the hour at the half and as news Breaks overcast tonight we'll see a chance for some scattered rain showers and a low of 55. Currently it is 66 degrees. I'm Dr Baker and er physician. If you're having leg pain, swelling or readiness, but haven't talked to your doctor yet. Don't wait. This could be deep vein thrombosis, A blood clot, which could travel to your lungs and lead to a pulmonary embolism, which could cause chest pain or discomfort or difficulty.
WMAL 630AM
"edward lawrence" Discussed on WMAL 630AM
"I'm John Matthews Breaking overnight, A young child was shot in Capitol Hill on Capitol Heights rather overnight on Brooks Drive near Marlborough Pike. The child's injuries were not life threatening. Police do not believe the child was targeted that he or she may have been struck by a stray round of ammunition. No word yet on the child's gender or age of 43 year old McLean Man walking along Leesburg Pike and the Great Falls Area at around 5 20 yesterday morning, was struck by a passing car and knocked into the roadway where he was run over by several cars. Alan Romero pronounced dead at the scene. Police say the driver who struck Romero kept going. But officers recovered the car's driver side view mirror and determined it came from a black Ford fusion. Investigators are hoping someone who saw what happened will give them a call. You can now ditch your mask if you're fully vaccinated, But how is that going to be enforced? Maryland and Virginia got rid of their mask mandates for fully vaccinated people Saturday, But Maryland Governor Larry Hogan acknowledges unvaccinated people may walk around massless to there's no way to differentiate. Mean, vaccinated and unvaccinated people from a legal requirement basis. So with businesses want to make sure unvaccinated people don't come in mass lists, he tells CNN state of the union. They could require masks for everyone. They have the right to take actions just like telling people no shirt. No no shoes. No service, Heather Curtis found. W M A L N W m a l dot com Prince William County School Board meets later today to have a hopeful discussion about high school graduation ceremonies. Now that Governor Ralph Northern has moved up the date for Lifting outdoor capacity and distance restrictions from June 15th to May 28th that we have just one step to fix a commencement to give me a Jiffy Lube live Jiffy Lube is requiring that Our graduates have to sit six ft. Apart from one another school board chairman Bob or Latif, is hopeful Jeffy Lube live will lift that requirement is well. Currently graduating students are allowed to have just two guests that their ceremonies, Latif hopes to open up the lawn at Jiffy Lube and allow graduates to have five guests each with temperatures rising quickly this week. The emergence of the cicadas are going to become apparent. Cicadas can't hurt you, but they do lay eggs on pencil thin branches, says Virginia Tech entomologist Doug Pfeiffer. Nothing could be applied cover coming over the small toe middle sized trees. Fiver, says Takeda's favor. Fruit trees have a hole or head. Whole fruits like apples were for peaches or blue bellies. They might have to be protected as well. Meanwhile, Montgomery County is warning of an uptick and rat populations that feast on the 17 years. Cycle creatures. Barbara Britt W E Mail and W M a l dot com A 23 year old man was killed when he crashed his motorcycle on Horn Baker Road near Industrial Road. In Manassas early yesterday or Excuse me yesterday afternoon. Police say Joshua Jackson, lost control of his cycle, ran off the right side of the road and struck a guide wire attached to an electric pole. He died in a nearby hospital. Police say Jackson was wearing a helmet. But speed was a factor in the crash local gas station starting to recover from last week's panic buying crisis, especially in the suburbs. The colonial pipeline was turned on. On Wednesday. Gas is flowing through it, The company says it's flowing through at normal rate, but the company says it takes some time for the supply chain to catch up $3.4 a gallon is what Triple A says the national averages right now. Ah, year ago, we were paying a dollar 87 for gas. That's about the 63% increase in one year. Highest prices. 2014 Fox Business Network, Edward Lawrence, checking your money. The Dow futures down 145 points and NASDAQ futures down 77 up next traffic and weather on W m a L. Washington's mall Let me tell you what actually happened. One Oh, 5.9 FM W m A L appreciate that so much. We're Washington comes to talk. Taking no prisoners on Lee Idiots believe that I'm sorry. Dan Bongino weekdays at noon beginning May 24 I don't know any other way to tell you began..
600 WREC
"edward lawrence" Discussed on 600 WREC
"Good looking weekend for Mom this weekend. Lots of sunshine going to 72 for the high this afternoon. Sunny and 80 here in Panama City Beach. Come join us. Right now. We've got sunshine and 55 Alabama's morning news. It is a 33 on illegal gambling operation. Busted indicator. Leah Brandon has more in just a couple of minutes. But first Fox News covers the world. This is a Fox News alert. I'm million Woo, A major miss on the jobs front are common economy added 266,000 jobs in April versus the nearly one million forecasts the last time the economy created a number of that Lowe was in January of 2021 when 233,000 jobs were added to the economy, So the unemployment rate ticked up to 6.1% because The number of unemployed people rose. So in fact, the number of people jobless less than five weeks was up. 237,000 to 2.44 Million people know those jobless 15 to 27 weeks actually fell. That's Fox is Edward Lawrence and in the Texas House, a controversial voting bill advances legislation that in parts would protect partisan poll watchers and Ban County officials from sending mail in ballot request forms to all registered voters. Pops is Jeff in Austin. Erica's listening to Fox News. A to least 17 people have been arrested in connection with an illegal gambling operation indicator after getting numerous complaints from citizens Decatur police raiding a building seizing 26 machines, three guns pot and around $20,000 in cash. They're all booked into the Morgan County Jail. The Alabama Senate overwhelmingly passing a bill to overturn a 28 year old ban on yoga being taught in public schools. The new law does not allow references to religion or chanting, and judges in college is closing. The board of trustees sites, declining enrollment and dead problems. Pamela Blues, the head of the colleges, equine science departments, and donors that they were hopeful would come through didn't materialize. There was alone that some debt that was called in unexpectedly with a very short term payout. I'm Leah Brandon, and this is Alabama's morning news Now back to your host. Here's J T rightly. Thank you very much. It is a 35. We are once again here at the Holiday Inn Resort in Panama. City Beach all weekend as they do an incredible job and setting this up, not only for us, but for everybody that comes in here. I cannot speak highly enough about this staff. And how I mean just Customer focus. They are from the minute you walk in until the minute you check out here, It's every day. There's always somebody Ron and very courteous. Alisa's with us this morning from the hotel and, Yeah, your staff high five to them great job again from when we arrived. We absolutely love it. And you want to be greeted when you get here, And I.
600 WREC
"edward lawrence" Discussed on 600 WREC
"On New York Governor Andrew Cuomo to resign over sex harassment allegations is growing longer, this GOP representative says, when everyone from the United States senators Jill a brand and Schumer to bipartisan group of lawmakers from the state level, and your New York delegation are all telling you it's time. To go Because of all these allegations, particularly the cover up of a nursing home scandal that led to all these deaths. You know it is time to go. It's Congresswoman Nicole Malia talks of New York on Fox, the number of illegals crossing over into Texas and bringing covert 19 with them has border agents alarmed right now, CBP does not test. But Brownsville, Texas, for example, is And so far, the weakly positive rate is 9.25%. Fox is Edward Lawrence in Dallas. America is listening to Fox News. Hating on it. When you hear that hunger calling your name and you need to get open. Gotta find yourself a black sweater on it up. Whether Begin something good. Listen, Lisa. Beautiful Mom machine ain't no halfway in between. Gotta give me something before I fall upon the pickles in the hot found that Oh, the horse of yours and head home down to Roy. Yeah. To make a big sandwich. Roy Rogers restaurants. Guess what, you big cut. It's a youngling beer battered gut fish feli with cheese and turns us on a Kaiser Roll Royce. They say hello, big and they welcome used day. So come on down to the boys and have a cowboy kind of D. Make yourself a great kids. But into the beer. Better cut Fish Police sandwich at Roy Rogers nor dashing Hubert seats are available at participating restaurants. The thing.
WJR 760
"edward lawrence" Discussed on WJR 760
"First monthly jobs report of 2021 is out Fox Business Network Edward Lawrence takes a look at some of those numbers. Economy added back 49,000 jobs, the unemployment rate ticked down by 20210.4% to 36.3% in January of 2021 if you go a little bit into the establishment survey You have 14.8 million persons reported that they had been and unable to work because their employer closed or lost business. The personal business and services, personal or professional business services rose by 97,000 jobs, the generate the unemployment increase in local government education. 49,000 jobs, wholesale trade added to the jobs of generating 14,000 jobs, mining increased 9000 jobs. The leisure and hospitality industry lost over 61,000 jobs and retail trade. 38,000 jobs. Several 1000 health care workers around the country receiving a very special invitation from the NFL to this Sunday's Super Bowl. Dr Robert Fosters a surgical resident at ST John Ascension, and Detroit. I'm a diehard buck band. I've been going to games for my entire life. I've usually tried to make it a point to see. At least one game a year on this year was exceptionally difficult. The Bucks did come up and play in Detroit, but they weren't fans allowed. So I figured I wouldn't be able to see a game in all this years. Then this happens and pretty pretty ecstatic kind of Still a surreal experience. Dr Foster telling Paul W. Smith. He will leave for Tampa after his shift today. Foster grew up in the Tampa area. The Kansas City Chiefs in Tampa Bay Buccaneers are making their final preparations for that game on Sunday, Sunday, Will mark Tom Brady's 10th career appearance in the Super Bowl. His first is a member of the Tampa Bay Buccaneers and the franchise his first trip to the big game in 18 years. Brady at 43 set to become the oldest player to ever take the Super Bowl stage while his head coach Bruce Arians, will look to become the oldest to win the Lombardi Trophy at the helm at age 68. Meantime, Kansas City Chiefs head coach Andy Reid is looking to become the seventh coach in Super Bowl history to win back to back titles. All his QB Patrick Mahomes can become just the second quarterback to win two rings and his first four seasons in the NFL that other quarterback Tom Brady, Matt Napolitano. Fox News Right now, the Dow is up 108 points. The NASDAQ is up. 33 4 WJR news. I'm Marie Osborne will have more with Frank Beckmann in a moment. But.
77WABC Radio
"edward lawrence" Discussed on 77WABC Radio
"W L I. R FM Mental Bay and 77. WNBC New York News now a rebound for the job market's I'm Dave Anthony Fox News. 49,000 Jobs added to the economy last month after more than 200,000 were lost back in December. The unemployment rate ticked down by 770.4%. At 6.3%, not just because people find work. Some gave up looking and therefore aren't counted in the labor force. 14.8 million persons reported that they had been and unable to work because their employer closed or lost business. Fox Business Networks Edward Lawrence later this hour, President Biden will react in the speech about the economy. The Senate burned the midnight oil and then some pulling an all nighter on that covert financial aid. Bill Fox is Rachel Sutherland has more live Dave, a Republican led vote A Rama made some key changes to the 1.9. Million dollar relief plan, There will be no increase in the federal minimum wage, An undocumented immigrants will not receive stimulus checks. President Biden, meeting with Democrats in the Oval Office defended the price tag, saying Real Americans are hurting. Can't do too much here way could do to little we can do to little sputter. Vice President Harris broke a tie and the budget resolution, which is clears away for final passage of the president's plan, which may also need her throat. Gave Rachel it was a big spike in Corona virus Deaths reported in the US yesterday, topping 5000 in one day for the first time in this entire pandemic. Ah third vaccine could be coming. Johnson and Johnson has filed for FDA approval, though it's version was not quite as effective as Madonna and Fizer is covert fighters study showed it was 66% effective in preventing moderate to severe cases of covert 19 worldwide. But more significantly, it completely prevented hospitalizations and deaths. Additionally, the Johnson and Johnson Vaccine offers protection after only one dose and does not require complex storage and refrigeration. That's Fox's Jonathan Serrie. America's.
WBAP 820AM
"edward lawrence" Discussed on WBAP 820AM
"Winds will be breezy and turning a little cooler after high 58 tomorrow Sunday will still be around 60 for the high maybe mid sixties on Monday, and then we're gonna be hearing a lot about this. Next week will be the descent of some Arctic air down across the lower 48, including as Far South the Texas right now at W. B. A P. 44 degrees January. Jobs report shows The cove in 19 pandemic continues its stronghold on the nation's economy, adding this 49,000 jobs in January. Correspondent Edward Lawrence breaks down the numbers right on par with the average they thought they would. They would get 50,000 jobs as they added 49,000 jobs. There was a tick down in the unemployment rate of 6.3%. But we're still down in that leisure and hospitality sector. They lost 61,000 jobs that is after massive losses last month of 536,000 jobs in December. That sector alone is down 3.9 million jobs since February, or 22.9% retail also lost jobs. They had gains in December. So losing some of this holiday folks who were hired in order to come into and help the retail sector. With so many Americans out of work, including here in North Texas, local nonprofits are trying to keep up with increased demand for services. Tarrant area Food Bank is in need of volunteers to help sort impact food to distribute to families in need of food assistance. So our efforts here are to ask people who have time to give during the weekday or we have family nights on Wednesday night where you could bring the families. Organizations. Michael Paula Durov says they've opened back up the distribution center since it was closed in March due to Cove in 19. There's a mega mobile clinic at the Herman Clark Stadium and Fort Worth today from 10 A.m. to 1 P.m.. And the Texas Department of Public Safety has apologized after sitting out an amber alert with an infamous Hollywood killer on the Flyer correspondent chat programs, the horror movie icon. Wow! Jackie, one of but the star of the Child's play series is also not real. But the Texas Department of Public Safety sent out an amber alert, telling residents to be on the lookout for the murderous Chucky doll. The department issue an explanation, saying the alert was a test malfunction, adding they're working to ensure it does not happen. Again. Tom Graham Fox News. Taking a look at the early numbers on Wall Street, the Dow was up 172 points, NASDAQ Up 10 Points and the S and P. 500 up 14 points from the W B A P News desk. I Nicolo say your next update is at 9 24 7 coverage at WB ap dot com. Anything. You play games word defense with the strong point and it made up. The pistol offense on offense and side of law,.
WMAL 630AM
"edward lawrence" Discussed on WMAL 630AM
"Just a terrible television show. You're absolutely right. It's bad cable for the whole nation. We're not supposed to be this engaged with her government. They're supposed to just be doing their job while we live our lives and do our jobs. But look what's happened? It's terrible, isn't it? It is. It's terrible. I got so much stuff. I'm gonna try to get to it. All Iranians sneaking across the border polluting more without the Keystone XL, You know, good stuff. W M E L F M WOODBRIDGE, Washington Now more than ever depend on one or 5.9 FM W M A L. A cumulus station news now. W E Mail news at nine. Good morning, everyone I'm John Matthews knew this hour. 49,000 jobs were added to the economy in December in the unemployment rate ticked down to 6.3%. But the recovery still being dragged by one sector in particular, we're still down in that leisure and hospitality sector. They lost 61. 1000 jobs. That is after massive losses last month of 536,000 jobs in December. That sector alone is down 3.9 million jobs since February, or 22.9% retail also lost jobs. They had gains in December. So losing some of this holiday folks who were hired Fox business is Edward Lawrence. This nearly yearlong pandemic has exposed the shortcomings of Maryland unemployment system. We had constituents waiting for months for answers to the claims they were going weeks and weeks without being able to talk to a real laugh person about their issue. State delegate Derek Davis among a group of lawmakers pushing a package of measures to overhaul the state unemployment system, replacing debit card payments with paper checks or direct deposit, more funding for more call center staffers and better language access for non English speakers. New this hour. Prince George's Fire officials are investigating investigating an explosion this morning that blew the side off of a warehouse in Beltsville that was being used as a recycling center. Blast in the building on Summerset Avenue covered nearby vehicles in ash and soot, but fortunately no one was injured. The active fire inside the building has since been put out to neighboring school systems in Northern Virginia took different directions. Last night when it comes to reopening classrooms. The city of Alexandria announce steps to bring groups back and weekly waves starting March. 2nd Superintendent Gregory Hutchings says he's mindful of the health metrics. We're still in a higher.
Houston's Morning News
Federal Reserve cuts interest rates to ease coronavirus panic
"Federal reserve they're cutting interest rates to zero it's an emergency move to fight the economic effects of coronavirus fox business contributor Edward Lawrence says the fed will engage in quantitative easing at the rate by at least five hundred billion dollars in treasury securities another two hundred billion and mortgage backed securities issued drastic action the federal reserve is taking the economy thank you for going through the next few months Lawrence says the move will have an effect on people who have been laid off or had their hours cut by the health emergency what is going to do the big one read a party and it on a credit card yeah eight the bank to make money more available for people to meet people from the sidelines will then decide to come in interest rates have been at this level since the two thousand eight financial crisis they're expected to remain low until the economy recovers from these
Canadian PM on being accused of groping
"It's the biggest trade war and economic history i'm dave anthony fox news that's what china is saying about new us tariffs as the american trade deficit with china surge nearly nineteen percent in may respect china and i respect president she but they've been killing us president trump told a rally last night in montana we will win fox's simon owen monitoring live from london dave china confirming retaliatory tariffs on american goods took effect to mmediately benin creased us gt's reimposed at midnight no details but china has previously said it would match the study for a billion dollars worth of goods targeted by the us the chinese tariffs expected to hate american products ranging from soybeans to electric cars chinese prime minister li chang what's so we don't sank trade war is never a solution an official newspaper writing to the trump administration is behaving like a gang of hoodlums dave simon more americans were higher than expected last month that breaks down to two hundred and two thousand jobs in the private sector and eleven thousand jobs in the public sector at the same time fox business network's edward lawrence reports the unemployment rate rose the increase to the four percent largely because the labor force participation rate increase six hundred one thousand people there reentered the workforce or restarted job searches in june on wall street the dow's up fifty two points dwindling oxygen and the threat of more flooding rain means time maybe running out to get the twelve boys in their soccer coach out of that thailand cave on it we originally thought the boys can stay safe inside the cave for quite some time but circumstances have changed tiny commander an ex seal volunteer diver drowned delivering air canisters and alabama woman's released from jail early this morning after being charged with animal cruelty after the dog sheila left in a hot car died in a walmart parking logic told police you lost track of time the dog was in the car for about seven hours was still breathing when.