31 Burst results for "Fed Board"
Fed says 'full range of tools' in play to counter pandemic
"In a regular monetary policy report the federal reserve said the corona virus pandemic is causing tremendous human and economic hardship across the U. S. and the world and the central bank is committed to using a full range of tools to support the U. S. economy that report to Congress comes ahead of testimony set for next week from federal reserve chairman Jerome Powell earlier this week the fed board kept the benchmark interest rate at zero two point two five percent and signaled it will remain there for some
Fed slashes interest rates to protect economy from coronavirus
"Announced yesterday the fed is cutting its benchmark interest rate by a half percentage point to help prop up the U. S. economy during his worldwide concern over the crown of crown of irises effect on the global economy well that was the first time since two thousand eight during the financial crisis that interest rates were changed between fed board meetings then after this emergency move by the fed the ten year treasury bond yield drop below one percent for the first time ever when you hear U. S. ten year treasury what does it mean it means that an investor is lending money to the United States government for ten years in exchange for that ten year loan people are accepting right now one percent interest that's it and so what does that tell you it tells you that investors believe the economy is going to slow down to a
There's only so much the Fed can do
"The last time we heard from the Federal Reserve about interest rates between official meetings was October of two thousand eight the collapse of Lehman Brothers was still fresh the hazards of the financial crisis. Perhaps just then really becoming clear and let me be clear here for a second. This is not that markets are functioning. There is no credit crisis. There is plenty of liquidity. But there's also plenty of uncertainty about what the NAVA Corona virus might mean for the global economy. And so this morning for the first time in eleven something years the Federal Reserve cut rates between meetings because said chair Jay Powell. They saw a risk to the global economy and chose to act but PAL added. We do recognize that a rate cut will not reduce the rate of infection. It won't fix a broken supply chain. We get that. We don't think we have all the answers K. But we do believe that our action will provide a meaningful boost to the economy by more specifically it will support accommodative financial conditions and avoid a tightening of financial conditions. Financial conditions are things like stock indexes and bond yields of the value of the dollar. All of which Powell in the federal hoping and it will help boost household and business confidence with the caveat that it's early yet not a whole lot of market confidence was boosted today. Details at the usual spots in this program. But there is a slice of this morning's events that are worth couple of minutes here because before the Fed made its announcement. The Group of Seven finance ministers and central bankers came out with honestly a pretty bland statement. We're keeping an eye on things in essence is what they said so with that background. How then did the Fed go about making the decision to cut? And how audit be red that we call Daniel Torello. He was on the FEDS Board of Governors for eight years. Got There just after that. Two Thousand and eight cut we started with. He teaches now at Harvard. Law Mr Trillo. Welcome back to the program Sir. Good to be with you. Kai with the caveat as I said that you're not there When the Fed made its two thousand eight cut. Could you give me some insight into the mood in the room? Or the mood. I suppose on the conference call when the Fed makes decisions on the precipice of a crisis. So I suspect first off that a lot of preliminary discussions were held last week in advance of Chair. Powell's statement on Friday so I would expect that. This was a relatively brief meeting wedged between that g seven call and the announcement by the Fed in the late morning the mood was probably a fairly somber one and I again. I suspect without knowing that they didn't do anything close to a full go. Round with lots of analysis by all the members and remember the Reserve Bank presidents would would almost all if not all have been participating by video. Conference right Okay so so. The personal subjective question. Were you surprised when you when you read about this? I was a little surprised. A ASSUME THAT. In retrospect that what happened was when they set the G. Seven call. They figured that they were gonNA move. Regardless of what the g seven did. I was more surprised by the outcome of the g seven. Call which was about as little as you could have had such call the well the the markets sorry. Turner up the Marxist. This morning did not care for that. G seven call at all right because the G. seven basically said Yeah. We're watching right. Exactly and and expectations are obviously raised. And so I assume that the Fed intended to do what it did regardless of how that call came out But it probably did take at least a little. Bit of what positives they were looking for a way from the from their own move. Yeah so speaking of the positives they were looking for. They did not get any At at you know so far anyway Out of the market today Reading the tea leaves for me that would Ya. I mean clearly. It looks like people are worried that the Fed knows more than the rest of us. Know there does seem to be a little bit of. I'm just reading the market reaction the way you are but there does seem to be a little bit of that reaction mean to me the questions since in the last couple of weeks since people have been actively talking about this have been a couple one. How much and how does a rate cut at this moment? Actually help given the supply chain issues that the chair referred to and secondly to the degree. That one's munition is limited. Is it wiser to keep most of it to deal with the actual fallout when viruses receded? And you're fighting recession or is it better to kind of preemptively act now in an effort both to signal the markets and also perhaps trying to lay some foam on the runway last thing. And then I'll let you go to words fiscal policy. There is a whole nother apparatus of government that can affect the economy. It's Congress and the White House and taxing and spending. How concerned are you that we haven't seen anything from them yet? Well I mean this is kind of the story of twenty twenty in America right that that the political branches seemed to have more difficulty responding. And I I noticed the Secretary. Mnuchin said he's he's interested in working with Congress but it does seem as though everything is moving awfully slowly. Daniel Tarullo for Eight years a little bit more than that. Actually member of the Board of Governors of the Federal Reserve Bank of the United States now professor at the law
Stung by WeWork, SoftBank boss Son aims to be more cautious
"We're joined by opinion columnist Tim cult than Tim's been writing about we were being more black swan then unicorn for softbank and Tim you're saying that softbank probably won't have the same sort of to Bakul anytime soon and you're saying it's not because Masayoshi son has learned his lesson it's more about the mass intriguing Senor cult band yeah so basically if you go back to the concept of a black swan Nassim Nicholas talent right about it you know back in around twenty seven dot two thousand seven he talks about them is highly improbable events with extreme impacts so that's really what we're talking about when we talk about blacks one event the reason why it's unlikely to happen again is because we work in terms of both size as in the amount of money they put into it which is ten point five billion dollars or more prior to the collapse I should say and the scale they already owned about thirty percent now they own eighty percent but even back then there and around thirty percent there is nothing else in a portfolio that comes close they do have five DD the Chinese right having company they've also got by dense the Chinese streaming company and they have grab holdings which is the southeast Asian right having company they're they're about as close as they get to what we work wise but there's still a lot smaller so basically if even if any of these other three investments I have went to zero it still wouldn't match the amount of rice off that softbank and the vision fund faced with the we work right off so that's really what I mean in that it won't be repeated because there's just nothing around that is that B. or which they have such a large exposure to so it just seems that the best idea is to find the best ideas and get in early yeah that's basically what you know the vision fund was supposed to be that's what venture capital investing is supposed to be about but you know the the flip side to this is that a fed board into we work and it did go really big or even some of the other lodges shock you know unicorns that they have such as grapple by dental or DD if they go big could then take you get some really big returns from them however they've got you know eighty eight companies in the portfolio each one has an investment of around about a billion dollars from from softbank H. I mean that's the average the some with a lot more money from softbank some with a lot less and so what we going to see I think with the vision fund is set up a huge a few big home runs were gonna see if you it's basically going to have to get home with singles and doubles because they're not gonna be huge home runs of just after the I. cumulate tion of of little wins that will get the vision fund to some really large returns so are you expecting for this last sort of twelve billion you mention that eighty five billions already invested and goes up to around a hundred to a call and ninety seven two hundred billion hot with that they'll be really careful and really cautious with these next three think they'll they'll still be quite sort of free wheeling well I think the side of the finals ten to twelve billion they've got left is basically a marked only for follow on investment side they've basically admitted they will and this is what they've stated publicly just a few days ago that the investment period for the fund has close that means no new investment so what's left in the fund will go to the following investment for existing companies that they've already invested or it will go towards essentially paying the coupons and incentives they need to pay in the fund a lot of people forget that around about forty percent of the fund is actually raise through preferred equity which they have to pay a seven percent coupon on so they have to pay about three billion dollars a year every single year to those investors and they need to make sure they have the cash to do it so I think some of the money Nicholas and the phone will be for that just briefly you know the stocks up three point eight percent today it felt a little bit yesterday after the earnings but people still believe in this guide yeah you know people still believe in in Tesla to and a lot of other companies that don't make any money or have a struggle with profits and and track record you know if you're buying into softbank then you're buying into massive massive she son if you believe in myself you son then you bite if you no longer believe in you gonna sell it really comes down to that it's really so simple all right Bloomberg opinion columnist him cope and thanks very much you can read more on this and other stories on Bloomberg opinion at Bloomberg dot com slash opinion and on the terminal by typing OPI and
CBS, Chairman And Jerome Powell discussed on KCBS Radio Afternoon News
"Afternoon the federal reserve today cut its benchmark interest rate for the first time since the financial crisis of two thousand eight CBS is bill Rakoff fed chairman Jerome Powell said the decision to cut rates was made to support the positive economic outlook the committee still sees a favorable baseline outlook over the year however incoming information on global growth trade policy uncertainty and muted inflation have led the committee to gradually lower it's assessments of the path of policy interest rate that would best support that outlook today's decision was not unanimous to fed board members expressed their concern about the cut in the face of economic expansion the way Cobb CBS news the federal reserve how would not commit to a series of future cuts in the market did not like that the Dow closed down more than three hundred points or one percent following today's
Trump says he intends to nominate Christopher Waller, Judy Shelton for Fed board
"President trump announced two new nominees for the federal reserve board today NPR's Scott Horsley reports two of trump's earlier picks for the central bank were forced to bow out trouble is that Twitter that he plans to nominate Christopher Waller and Judy Shelton to the fed seven member board of governors Waller has a conventional resume he was an economics professor at Notre Dame and now serves as director of research for the federal reserve bank of Saint Louis Sheldon is more of a wild card she's advocated a return to the gold standard and also told CNBC last month she like to cut interest rates to zero within a year or two the president's last two fed nominees Stephen Moore man Herman Cain dropped out of contention before either man was formally nominated critics describe more and Kane is overly political putting the central bank's independence in potential
Could the Great Depression Happen Again?
"Hey, brain stuff. Lauren voelpel bomb here. If you live through the great depression, that started in the late nineteen twenty s and lasted until the beginning of world or two, it's hard to imagine just how rough many ordinary Americans had it at the depressions peak in nineteen thirty three the nation's gross domestic product have been cut roughly in half and nearly one in four American workers was unemployed since they didn't have money to pay their mortgages, the foreclosure rate more than doubled, and people who lost their homes found themselves, arresting cardboard and scrap wood shacks and living in camps notice, Hoover villes on the edge of towns and cities, named after president Herbert Hoover who many blamed for the depression, in an interview published by the Federal Reserve Bank of Saint Louis in two thousand seven two men who survived, the depression, describe, how people around them often were so desperate for food that they eagerly routed through garbage bins at markets for discarded vegetables, and spoiled chicken carcasses, even after Franklin Roosevelt's new deal program eased, some of the deprivation the nation's battered, economy continue to struggle right up until the war. Brought a mass. Surge in government spending and created jobs at defense plans for those who didn't go off to fight overseas. But why did the great depression happen and could it ever happened again? The pressures causes have been a longtime subject of debate by historians and communists, though, there seems to be a consensus that the economic disaster was the result of multiple factors. Some of which led to the event, while others worsened or prolonged it, and while the nation's economy, the financial system and government regulation have changed considerably since the nineteen twenties. And thirties, experts warned that we're still not immune some of the same risks contributed to the catastrophe worse, yet some stakes of that era are now being repeated at the top of the list is income inequality. We spoke with Robert S MC, elven a history, professor at Millsaps college in Mississippi and author of the great depression, America nineteen twenty nine to nineteen forty one. He says the US shifted during the nineteen twenties. Twin economy, heavily dependent upon consumption of mass produced goods ranging from automobiles to radios while sales of those products. Drove up. Office for factory owners and retailers, most American workers wages grew much more slowly. Eventually he notes, people didn't have enough money to buy more things, and keep the economy, going businesses tried to cope by extending consumer credit and allowing people to gradually pay off their purchases. But they didn't have enough income to keep buying new stuff as well in the summer of nineteen twenty nine to avoid having inventory, pile-up factory started cutting back on production, and laying off workers those workers, then couldn't buy things which meant even more products piled up that started the economy on a downward spiral that contributed to a four day stock market crash in late October of nineteen twenty nine which raised a quarter of the value of the Dow Jones industrial average wiping out investors and severely damaging public confidence circa, nineteen twenties. Income inequality was exacerbated by a series of tax cuts pushed through congress by secretary of the treasury. Andrew w Mellon, extensively to stimulate the economy as one of the world's richest men Mellon personally benefited from the cuts more than. Practically all the tax payers in the state of Nebraska, as one political opponent of the Bill pointed out, ninety years later income, inequality is growing, and it's a threat to an economy, which depends upon personal consumption of two thirds of its economic output, and congress in two thousand seventeen past a massive tax cut package, which most Americans see themselves as not benefiting from. In addition to income inequality, there was a lot of investment speculation going on. There's a difference between investing and speculating, which invested pedia defines as putting your money into high risk investments in hopes of making a killing, but in the nineteen twenties, when everything seemed to be booming investors often were a bit too, trusting. We also spoke with Todd new p- a professor of economics and business at Cornell college in Vernon Iowa. He said, many people think of the dust bowl or the stock market crash, as the proximate cause of the great depression. But in reality, it was caused by the same factors that have caused financial crises throughout history in the US and elsewhere, debt financed speculation. In other words when people find it too easy to borrow other people's money to speculate on risky ventures. Stocks bonds, subprime housing, etc. Then people risk too much and prices boom, only to eventually bust decades later. Unfortunately, we're still vulnerable to that psychological flaw. Nuke said, markets are prone to. That this time it's different only to find out again. And again that it is usually not. In the nineteen twenties. The United States was also dealing with some bad Federal Reserve policy today were accustomed to thinking of the Federal Reserve, the nation central Bank as the guardian of the economy, that's because it's board could use monetary policy control of the supply of money and credit to stimulate the economy, when it needs a boost or to put on the brakes when inflation is starting to creep upward, but in a two thousand four lecture, former fed chairman, Ben banenky detailed his theory that ninety years ago. The fed dropped the ball with policy blunders that helped cause, prolonged the great depression, starting in nineteen twenty eight the fed hoping to put the brakes on Wall Street speculators who are investing borrowed money started raising interest rates that policy succeeded a little too, well as evidenced, by the stock market's catastrophic drop in October of nineteen twenty nine but then even after the stock market collapsed, the fed kept increasing interest rates, the reason was that the US like many other countries was on the gold standard, meaning that the dollar was redeemable in gold and pegged. To its value. When pennant investors started trading their dollars for gold, the fed moved to thwart them, Brennan key explained in his speech to stabilize the dollar the fed once, again raised interest rates sharply on the view that currency speculators would be less willing to liquidate dollar assets if they could earn a higher rate of return on them, but the high interest rates made it tough for businesses to borrow two whether the hard times, and many went bankrupt as a result at the same time according to banenky, the fed also didn't do enough to protect the nation's banks leading depositors to out their savings and hoard the cash further worsening the economic crisis. The US wasn't the only country with such problems. We also spoke with within you'll Klein and assistant professor of economics at the university of Redlands an expert on economic history. He said the gold standard helped things along by limited in the policy responsive nations around the world. Things like lower interest rates, and government deficit spending or made much more difficult. In addition, while Great Britain, provided global economic leadership before World War, One after. The war, the US, essentially, refused to lead despite being the new center of the world economy. Fortunately, this is one area where policymakers learned their lesson Klein said in the end countries dropped the gold standard and many engaged in deficit, spending, and monetary policy, and the US established its leadership under the Bretton Woods agreement about nineteen forty four packed created the World Bank, and the International Monetary Fund as well as eliminating gold standard internationally. On the other hand, as a candidate Donald Trump said that bringing back the gold standard, quote would be very hard to do. But boy, would it be wonderful as president, he considered nominating to the fed board, Herman Cain, who wrote in two thousand twelve in the Wall Street Journal that the dollar should be redefined as quote, a fixed quantity of gold, though. In a recent interview Kane backed away from that position. And Stephen Moore and other past gold standard advocate told CNN that he now favored, petting the currency to a quote, whole basket of commodities both later withdrew from consideration in the face of political opposition. One of the other big factors that led to the depression was trade wars, the smoot-hawley act, which was written in early nineteen twenty nine when the economy was still going strong but became law after the Wall Street crash raised US tariffs by an average of sixteen percent. The idea was to keep other countries from hurting US manufacturers by flooding the market with lower priced products. But when those countries responded by imposing their own tariffs result was a ruinous, global decline in trade, the deepened and lengthened the great depression, that bit of history, worries many people today due to President Trump's fondness for imposing tariffs in an effort to protect us industries. So many of the factors that contributed to the great depression are still risks whether they will ever combine an economic perfect storm is a harder question to answer.
Economy added 263,000 jobs in April
"This morning's announcement of April unemployment is where we start two hundred sixty three thousand new jobs added to this economy last month, the employment rate fell to three point six percent. A generational low has to be pointed out on a Swanson is that the New York Times k Davidson is with the Wall Street Journal here to fully contextualized the past five days in this Konomi, everybody. Hake kay. Let me start with you. And this every time, and and certainly we've said it here. But every time the judge board has come out in the last guy. It's got to be like a year. We have said, oh, we're at full employment. This can't possibly go on any longer. And yet every month. It keeps going on. What gives amazing? Well, I think that I think that it's a sign of a couple things one seems to be that there are just more people out there. The the the economy because it's so strong right now is continuing to draw workers off of the sidelines. Now this month report showed a perhaps a little bit of a dip of the participation rate went down for the second straight month. But more broadly as you said over the past year or so that rate has been doing well, and I think that, you know, we've been hearing from employers that they're having a hard time finding workers in that low unemployment rate means would suggest as you said that there just aren't that many more people, but they're coming in. So they're being attracted by a couple of things, I think wages have we just wage gains have been much stronger up three point two percent in April come from year earlier. So yeah, it was a pretty strong report on a let me ask you this. And this is a large contextual question. But it does seem to have been a. A five or six day period of conundrum in this economy. Right. We got gross domestic product last week at three point two percent. We got jobs today. Really nice. Inflation came out on Monday Tuesday. It was really low the feds hanging on there's something unusual happening. Yes. Yeah. Absolutely. So this combination of super low unemployment, and and hike growth and low inflation is not really supposed to be possible. So when unemployment drafts this low job creation should should slow and inflation should surge. But we're just seeing the economy keep on trucking, and you know, the fed it's it's kind of a bizarre situation for the fed where softening inflation in straw job growth, are pointing them in two different directions. So this week the fed said it it was expected above trend growth to import inflation over time. And they indicated that they're on hold for now. They're basically on pas to see what what shakes out in this economy, so K to that. Point of Jay Powell, and the fed and them in essence on I'm gonna exaggerate her a little bit. But in essence, they're just kinda shrug their shoulders and saying we're guessing that inflation's gonna bounce back. The where we want to be around two percent, but they don't really know a little bit. Yeah. It's it's reminding me of this really funny speech from I think it was Randy quarrels on the fed. Vice chairman last year, he talked about his those trainings up those funny. But he he trained as a pilot, and he talked about how when he was starting out in flight school. They train them not to focus too much on the needle right where the dial is showing them, but they had to kinda learn to follow all of the signs and not target one direction too closely in particular, and he's he kind of said this is sort of where we what what we is officials feel like we need to do right now. And so instead of raising rates preemptively because job growth is strong and the expected to lead to more inflation, they're sort of switching their mode, and now they've gone from that to this kind of wait and see mode, and I think that that they signaled on Wednesday that they're they're pretty confident that that's working right now because of this positive data, and that was reaffirmed, of course, with Friday's jobs data. Let me take a very quick swing into the politicization of the fed on it. And then and then we'll moth the central Bank, Stephen Moore. The president's you know, floated nominee, but not officially named. To the fed board guy as withdrawn Larry cudlow said today, the president's chief economic adviser, the vice president United States also said today that they what they want the fed to do is actually got rates right now. Gimme like thirty seconds on politicization of the fed. And maybe has has this episode of mister Cain, and Mr. Moore taught the president anything. Well, I'm not sure I mean, I I don't necessarily think so because in a tweet earlier this week the president actually compared the fed to China China's adding great stimulus to its economy while at the same time keeping interest rates low. I mean, you know, the Federal Reserve is supposed to be it wide operates independently from the White House that's pretty different from China's managed economy. I think it's worth remembering that, this just isn't this isn't normal. And you know, we have seen the president's recent efforts to put his supporters on the fed failed with Herman Cain and Stephen Moore. Both withdrawing from consideration. It remains to be seen. What kind of candidate? They put up nex. Oughta let me stay with you for a second. Since you mentioned China. I do want to draw on your trade expertise, which is your beat at the times sexual nation. And Trade Representative Robert lighthizer have been in Beijing this week doing what one assumes will be the the very hard last few things in a US China trade deal. What can you tell us? It does seem like the administration is emphasizing that, you know, the the president could still walk away. He's ready to do that. But we could see China deal as early as next week. And you know, it does seem like it'll leave some of the Trump administration's goals on the cutting room floor like subsidies, cyber theft, data restrictions, but I think you can also credibly make the argument that President Trump is getting more here from China than past administrations have done. I mean, I think the big question for me is whether we should declare victory here for the more aggressive trade strategy and general, and you know, what the question is. What comes next? I mean, the China agree. Might still be setting us up for more tension between the two countries. If tariffs are brought back into the relationship. You could see a tit for tat tariff war kind of follow quickly here to an agreement.
Stephen Moore withdraws from Fed consideration
"Now, our main story this morning Stephen Moore yesterday, he withdrew his name for consideration for fed seat. That makes him the second person to officially withdraw after President Trump said that he would prefer to nominate them for a seat on the fed board to get the backstory Charlie Turner spoke with our reporter Paul Kiernan from Washington just a half hour after Paul was speaking with Mr. Moore himself on the phone, President Trump says conservative commentators Stephen Moore has withdrawn from consideration for position on the Federal Reserve Board. Mr. Trump tweeted, the news of Mr. Moore's withdrawal. But didn't say why Mr. Moore changed mind? Let's get details on this from Wall Street Journal reporter, Paul Karen who joins us via Skype from Washington, Paul first of all this came after Mr. Moore, abruptly changed his mind, didn't well, I dunno changed. His mind is the right way to put it. I spoke with Mr. Moore a little while ago half an hour ago, or so, and he actually told me that. He and Lawrence Kudlow, the White House. Economic adviser had basically decided to withdraw him from the fed candidacy last night.
"fed board" Discussed on WGN Radio
"Is Friday. It's may third and it's five ten in the morning. Thank you for tuning in for another addition of the opening bell and another business day getting underway. We've put together really good broadcast for you again today on our Friday or Friday regulars are here today. Paul Nolte from kingsview asset management will be first up this morning, and then a little bit later in the program. Brian summers will be here from Skift dot com for conversation about the business of airlines and travel. Brian Hesse news about south west and American Airlines canceling flights and the impact on their first quarter first quarter earnings. So that'd be at about five thirty eight this morning, but first let's begin on the WGN associated Bank market desk. The trading week is winding down after two straight days of losses on Wall Street that came as investors were jesting their strategy perhaps after comments from the Federal Reserve chairman, the chairman Powell REM. Mark that he sees no problem with the Fed's current strategy through a little bit of cold water on expectations of an interest rate cut yesterday. Energy commodities fell while there was an uptick in silver at the closing bell. The Dow Jones industrial average was down about one hundred twenty two points. The s&p five hundred was down about six points. The NASDAQ off about three this morning as we look at the markets futures pointing toward a positive open on Wall Street, Dow NASDAQ futures up anywhere from a quarter of a percent to nearly a half a percent on the NASDAQ. And as we look into Europe markets are in the green in London, Germany, and France, and in Asia markets also mixed couple of holiday days this week for markets in China, and Japan and other places as well. Again, another day of holidays today in Japan, and in China markets are closed there. But everything else generally mixed to positive. In Asia and oil in the United States is trading at sixty one seventy three a barrel, which is up about eight cents as we begin this morning. There's a couple of big news business news headlines that we are following for you this morning. First of all Stephen Moore has withdrawn his name from consideration for a seat on the board of the Federal Reserve, President Trump intended to nominate more Trump tweeted yesterday that Moore is a pro-trump a great pro growth economist and a truly fine person. But a number of Senate Republicans expressed doubts about his qualifications and controversial past comments, especially about women and child labor. The Senate responsible for confirming any presidential nominations to the fed. A bipartisan group of lawmakers wants to fix a problem with the GOP tax law that resulted in higher tax bills for gold star families legislation introduced in the house would treat military survivor benefits as earned income rather than unearned income previously survivor benefits designated two children were tack. The parents rate, but changes in the twenty seventeen tax law resulted in tax rates as high as thirty seven percent on survivor benefits. A host of Republican and Democrats are co sponsoring the gold star family tax relief act. Let's begin this morning with Paul Nolte from kingsview asset management in Chicago Paul's s VP and senior portfolio manager there at kingsview, Paul. Good morning. Happy friday. Good morning. Thank you for being here. Again with us on Friday. Lots happened this week. I think feels like a lot's happened since we talked last Friday with that was last month. Things going on with the data points on the economy. We saw GDP after you left here on Friday last week this week we've seen some of other data points. What is above the noise that we should be paying attention to you made the comment in the opening montage. And it's it's the fed as we've talked about at different times over the course of the last couple years, it's the fed and the fed pays attention to the markets and the markets pay attention to the fed in certainly Powell's comments about inflation being transitory. Meaning that this low inflation environment is is something that is not going to be permanent that inflation will pick up. Certainly as you mentioned through a lot of cold water on the markets because they were into supporting we're going to get an interest rate cut and bond selloff interest rates. Go up the dollar, go up and the equity markets come off thinking. Now, maybe the fed is on hold. And there's a possibility now that maybe they raise rates, and certainly that was the implication by his comments at the press conference at followed the meeting. Yeah. In felt like that. I know that there was a lot of it was really surprised to see people actually thinking there would be a rate cut. And even the president was like, well, maybe we need one percent. And I didn't think that was gonna happen. But no, we're thinking about it. Absolutely. And you know, and that's the interesting part of this. When you step back and take a look at it and say, okay, why should we be having a rate cut? We have let's go back to Christmas Christmas Eve when the markets were down significantly the economy was still doing. Okay, there were. Signs that things were slowing certainly the global economy. There were signs that the economy was lowing China was having some struggles. But I think the market are. Made an overshoot in their estimate of how slow the economy was when we took a look at a lot of the data points data points indicated that they're still growth in the economy, and even though GDP came in. I we think a lot higher than probably should have. There's some extenuating circumstances that get it up around three percent level. Even at that. Even if you back some of that out it's growing at one and a half to two percent, that's a far cry from a recession a lot of the other data points that we're looking at do not point to a recession slowing moderate growth that we've been experiencing really for the last ten years is still with us. So I think the markets were making a huge assumption that the fed was going to have to cut rates in the only reason we could see that the markets were thinking that was because the markets were down in the fed would come to the markets rescue. You know, as we look ahead today to what's going on. The jobs report is due out. The ADP report earlier this week was two hundred seventy five thousand private jobs. Do we expect? And again, I I stopped predicting some of this stuff or trying to because we've had some wild swings back and forth. We've had some huge swings in right now. The estimates for about one hundred seventy five to one hundred eighty five thousand on a month to month basis. It is extremely noisy and the margin of error is huge in the order of about thirty thousand jobs. So we can be down to one hundred and fifty we could be up to ten and still be within the normal range. In our estimate is that we might come in a little bit on the lighter side of that one eighty. In again, wages are going to be something that we're going to be wanting to look at some of the productivity numbers that came out yesterday indicate maybe wage growth isn't going to be as fabulous as we think the data for manufacturing. We'll get the services later today those point to a little bit slower wage growth, and we'll see if that comes out in the numbers. But again, it's it's about inflation at this point. And certainly chair Powell decided that you know, he thought inflation was a little bit too low and would probably be rising through the end of the year. We're not yet seeing that in the numbers. Paul hang on with us. We're on this morning, Paul Nolte from kingsview asset management in Chicago regular Friday conversation with Paul we'll come back have more of it here on the opening bell for this Friday. But I had five seventeen we need to update traffic.
"fed board" Discussed on C-SPAN Radio
"Know, the, thanks. Sarah Sanders is the White House press secretary with reporters today in the White House driveway. There was a question near the end about Stephen Moore potentially being nominated for spot on the Federal Reserve Board and Sarah Sanders said we're going to move forward with that. A couple of hours later, President Trump tweeted that Stephen Moore has withdrawn his nomination in the tweet the president described as a great pro growth, a communist any truly fine person Associated Press notes that the withdrawal comes after losing Republican support in the Senate largely over his past inflammatory writings about women and the democratic leader of the Senate Chuck Schumer put out a statement, saying, I Cain, referring to Herman Cain. Also, not going to be nominated now more. Thank goodness. Neither were actually nominated. The only thing less funny than some of Mr. Moore's casteless offensives, sexist sexist jokes with the idea that President Trump would even consider him for a seat on the federal. Reserve the Senate is in session today considering whether to override the president veto on a resolution that would end US military involvement in Yemen. You can follow that on the free C span radio app or C span. Two television. Earlier today, Senator Chuck Schumer spoke on the floor about attorney general William bars. Testimony before the Senate Judiciary committee yesterday. Mr President attorney general bars performance in yesterday's dish. Airy committee hearing was abysmal raising all types of questions about his willingness to be faithful steward of the law. But of the several outlandish claims one stood out one should send shivers down the spine of anyone who believes in this democracy. Once it would probably send shivers down the spine of the founding fathers say heard this attorney general say what he said because Torney general bar said yesterday that the president. Could not have obstructed Justice because he believed he was falsely accused, but even went further he made a broad principle. Here's what he said, quote, this attorney general bar. He said that if an investigation is quote based on false allegations, the president does not have to sit there constitutionally and allow it to run its course the president could terminate that proceeding and not have it be corrupt intent because he was falsely accused what a statement what a statement if the president himself believes that he was falsely accused he can commit any. He can he can. Terminate any investigation or proceeding against him. Any at all. And is that determination in the president's own head and nobody else's. So I am sending a letter to the attorney general this morning and asking him a whole bunch of questions based on that awful confounding statement. I. We know he had a theory of unit of the unitary executive he issued that letter before he was chosen as attorney general many believe that's why he was chosen. But this is the first time he has stated it so crassly an so baldly as attorney general. Does he stand by that? Or was it a mistake is my first question does he stand by the statement that he said yesterday based on false allegations? The president does not have to sit there constitutionally allow it to run its course the president could terminate that proceeding and not have it be corrupt intent because he was falsely accused terminate the preceding. So who is the determination who was the determinator? Of what is a false allegation. Is it the president himself solely? I'm going to ask attorney general bar that question. And what about other proceedings and investigations? Let's say one of the president's family is being investigated if the president determines that it's based on false allegations. Does he have the unilateral power? Determine eight the preceding. What if it's one of the president's business associates and the president believes those are false allegations. Does.
"fed board" Discussed on Bloomberg Radio New York
"In our Bloomberg interactive brokers studio, like everyone in New York very much missing us. I know we'll be back before too long guys. Nobody dry your dry your eyes, Alex, especially you Karl. We know we feel Carl sitting and Carol C. So, yeah, we're mixing just got real this agenda retraining places securities trading places. All right. So let's talk a little Stephen Moore that obviously is far and away the big story. Among folks, watching the fed world the economics world today car. What do you make of it? Well, there was a lot of questionable commentary that kind of loaded the made it a very loaded fed pick. So, you know, President Trump is clearly trying to go in a different direction with the fed nominees and really kinda go outside of the conventional realm. Both of his picks Herman Cain and Stephen Moore fell through. But that doesn't mean that we won't see more kind of contrarians nominated for these positions. I think he knows he can't go to outside of the lane going forward. But that does not mean we're going to see some group thinkers nominated to fill these vacancies. And of course, the news is that of Stephen Moore that was one of President Trump's pick for the Federal Reserve Board of governors is pulling out of consideration for that job. We caught up with him Bloomberg television caught up with him today in an interview. Here's what Stephen Moore had to say, I I would probably be in favor of repealing that rate hike, which was what I think twenty five basis points. I I'm not so sure I agree with the White House that we should cut rates by in untitled percentage point. I mean, I don't I just don't see the case for that right now. All right. So Stephen Moore today to interview on Bloomberg television. I mean or before he. He pulled out. Yeah. So I mean, you know, it's funny. Our producer Paul Brennan kind of saying, you know, you do wonder this guy not want the job. And that's why he said something like that Karl I think that it was becoming very clear to him that he was becoming radioactive as a choice. And so it was kind of you know, agreement you know, he said if he became radioactive he would withdraw. He didn't want to cost a Senate seat by continuing with his candidacy. So I think maybe a mutual agreement between both him in the White House. But I mean that is very strong medicine that the president is suggesting the fed follow in term Ray. Now, not only the rate cut shore where in a mature cycle. So, you know, moving rates won't have disastrous economic consequences, although that will further stimulate things like auto sales and housing which you may need to stimulate in the next economic cycle. So there is a case. Be made at this stage of the game to keep the powder. Dry. And when you're cutting rates by a full percentage point, you're not keeping the powder. Dry. More. Disturbing is to go back into QE, right? The the economy does not need quantitative easing at this point in time. We don't know fully how that tool works or what the upside limits are the fed can't expand its balance sheet indefinitely, and if we're using QE now than when a recession does eventually come. We're going to need a lot more QE, and we could go dangerously close to the limits of what the fed could administer. And we don't have a concept of what that upside limit is will know when we get there. And when we get there, it won't be pretty so Alex come on in here because the market what is it saying alternately about what the fed said, and what may happen next as especially as we sort of digest what we heard from chair Paul yesterday. Okay. Well, first of all in terms of what chair Powell's said yesterday. What we're seeing today is a lot of those bats that traders were making the front end about rate cuts. Those are getting pushed out so you're seeing you're seeing a bit of a rinse out of some of those who thought that would be you know, the ever be cutting rates by the end of the year. So those are getting pushed out bit in terms of what Karla Sahin about QE. Let's not forget that at some point. Once the fed has found that level reserves that it's comfortable with that. It's going to do what it can to keep that level steady. But currency's going to continue to grow liabilities are going to continue to grow and the fed has to come back in and start buying treasuries. Again that in my book. Yes, in might not be, you know, considered stimulus. But and we're not at the lower bound that's still QE you're still coming in to buy treasuries and Liz McCormick. And I are working on a story very much about this issue, which is at what point is the fed actually. Have to come back in and start buying treasuries. And a lot of people are saying that's twenty twenty issue. But there's a very big risk that they could end the balance sheet on wind on the treasury side in September and October. They're buying treasuries. Because there's a lot of issues now that are going to stress the front end they're going to stress the fed funds rate, it it's really going to test the funding markets, and they might have to be coming in here in order to stabilize it could be treasuries by the end of the year curl UC that well, there's an important distinction here. Because absolutely the economy grows fed balance sheet is going to have to grow with the fed has made that that clear, and that's going to be mean, adding more assets presumably treasury, so what my colleague is describing here. Could be called QE the fed and treasury will not call that QE. Even though I would tend to agree that if you're buying assets that's quantitative easing. So we'll call it QE. The fed will say absolutely not that it's not QE. All right. Well, thank you both so much Alex Harris reporter for Bloomberg News Corp chief US, economists skews me for Bloomberg. I can't even say 'cause you're sitting carols jerem, so distract trading. Places security. So we should also mention that Bloomberg's Mike is going to be sitting down with Cleveland fed president Loretta Mestre tomorrow from the Hoover institute policy conference. We're gonna carry that live at three PM Wall Street time on Bloomberg radio and television, so relevant. 'cause it'll be interesting to say, especially when you just hear the debate we got from Alex and from Carl it'll be interesting to see what she has to say about some of that. And also coming off the jobs report and kind of where we are coming up the fed meeting. You know, you just saw the market reaction to that meeting. I it was dovish than not so much. So I think we need some clarification, and we'll get that from that conversation. All right first. Now, let's go to moon. He's got some world and national news kitchen, Carol. Thank you president Donald Trump's selection for the federal. Reserve Board of governors even more abruptly pulled out of consideration for the job today. President Trump's announcement on Twitter came just hours after Moore had insisted the Bloomberg news that he was all in for the central Bank position. I sure am. And in fact, this is going to be probably three month process. So a lot you know, what the situation today, I think is going to be a lot different three months from now. When I go before the Senate and the banking committee in the full Senate. So I'm not too concerned about this Moore, then cited unrelenting attacks on his character that he said, we're untenable it's not clear what happened to make him change his mind between the interview and the letter to President Trump Trump said in his tweet that he is asked Moore to work with him toward future economic growth in our country. Vice President Mike Pence put his focus on recent attacks on worshipers today as the White House hosted a national day of prayer service in the rose garden. No one should ever fear for their safety in a house of. Worship in America or anywhere in the world. Spoke of the power of prayer to get through difficult times. President Trump at it something else to the list. People say, how do you get through that whole stuff that you go through those witch hunts and everything else, and you know, what we do like, we just do it. Right. We think about God. Among those in attendance, rather us real Goldstein who spoke about the deadly shooting at his San Diego area synagogue last weekend. The way we act darkness is with light. It was that moment admitted decision. No.
"fed board" Discussed on WBT Charlotte News Talk
"Me. Rabbi Yisrael, Al Goldstein from the Chabad of power where a mass shooter recently, Kelly woman and wounded three others, including an eight-year-old girl. President Trump's pick for the Federal Reserve Board is out as his support in the Senate falters. Numerous GOP Senator said they objected to Stephen Moore's disparaging past writings about women, which more conservative commentator wrote off as temps at humor. Trump's other fed board pick Herman Cain withdrew recently over past allegations of sexual harassment and infidelity PG action getting underway today in south Charlotte and WBZ's gyms oh keys on the course, as a four-way tied at the Wells Fargo championship a quail hollow Patrick read along with Martin Laird, Nick Taylor and Adam Schefter Jason day. Last year's winner is among those whose finished one off the lead for now at minus three Phil Mickelson finishes. At even par golf update's. Brought to you by the Carolinas men's clinic gym, Zoki, WBZ sports. WBZ news time three or four. Hey if. If you're considering a new piece of jewelry maybe for mom's day, maybe for an upcoming anniversary June his wedding month. So there'd be a lot of anniversaries Kono because see my jeweler the jewelry problem-solver Alison lows fine jewelry, twenty thirty cherry road, exit eighty to be in rock hill. Scott a great selection of engagement rings, an anniversary bands and earrings necklaces. But really the reason we send people to Alison discuss. She's got great taste. She knows this business like the back of her hand. She's been behind that countersuits use in the fourth grade and guys she can help you. If you're looking, you know, you she'll kill that myth that you have to spend a lot of money and jewellery store. She's got unbelievable inventory. She can even take an old piece of jewelry that somebody never wears and re image it into something that you'll love that you'll wear on a daily basis trade in your old gold trade in your.
President Trump, Federal Reserve Board And Herman Cain discussed on John Hancock
"President Trump's pick for the Federal Reserve Board is out as his support in the Senate falters. Numerous GOP Senator said they objected to Stephen Moore's disparaging past writings about women, which more conservative commentator wrote off as temps at humor. Trump's other fed board pick Herman Cain withdrew recently over past allegations of sexual harassment and
Trump Will Not Nominate Herman Cain to the Fed Board
"Who will be the next fed share? Well, we know it won't be Herman Cain. President. Trump tweeting, my friend Herman Cain, truly wonderful man has asked me not to nominate him for a seat on the Federal Reserve Board. I will respect his wishes. Herman is a great American who truly loves our country explanation
Herman Cain says he faces 'cumbersome' vetting for Fed board seat
"Mule, but of the nomination of Herman Cain. Former presidential candidate. He said he will face a cumbersome process as he's vetted for a seat on the Federal Reserve Board video posted Friday. I said he's got a turnover records from fifty years in business. Including numerous professional jobs service on boards, and extensive speeches. He said, I it's not clear if he'll pass the ongoing F B I background check, which is kind of a standard process before a high ranking nomination. Whether I whether I make it through the process time will tell would I be disappointed if I do not make it through this process. No, would I be thrilled. And honored if I do make it through the process. Yes. That's the bottom line. Last thursday. President Trump said he plans to nominate Herman Cain. The former pizza chain executive Godfather's pizza, right? Now, of course, if nomination would to be approved by the Senate, they have to collect an inordinate amount of information on your background, your family, your friends your animals your pets for the last fifty years. I did say people who don't like him are already digging up all the negative stuff that they've got in storage from eight years ago. I'll I'll be able to explain it. This time. Hermit was leading in some of the opinion polls during the Republican nomination. Buoyed by his signature nine nine nine tax proposal, which would have levied a flat nine percent, corporate income and sales tax. But then we're you'll recall. Yeah. There were some females that came forward the sexual harassment allegations. Which at the time he said, we're completely false. All right. Kane made his fortune is the CEO of Godfather's pizza before launching a bid for that nomination in two thousand twelve. So we'll see where that goes. And that's I came to mind. I mean, what what kind of sunk his presidential ambitions. Yeah. Very reminiscent of what transpired with Donald Trump. Yeah. People come forward from from your past you had things that otherwise would have never surfaced. But the I don't like this guy. We gotta bring him to get a take him down in that kind of the status quo. I don't know would they have the same sentiment about the guy being on the Federal Reserve Board versus president of the United States. I'm not sure how that's gonna
Herman Cain is on "fairly large list" of nominees for Fed board
"Herman Cain to the Federal Reserve Board remember here while remember who Herman Cain is. I do not like is. I used to run godfather pizza in the mid west or whatever it is. And ran for president in two thousand twelve started a bid to run for president and got outed for sexual harassment and cheating on his wife and bunch of stuff. Perfect. So it's great for the same Twitter. Headline this morning like John Trump might nominate Herman Cain to the Federal Reserve. Boy now, it's like, we all know, what happened with Herman Cain. That's why Herman Cain is disappeared for so long and Donald Trump is going to give this man a job. He's looking for his own people. I know that. But that's like, you know, it's like this shit is so disgusting. And no, I mean, the people who love him just don't care with bulletins. Feels like a weird dream does add four year blip that we could just pretend in hap-. Can we just go back but get get my years back to
Trump Blasts Fed as Mnuchin Bids to Reassure Investors
"Fed officials don't have a feel for the market. He tweeted the fed is like a powerful golfer who can't score because he has no touch. He can't putt over the weekend. There are reports. Trump wanted to replace fed chair Jerome Powell reports which Treasury Secretary Steven Mnuchin tried to walk back, but Mnuchin also made investors jittery he called the heads of major banks to confirm everything was. Okay. Just because to make some sense of this. We've caught up Binyamin Appelbaum from the New York Times. Thanks for being here. Glad to join you. So there were reports over the weekend that Trump has asked advisors if he can remove Powell I want to start with just that big picture question here. Can he it's a really big and open question at the moment. The law says that he can only remove a member of the Fed's board of governors quote for 'cause unquote and most legal scholars basically made think that that means you can't remove head of the fed just because you don't like his policymaking decisions. But there is a separate question about whether he could be removed as the chairman of the board of governors, even just because the president wants to the law doesn't address that directly in some legal scholars think the president has greater latitude to remove Powell from the chairman's job then to remove him entirely from the board of governors. What would the implications be if he did push him out if he tried to push him out even? You know, I spoke with a stock market analyst yesterday who said what we've seen to this point in the markets would pale in comparison to what happened if the president removed foul, and the reason is basically that financial markets have a really strong preference for allowing technocrats to manage monetary policy. They don't want interest rates in the hands of politicians. The whole reason for the creation of the fat was to avoid a situation in which politicians like the president could exert pressure on the fed to hold down rates in the short-term goosing the economy, but causing it to overheat. So the fear of the markets would be that the removal of Powell would signal a loss of independence for the fed. And there'd be a likelihood that investors would respond to that. In a way that none of us would probably appreciate right? Are there? Other ways the president could move the fed more to his way of thinking without sort of pushing Powell out. Yeah. And you know, what's so striking? Here is the past presidents have often exercise. The pressure on the fed quite successfully in a variety of more subtle ways. So probably the most obvious and important is that the fit the president gets to decide who sits on the feds board. He appointed Powell he's appointed three of the other four governors, so far two more nominees are waiting for Senate confirmation. What's striking is that all of those people appeared to be committed to raising interest rates. So the president is not giving radically. Yeah. He's chosen people who don't agree with him about monetary policy, which is kind of remarkable and past presidents have been much more careful to pick people for the feds board who do agree with them. Presidents also have sought to pressure the fed privately and publicly through history, essentially by jawboning in the same way that Trump has but most of them have been much more subtle and discreet about it. So the president being as public as he has been maybe contributed to the big market drop today. But we also saw Steven Mnuchin make investors. It seemed nervous when he started calling Bank heads sort of saying, no, no everything's fine. Don't panic when no one was panicking. What do you make of that? I it is. It was a remarkable display state has been under enormous pressure from the president to calm the stock market. I think President Trump believes that the stock market can be made to go back up, and he's demanding that someone do that. And and secretary Mnuchin responded to that pressure by reaching out to the heads of banks to have these conversations on Sunday where he basically sought their assurance that everything is going fine. But as you say, it was the equivalent of an. Announcing that a problem didn't exist. No one thought it existed. It's like saying, you know, everybody rest easy. We have plenty of zombie vaccine in store and all of a sudden people are thinking about zombies. So it was a very odd performance, and it really appears to have contributed to the market's declined today. Really freaked people out. It's the type of thing we only hear Treasury Secretary saying when things are actually going quite badly. So you think it was just a misplayed hand it certainly feels like it. Yeah. And we've heard that frankly from observers across the political spectrum that it just feels like Mnuchin made a mistake that he gave the market comfort in a form that the market found very disconcerting Binyamin Appelbaum from the New York Times. Thanks so much. My pleasure. So just how bad was it today? We'll have the details when we do the numbers.
"fed board" Discussed on 860AM The Answer
"Sometimes you just wrong. Sometimes you just wrong and the banks approving that day after day. I'm not saying things are falling apart. I'm just saying, you know, what maybe the balance sheets aren't as strong as they were. So now, maybe I don't want to be in certain quantities. Have to say, I'm wrong. Why would put the entire market today? You're gonna get a wash. And that's what today was Washington banks. We gotta wash. We gotta Woosh today. The banks unbelievable luxury gang. Because of the country off the Wall Street radio network unbelievable. We knew what was going on with the banks because we started a short these Bank Juliane. We started short these banks back in September. Our char indicated that the major banks we're talking about the big institution banks. We're talking about the JP Morgan and Goldman Sachs. They're the ones who do. I there's ones to raise money for companies. Those are the big guys they're so they're even bigger now than they were when they when they collapsed. Now, the problem the banks. You're having is real simple interest rates are going normally when interest rates go up they make more money. They're delighted. But here's the problem. People aren't making more money. Trump was right. President Trump was right? When he became president Ravi Ford became president. He knew as you can it. There was a perfect financial storm. That was forming a cloud over this country and over the rest of the world a financial collapse was coming. Each brush that he said the stock market was nothing, but a big fat ugly bubble he expressed this this this is before this was before he became president. But if you raise interest rates even a little bit that's gonna come crashing down. We are in a big fat ugly bubble. Why would he say that he was a candidate? Because he knew what was going on. He has experts around before he became president. He knew what was going on. He knew that eighty five percent of the stock market gains of thirteen trillion dollars went to the one not the one percent tile, which a lot. But most of it went to one hundredth of one percent tile, the very richest people in the country. That's where eighty five percent of thirteen trillion win. Go to main street. Trump also knew. Then a crash was coming. He's so grateful. He so grateful that he did not win the house. And he knew that when he was a candidate. He wasn't going to win the house. Anybody will tell you any incumbent president. They always lose the house. In midterm elections. He was delighted because he can't be blamed now. He he he knew the growth in the economy was so little during the Obama years. And he would have time to turn it around in two years for heaven's sakes. Little of that growth, ever trickled down to main street Americans to the worker. She knew that he also knew the jobs that Obama created. And what jobs you would have time to create would pay very little? Compared to the rising healthcare costs housing costs even rental costs and education cost. All this thing that the economy's the best ever and fantastic. And we never had such a great economy. He knew that was all bunch of BS when seventy percent of the jobs that were created by Obama were part time. And that's still about the same number now. With Trump's hasn't changed their mostly service jobs. And think about what little money they're making compared to the rising cost of housing healthcare education. People are in trouble. Trump was lied to though. By Cohen and Larry cudlow. Now, remember Cohen was his top financial. Adviser, but he was only going to be their temporary and to Kudlow could come and cuddle. I had something going on Ican Conan right away. And they convinced them that he's slash taxes on the wealthy on the one percentile and the one one hundred th percentile and on the corporations. They would increase wages for their workers. This is what he was told by Cutolo in Cohen that true Novus true. And he also told. That the task that he was gonna give a large corporation would pay for a show. Well, we're finding out. That's not true now. Printing, borrowing one point five trillion dollars. Oh, and what about that wage boost the four thousand dollars say what happened never happened? Never happened. I never got that bump. Here's another thing. Business understands their biggest expense is wages. That's the biggest expense of this labor. They're going to always cut. Even after the tax cut. What we start finding. She owes kept cutting workers from full-time to part-time cutting their pensions, cutting your healthcare benefits, pension, benefits any benefit thing. And outsourcing their job. As a result. Seventy percent of workers are still working paycheck to paycheck have no savings. How did any savings at all? One five jobs. It's held by a worker an under contract. That's only one in five jobs. Is there a contract? Just one job out of five. You get a contract all the other jobs now unemployment insurance now sickly, no retirement savings. She this is the real economy here in America. Housing costs are going through the roof. Mark portion of Americans now paying a third of their paychecks in rent a third some in cities, some even have. So don't fall into the trap. Of judging the economy. By how well the stock market is doing. That's what they want you to think. They take in parking space in your head that the stock market reflects how well the economy is doing and therefore they could convince you. By giving you credit expanding credit give you five credit cards span credits. So you go and buy a car for over seven years. You get a student home. You were happy you thought. Thank you terrific. Unbelievable. Isn't it? Unbelievable. The stock market demonstrates that the fundamentals are sound people have more money in their pockets in the Bank accounts of demonstrates that the stock market is sound that is such a lie. What a lie few people do very few. If you're making. Eighty five. You're a family of four and you're making sixty five eighty five. Yeah, you're saving something. Not a lot. You gotta be making with the inflation and the in the healthcare costs you gotta be making to live comfortably. He's gotta be making at least over one hundred thousand dollars a year. We'll.
"fed board" Discussed on KTLK 1130 AM
"Anything should go wrong in the economy or financial markets. And you know, even though there's some speculation there about why he's doing this. If you look at the levers of the president has influenced policy, the president has a lever they get to nominate the people that sit on the fed board, and the fed board along with a rotating number of fed presidents that are not picked by the White House vote every few weeks on monetary policy. Donald Trump has not picked people who would really take monetary policy in a radically different direction. So what he's instead doing this just kind of this running public criticism of the central Bank, and the know the fed faces some hard choices potentially over the next year and. While the fed says presidential criticism isn't going to change how they operate. Does. You know up the stakes here a little bit. Because now they know that if anything does go wrong, the president is probably going to blame them for it. If nothing else as per usual when the president does something like this. He started a discussion. Right. So is there a debate? Now among the experts about whether or not the interest rate hikes are or too soon or too frequent. That's exactly right. People are always gonna talk in the markets about what the fed is doing. But President Trump is probably.
"fed board" Discussed on Bloomberg Radio New York
"In the us the government is said to issue a record amount of depth this week after last week's rally in short term treasuries details in this report from bloomberg's susanna palmer the treasury will probably auction about two hundred ninety four billion dollars worth of bills and notes this week that would be its largest slate of supply ever us is ramping up sales of short term debt has financing needs are growing in part to the tax overhaul well there's evidence of weakening demand for us auctions and analysis of trading data is unclear about whether that signals further losses in treasuries susanna palmer bloomberg daybreak susannah thank you over the weekend were to merge the san francisco federal reserve president john williams is the favourite has exceeded bill dudley is head of the new york fed now the central bank is facing a backlash over the possible pick of a white male for the post with critics saying the fed has a lack of diversity and key positions facebook are down about one of the hamper senator early trading amid heavy volume as the social media giant faces continued fallout from its ongoing data crisis sp futures this worrying of thirty three points that's a rise of one point three percent the dow futures up two hundred seventy seven at one point two percent you're listening to bloomberg daybreak six oh seven wall street time for news from around the world we say good morning to bloomberg's michael barr thank you john porn stormy daniels says she had sex with donald trump in two thousand six daniels whose real name is stephanie clifford said in an interview broadcast last night on cbs is sixty minutes that she was threatened to keep silent during an encounter with an unknown man in las vegas i was in a parking lot going to a fitness class with my infant daughter taking the seats facing backwards in the backseat diaper bag you know getting all this stuff out and a guy walked up on me and said to me trump along forget the story and then he leaned around and looked at my daughter and said it's a beautiful little girl it'd be a shame if something how mature mom and then he was gone daniel says she is not a victim and the sex was entirely consensual president trump will likely announce the expulsion of dozens of diplomats.
"fed board" Discussed on Bloomberg Radio New York
"On lock on on the fed board only fared board seat rather may have to think again bloomberg's chris khandan says thinks didn't go well for the president president trump's nominee in a confirmation hearing that took place last month listening he was very aggressively by some more leftleaning democrats and he he came across quite frankly is unprepared and he seems to have lost the support he might easily have won from moderate democrats the senate banking committee is scheduled to vote on good friends domination on thursday do you really say sadan anyway we giggle sometimes on the show i'll let like softbank david more than everybody sedans or sedans so i mean you say either i say either with him uh softbank is in talks to by as much as a third of reinsurance giant swiss three now we're told this would involve softbank buying swiss re shares at a premium and would value the stake and more than ten billion dollars at the moment swiss re's market value is about thirty three billion dollars moving into reinsurance would be away four softbank to tap into longterm flows the talks are at an early stage and it is not clear whether or not there will be a deal let's have a look at what happened overnight on wall street serve if a bumpy and to the session there let's get it over to charlie pellett in his wall street grab look dow s p and nasdaq all were treated with a lot of the selling coming in the final few minutes of trading benjamin segel is fund manager at new berman group i think they volatility we've seen in the us is translating overseas i think as we near the end of of of the period of low interest rates got a change of administration at the fed um i think investors who had a very quiet time of it to all portfolio has had very low turnover for example of the last eighteen months or so i think we should expect an increase in trading the sp 500 index fell thirteen down five tenths of one percent the dow which spent most of the session higher drop nineteen points down one tenth of one percent nasdaq down sixty three a drop of nine tenths of one percent in new york charlie pellett bloomberg daybreak asia well it looks like a little shopping us in.
"fed board" Discussed on Bloomberg Radio New York
"Fist from the from the tax though that leads us to who's actually going to be in the fan walk through what you see the fed to be in the next 365 days meeting that what kind of minds are we going to have their is going to be traditional not businessman not walk us through anything roller as other goods a a great question the one name that we've heard offloaded out there in terms of uh being nominates two two to the fed board is is than good friend he said academic by certainly a person had has had very collective use over his his time both at the fed and the academe about monetary policy in the coming here what you're going to see is a continuation my own prediction is you're going to see a continuation of what we see we've seen under chair yellow which is a focus on gradual normalization quote unquote of monetary policy meeting they want to continue raise rates at a slow pace that was warmer minneapolis fed present narayana coocher lakota speaking with bloomberg's alec steel and david west and and coming up we'll be speaking with elliot abrams about american leadership of around the world you can see all the bloomberg best stories at has to go this is new this is a bloomberg quick take the context in background on issues of interest focuses on the individual mandate obamacare's unpopular pivotal point with bloomberg zachary tracer the situation individual mandate is a requirement in the affordable care act that all people either purchase health insurance policy or pay a fine the idea is required that everybody i have health coverage of some sort background mandate was repealed in the tax reform bill that was passed at the end of 2017 the argument a you know we're about to embark on an experiment to find out how the mandate works or whether it works there's really two argument here some folks see the stick of the mandate as being very important in terms of getting people to buy health insurance other people say look you know health insurance is really valuable to people and as long as they can afford it which is where the subsidies come in that though by it and we're about to find out you know which view is correct so more on the individual mandate or other quick takes little bloombergviewcom slashed quick tinkle's customers go to and i quit i'm.
"fed board" Discussed on C-SPAN Radio
"The federal reserve it's in unprecedented way the president has made comments about the current fed chair as well as interest rates the search for the fed chair too often seem like an episode of the apprentice senator sherrod brown part of the opening statements at a senate banking committee hearing we should point jerome powell was first nominated for the fed board by president uh back in two thousand twelve prior to that to drum pounded have a career unwise inclu ludi heading is a partner at the carlyle group which is a major private equity firm and senator heller broad some news from today's hearing asking the question on interest rates worth things stand now and in the near future so let me ask you this question are you going to raise rates in december and next year um you know i've made it a practice to uh not to talk really specifically about individual meetings because we have the meeting we we were all supposed to hold back on that final decision in an gordon and listen carefully to each other's views all the reserve bank president all the governor's that's that's how we do it out of respect to each other i i will say those senator i think that the case for you know for raising interest rates at our next meeting while this coming it is a bit that we were we will be rates in december gene well to repeat myself under a hate i'm not gonna i'm not going to give a give you will release summer because i don't know enemy together means that's why i asked the question get me i think the conditions are are supportive of doing that but wide to go and have the bagging and listen to each other we we generally have a ruled you know it's it's a communications ruled that we were not supposed to be saying exactly where we're going to do before we go in and listen to wire outage views drummed powell the president's choice to be the next share the federal reserve in the washington post indicating that he is expected to receive bipartisan support in takeover in early february will the detroit news breaking the story of a third woman congressman john conyers deputy chief established now alleging sexual harassment it comes at the.
"fed board" Discussed on WLS-AM 890
"It powell senate confirmation hearing is scheduled john week yellen's four treat fouryear term as fed chair ends on third but she could have chosen to remain on the sevenmember fed board or term is a board member would not have ended until late 2024 i leave area go okay nestling series air one person was killed and dozens displaced after an apartment fire broke out in bentonville fire started around 615 sunday morning in the three hundred block of marshall wrote on the third floor the man living in that department has been identified as 64yearold stephen m nelson he died benson fire chief mike keane say immediately van warner deduce from people although their apartment john 85 residents have been displaced in the cause of that fire is under investigation and convicted massmurderer and former cult leader charles manson has died of natural causes more from correspondent jim rupe british joel my wife let's had foreseen into the system at the age of ted after he said he said his elementary school on fire in and out of jail in prison for the next eleven years that in august of may 13th sixty nine orchestrated a to night murder spree that shocked the nation prosecution uh uh visible yosi was the lead prosecutor in the socalled helterskelter murders mansard and several of his followers were found guilty of nine brutal murders nights including actress sharon tate and her unborn child i wouldn't do anything aca guilty about man's has been in prison the past forty six years deny parole at least a dozen times he was 83 jim roope los angeles and by the way prison officials say it's undetermined what will happen with the remains of manson prison officials had previously said that he had no known next of kin and state law says that if no next of kin legal representative surfaces within ten days it's up.
"fed board" Discussed on NPR News Now
"My from npr news in washington i'm shea stevens president trump is praising a draft tax bill unveiled today by republicans on the house ways and means committee as npr scott horsely reports the measure would sharply cut both corporate and individual income taxes president trump says the proposed cut in the corporate tax rate from 35 to twenty percent would help make us companies more competitive and encourage more job growth he's pushing both the house and senate to act quickly on the tax plan in hopes of signing a bill by year's end were working to give the american people a giant tax cut for christmas we are giving them a big beautiful christmas present in the form of a tremendous tax cut the bill would do away with the deduction for state and local income taxes and limit the deduction for mortgage interest however it leaves intact a break for retirement savings scott horsely npr news the white house president trump has nominating jerome powell to chair the federal reserve foul who currently serves on the fed board says the economy has made substantial progress since the financial crisis in two thousand eight by many measures were close to full employment inflation has gradually moved up toward our target our financial system is also without doubt far stronger and more resilient than it was before the crisis if confirmed by the senate powell will succeed janet yellen whose term expires in february us attorney general jeff sessions is calling for greater surveillance of people who are suspected of terrorist activity session says it's getting harder for the government to keep tabs on the individuals terrorist groups increasingly use social networking sites to recruit new members and lone wolf attackers around the globe they can use encrypted communication channels to plan their crimes some of which can be carried out with a matter of hours session speaking earlier today near the scene of the new york terror attack that killed eight people and injured almost a dozen others earlier in the week.
"fed board" Discussed on KOIL
"Abc news i'm daria albinger cutting taxes should be the biggest tax instrument president trump tells the house republican tax proposal a simple and fair and he says he wants it passed quickly president wasting no time meeting with republicans with the white house in order to get his tax cut through facets tax cuts tax reform and we added the word jobs because it's all about jobs president trump wants a twenty percent corporate tax rate and ambient heritage tax it would primarily help the nation's wealthiest andy field abc news washington democrats say the bill hurts the middle class and they claim a quick deadline doesn't give him enough time to go over the four hundred page document hill comes out thursday they wanna start marketed on monday a bill of enormous complexity that affects millions of people in so many different ways that a disgrace senate minority leader chuck schumer at the president is nominated jay powell the takeover for janet yellen his chair of the federal reserve powell is already on the fed board in new york six people are still recovering in hospital after two days deadly terror attack and we're learning about a remarkable story of one of who whis hurt two 16yearold one of two students injured when the school bus they were riding was hit by the attackers rented truck was never expected back at school so soon but schools chancellor common for renew said he insisted and when he told his mother is that he had to go to school because he was working on one hundred percent perfect santa's injured tuesday the team returned to class on wednesday he said to me i tell myself i'm going to be fine because a lot of people want to help me she said that's new york there's always summit around a hell aaron katersky abc news new york attorney general jeff sessions visited new york today said the attack proves the need for the president's travel ban this is not a political or ideological matter is a public safety a national security man the suspect had a green card and came from his beck astana country not listed in the president's ban the dow closer to.
"fed board" Discussed on KHNR 690AM
"On the michael medved show targeting of vow a very very good day for uh the republican party for the conservative cause and for president donald j trump he by the way just moments ago announced the appointment a very solid appointment of the new director of the fed roar reserve its jerome powell who has been on the fed board he has been one of the directors four of since two thousand twelve and he is considered to be someone who will continue would have been very successful policies by janet yellen uh this is about as solid a choice as the president could make and it continues the momentum of what has been a very promising runup to his weekend trip to asia the president uh held this event this morning and it was a love fest there was exciting and he had several of them he he did one with paul ryan and kevin brady who was the chairman of the house ways and means committee and he did another one with the one of the top corporate heads who spoke beautifully and spoke very positively about president as agenda the guy's name as hocktan he is the head of broad com and he told sunday of his own story but president trump spoke first my administration is working every day to make the united states the most attractive place in the world to do business so that more and more companies like broad come come back to our shores grow their businesses and create more and more american jobs and you see it happening on a daily basis that's what i've already slashed more unnecessary job killing regulations than any president in history that includes their entire term and i've only been here for about ten months and would not finished yet believe me we're not even close and that's why we're working to give the american people a giant tax cut for christmas we are giving them a big beautiful christmas present in the form of a tremendous tax cut it will be the biggest cut in the history of our country it will also be tax reform and it will create jobs oh here is true it will create jobs it's true it's a big beautiful thing he should stop saying biggest tax cut in american history because again it's just not exactly true but it's still good for the president and.
"fed board" Discussed on KQED Radio
"Concert deep from the heart the one america appeal will be held at texas a and m university with former presidents bill clinton george w bush barack obama george hw bush and jimmy carter on hand this isn't the first time the former presidents are joining forces they started a similar a charity after hurricane harvey devastated texas in september the proceeds from two nights benefit will be distributed to hurricane relief organisations in florida texas the us virgin islands and puerto rico windsor johnston npr news a series of attacks across afghanistan has killed at least two hundred and fifty people since tuesday jennifer glass reports from kabul that the islamic state and the taliban of both been active the two groups have different goals with similar tactics suicide bombings and targeted attacks the taleban has focused on attacking security forces probably an attempt to show the government is a force to be reckoned with the islamic state targets the shia minority trying to create a sectarian divide president trump is considering candidates for the federal reserve's to tom jobs according to a pretaped interview with fox business trump may appoint jerome powell member of the fed's board potentially as chairman and john taylor oats stanford university economist as vicechair but a steve bucknor reports he's also can cetering reappointing current fed chair janet yellen whose term ends in february one possibility which would please wall street is the trump could give yellen another fouryear term if not would be the first veggies since the great depression not to be renominated after accusing her of setting interest rates politically in his president israel campaign trump has spoken more favourably over this year yellen who was appointed by president obama was at the white house thursday other options include fed governor jerome powell stanford university economist john taylor and former fed governor kevin sh a yellen reappointment would provide continuity but many trump supporters want a more progrowth the german for npr news i'm steve bucknor despite the impacts of multiple hurricanes the national association of realtors says sales of previouslyowned homes in the us rose unexpectedly in september economists had forecast sales to fall hurricanes huh harvey and armagh which battered texas and florida had already effect in august sales this is npr from kqed news i'm penny nelson the santa rosa farmer's market opened today for the first time since the north bay fires broke out tiffany cam high.
"fed board" Discussed on WNYC 93.9 FM
"And go and see the event will be joined by other a list performers including lyle lovett robert earl keen end sam more the concert deep from the heart the one america appeal will be held at texas a and m university with former presidents bill clinton george w bush barack obama george h w bush and jimmy carter on hand this isn't the first time the former presidents are joining forces they started a similar charity after hurricane harvey devastated texas in september the proceeds from two nights benefit will be distributed to hurricane relief organisations in florida texas the us virgin islands and predator reco windsor johnston in npr news a series of attacks across afghanistan has killed at least two hundred and fifty people since tuesday jennifer glass reports from kabul that the islamic state and the taliban of both been active the two groups have different goals with similar tactics suicide bombings and targeted attacks the taleban has focused on attacking secu kurdi forces probably an attempt to show the government is a force to be reckoned with the islamic state targets the shia minority trying to create a sectarian divide president trump is considering candidates for the federal reserve's twotime jobs according to a pretaped interview with fox business trump may appoint jerome powell member of the fed's board potentially as chairman and john taylor of stanford university economist as vicechair but as steve beck nerve reports he's also considering reappointing current fed chair janet yellen whose term ends in february one possibility which would please wall street is the trump could give yellen another fouryear term if not she would be the first veggies since the great depression not to be renominated after accusing her of setting interest rates politically in his presidential campaign trump spoken more favourably over this year yellen who was appointed by president obama was at the white house thursday other options include fed governor jerome powell stanford university economist john taylor and former fed governor kevin wars a yellen reappointment would provide continuity but many trump's supporters want a more progrowth german for npr news i'm steve bucknor despite the impact of multiple hurricanes the.
"fed board" Discussed on KQED Radio
"Fed board of governors and we get a vote on interest rates he's written in favor of a strict formula he believes the fed should follow on interest rates lindsay p exit is chief economist at st full fixedincome he's looking for a hard line on inflation in a hardline and growth and taking those two into account forcing the feds hand one way or the other the fed has considerable wiggle room right now although it does have targets for inflation and unemployment eric stein of eaten vance management says quarrels might end up wanting some wiggle room he says people can change once they are in the fed hotseat there when they actually get to the fed and they deal with the issues of being at that institution and being accountable for monetary policy sometimes views on can change whether his use of volvo not quarrels couldn't make major changes at the fat all by himself he'd have to work with the other fed governors and fed chair janet yellen in washington and yet see marshall ganzert for marketplace there is another slightly more obscure but equally important regulatory appointment in the new to tell you about naomi row has been confirmed by the senate to head up the office of information and regulatory affairs a key job in this deregulatory presidency marketplace's jed kim has that one when federal agencies put together major new regulations they run costbenefit analyses the office of information and regulatory affairs or a wira especially checks or math philip wallich is with the brookings institution he says the office has a big task ahead of it navigating in executive order signed by president trump that says forever renew regulation agencies have scrapped too old ones you want a very hard questions dancer in terms of how that system is going to work on whether it's going to affectively just amount to regulatory moratorium where where they're just not putting out rule naomi row teaches law at george mason university one of the areas she focuses on is constitution in a law she wants clerked for clarence thomas can lastman is president of the competitive enterprises the two he's excited at the prospect of rao at the helm of ira and a quarter pound walk and her career and her scholarship has been on political accountability and.