35 Burst results for "Federal Reserve Bank"

"federal reserve bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:12 min | Last week

"federal reserve bank" Discussed on Bloomberg Radio New York

"This is a Bloomberg equality special, achieving black equity. I'm shanali bassick. Despite fits and starts on corporate efforts to close the racial wealth gap, the difference in prosperity between black families and white families in America is stark. According to data from the Federal Reserve bank of St. Louis, a typical black family had about 12 cents on the dollar when compared with their white counterparts. That gives a white family more than 8 times the wealth of a black family, and that gap has been unchanged for decades. Equal hiring practices equal pay and access to capital for housing are all hurdles and building wealth. But another is access to capital to start a business. According to a study by Accenture, only 29% of loans sought by black small businesses are approved by large banks, and that figure is twice as high for white small business owners. Ryan Williams is an entrepreneur. He graduated from Harvard, worked at Goldman Sachs and private equity giant Blackstone. Williams started his real estate investment company in 2014 and hit many roadblocks along the way. He had loans turned down by several banks when starting his firm. It hasn't changed that much. It's still really difficult. If you're a minority generally, because there's still a pattern recognition issue, there's still sort of a cookie cutter mold for what successful manager special investor looks like. Most of our large institutional investors. And so I think on the margins, there's more opportunities. But it's still very incremental. And I think that's because people still are fundamentally focused on the kind of blueprint for success looking very homogenous. Frankly, white male as the archetype. And I don't think that's changed. Is it frustrating? Yeah. Oh, yeah. Look, I am incredibly privileged in the team of founders and CEOs of real estate investment management platform, especially black balancers and CEOs. I know I'm at the 1% of the one person in terms of capital I've been able to raise and I take a lot of pride in returns. We've been able to deliver to the investors that have entrusted their capital with me, but I get turned down probably 95% of the time. Ultimately, Ryan Williams was able to start his firm with the help of a black owned bank. While the number of black owned lenders has declined drastically over the past few decades, they play a huge role in black communities. This year, Citigroup created a new team in order to work more closely with minority owned banks and broker dealers. Harold butler was tapped at Citigroup to lead that effort after years of working with the US Treasury Department while at the bank. It was a role in which she also helped city work with black owned banks. Fundamentally, it's all about access to the capital itself. So being able to help banks, for example, create business, to grow their business, and to have the capital to lend is key. But what's different about, say, a mechanic and farmers bank in Durham, North Carolina in a city. Other than the fact that there is a small community based financial institution in cities a large global bank, the difference really is in the power of the neighborhood. That CEO knows his

shanali bassick Federal Reserve bank of St. Lo Ryan Williams Accenture Blackstone Goldman Sachs Harvard America Williams Citigroup Harold butler US Treasury Department Durham North Carolina
"federal reserve bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:42 min | Last month

"federal reserve bank" Discussed on Bloomberg Radio New York

"Com This is balance of power with David Weston Coming up on balance of power the fed's finally started its tightening and thus far the markets don't seem to like it one bit We'll talk with former Minneapolis fed president Mariana Kutcher Lakota about where we are heading But first we get a market check from Charlie palette It's going on we do have the Dow the S&P and medicine all advancing right now ten year yield 2.92% Federal Reserve bank of Cleveland president Loretta master is backing raising rates by half percentage points at the Central Bank's next two policy meetings in order to tamp down surging inflation Stocks pushing higher at the end of what has truly been a chaotic week with a little help from fed chair Jay Powell's reassurance and bigger rate hikes would be off the table for now even after the hot inflation readings of the past few days S&P up 88 now higher by 2.2% the Dow up 377 up 1.5% we do have by a 1.2% We do have NASDAQ up 424 right now up by 3.73% Tenures down 23 30 seconds ten year yield 2.93% spot gold down 1150 the ounce to 1810 lower by 6 tenths of 1% Bitcoin rallying now by 5.3% Bitcoin back above 30,000 now 30,066 West Texas and media crude up 3.4% one O 9 75 a barrel on WTI We will have more on inflation coming up in just a moment but inflation is certainly stomping on consumer confidence as we hear from Bloomberg's diddy del giudice The University.

David Weston Mariana Kutcher Charlie palette Loretta master fed Jay Powell Federal Reserve bank of Clevel Minneapolis Central Bank S
"federal reserve bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:42 min | Last month

"federal reserve bank" Discussed on Bloomberg Radio New York

"Is a Bloomberg business flash Welcome to Bloomberg's world headquarters I'm Charlie Palatin up day for the NASDAQ composite index S&P and did a little change lower by one tenth of 1% of one point the S&P was down 1.94% The Dow today fell 103 down another three tenths of 1% Stocks almost wiped out losses into the close but brutal volatility continues to grip American financial markets royal by the threat that restrictive policy by major central banks will throw the global economy into a recession S&P almost erased its losses into the close after Federal Reserve bank of San Francisco president Mary Daly told Bloomberg news that a 75 basis point increase in rates is not a primary consideration Ten year yield 2.86% again the S&P 500 Index down 5 drop there of one tenth of 1% Spot gold down $29 the OMS to 1823 a drop of 1.6% and West Texas and immediate crude gained 1% one O 6 73 a barrel Fashion retailer poshmark reporting net revenue for the first quarter that beat the average analyst estimate shares today did hit a 52 week low punch mark sees second quarter revenue in the range of 86 to 88 million estimates were for 89.9 million Restaurant software company toast reported first quarter revenue of 535 million estimates were for 491.9 million toasts after ours up by 5% I'm Charlie palatas a Bloomberg business flash All right Charlie thank you so much We told.

Charlie Palatin S Bloomberg Mary Daly Federal Reserve bank Bloomberg news West Texas San Francisco toast Charlie palatas Charlie
"federal reserve bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:49 min | Last month

"federal reserve bank" Discussed on Bloomberg Radio New York

"The Federal Reserve bank of Dallas has announced appointment of Laurie Logan as its next president and chief executive officer to explain the significance of this move We welcome now piggy Collins She is our Washington bureau chief So picky tell us about miss Logan So this is interesting David because miss Logan Laurie Logan has been at the New York fed for a while and was very integral in trying to respond to the COVID-19 pandemic when it broke in 2020 She is known and respected as really understanding markets So it certainly is interesting There was a lot of pressure on the Dallas fed to do a diverse search for this candidate that replaced Robert caplan after trading scandal last year So it does remain to be seen whether or not this will be something that a wide group of people feel is a good call but it is someone that is certainly known and has worked in the Federal Reserve system for a long time Yeah I must say I don't know her but from her credentials what her experience has been she must be very competent and very qualified You go to the heart of something that is very tricky and I must say piggy particularly tricky for somebody of my gender in my race to raise the question of diversity Because we don't want to reduce miss Logan just to the fact that she's a woman at the same time This has been an issue raised again and again by Congress and talked about by the fed So she is female which is an advance Is that correct That's right I mean in terms of the Federal Reserve system there's certainly been a lot of pressure as there has been on other industries and other agencies to really look at diversity in the process of hires And we saw at the Boston fed just recently as well where there was a retirement last fall where they appointed a woman to run the Boston fed as well So we are seeing an opening up in terms of diversity but whether or not this will be whatever one would have wanted It still remains to be a question But she is someone who certainly knows the markets very well given her time at the New York fed The question will be how does she transition to this role now at a regional level And when it comes to diversity obviously it's also a matter of race and ethnicity So that will play out as it does Why don't you ask you to stay with us if you would Peggy our Washington bureau chief because we want to turn now to those CPI numbers that came out this morning and welcome Lindsey piggs as she's stifle chief economist So Lindsey thanks so much for being with us To go to you first they came out They're a little less than they were last month higher than expected and they're still at a 40 year high So what do you make of these numbers Well I think it's pretty clear that inflation is still at an elevated level We did see a slightly slower pace of ascent coming down from that 8.5 to 8.3 but at this point I think the market is looking at the fact that inflation is still elevated And it's likely to remain elevated for some time continuing to put pressure on the fed then to maintain a relatively aggressive approach to policy going forward Fascinating And Peggy what did you make of the numbers as well Well I think as we were just talking about the good news is that inflation may have peaked right The numbers are coming down a little bit But in terms of the market reaction it wasn't great because it wasn't as much as people had hoped So there are some silver lining but I think what was digested was that we could remain at very elevated levels of inflation for a longer time than people were hoping Lindsey every he's asking whether it's peaked or not And I guess technically it may have peaked if it keeps going down It came down a little bit But perhaps the most important question is how quickly will it come back down I mean what do you expecting by the end of the year for example with inflation I think it's a pretty aggressive call to say that we've peaked out of inflation at this point The moderate decline is more likely a reflection of the improvement that we saw at the start of the year in terms of loosening international supply chains And of course this was before Russia invaded Ukraine More recently however against the backdrop of a second and third round of lockdowns overseas not to mention the international conflict intensifying it's very likely that we see additional pressures price pressures coming down the pipeline Remember it takes months for disruptions to filter into these price measures meaning the more recent fallout stemming from these variables has likely not yet been felt So whether we're at peak or we return to peak levels again splitting hairs it's likely that inflation does remain quite elevated and we don't see a discernible downward trend until 2023 Lindsay since Jay Powell's news conference last week 75 basis points whether it's on the table or off the table has become sort of a parlor game for us to play Did these numbers make it more likely it's still on the table No they really don't This plays right into the fed's expectations that inflation is broad based and inflation is going to remain elevated for quite some time Even looking at the fed's inflation forecast to the committee is not expecting a noticeable decline in headline prices until as I suggested into 2023 Yes they are looking for some modest improvement by the end of the year And we could still likely see that But again today's report a one month report does not change the fed's pathway And it's likely to reiterate that or reinforce a 50 basis point increase in June but going forward into the second half even with still high prices If the economy begins to soften I would suspect the fed backs off to 25 basis point increases Boy that's interesting Peggy one of the things was the market reaction and I never get the markets right But I was surprised actually that bond yields didn't go up Right I mean I think the question is just really how the market is digesting this elevated inflation for a more persistent period of time It's Lindsay was just saying.

fed Laurie Logan piggy Collins Logan Laurie Logan COVID Robert caplan Logan Boston fed Federal Reserve bank of Dallas Lindsey piggs Peggy Washington Lindsey New York Dallas David Congress Boston Jay Powell Ukraine
"federal reserve bank" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

01:52 min | 2 months ago

"federal reserve bank" Discussed on WNYC 93.9 FM

"Need to make good offers They know that they need to raise wages and benefits to make attractive offers competitive offers Taylor Schmidt Franz is a senior at the university of Wisconsin eclair who landed a teaching job in April just one day after her first interview February March is kind of freaking out a little bit So I'm like what am I doing with my life Where am I going to live and all that stuff but it feels really good I feel ready to graduate now Even for seniors like UW Claire's Hannah Leah graduating without a job offer isn't that scary It's a really big job market right now so I'm not really too concerned especially because there's a teacher shortage and they're paying people to go back to school to become teachers because they need them so bad The national unemployment rate for those with at least a four year degree was 2% in March the unemployment rate for those with high school diplomas was twice that The Federal Reserve bank of New York reported a record pay gap last year of $22,000 between those with bachelor degrees and those without With the college degree your ability to be employed is greatly enhanced That's Jim Cooper district director for international talent recruiting company Robert half Many employers are getting out ahead of the graduating class And they're locking students in well before they graduate Unlike it's ever been But college enrollment has fallen since 2020 a least Gould with the economic policy institute says the pandemic added new roadblocks for many minority and lower income potential students who may not have been able to come up with tuition That's just not accessible to many people across the country As the race to recruit college students heats up those watching the trends expect things to cool though they're not sure how or when In the meantime those nearing graduation appear to be calling the shots in today's hiring economy.

Taylor Schmidt UW Claire Hannah Leah university of Wisconsin Franz Federal Reserve bank of New Yo Jim Cooper Robert half economic policy institute Gould
"federal reserve bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:13 min | 3 months ago

"federal reserve bank" Discussed on Bloomberg Radio New York

"I'm Chris And I'm susannah Palmer in the Bloomberg newsroom President Joe Biden addressed the people of Russia victimized by the consequences of the ongoing invasion of Ukraine Let me say this if you're able to listen You need a Russian people are not our enemy Speaking in Poland today Biden said he's confident the average Russian citizen now a victim of crippling sanctions and propaganda does not condone the violence in Ukraine Biden also declared that Russian president Vladimir Putin can not remain in power Federal Reserve bank of New York president John Williams says a half percentage point increase in interest rates is an option if warranted by the data we get more about that from Bloomberg's Charlie poet He joins other officials in putting such a move on the table speaking during a Bloomberg virtual Central Bank panel Williams said quote if it's appropriate to raise interest rates by 50 basis points at a meeting then I would think we should do that He says if it's appropriate to do 25 then we should do that Bloomberg's Charlie pellet reporting Mary Eric Adams is thinking about many army of drones to fight surging crime in the Big Apple possibly deploying the high flying robo cops from rooftops as watchful guardians that according to the New York Post citing sources Tel Aviv based blue white robotics and easy aerial of Brooklyn where two drone makers featured earlier this month at an event to launch a New York City Israel Chamber of Commerce A 20 foot giant tower of mountain Laurel is coming to Times Square It's called the poem and was created by Cuban born artist raul Cordero It's meant to calm you amid the commotion of Times Square Also there's an illuminated haiku inside it'll be on display starting April 8th Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg I'm Barry Richards you're listening to masters and business on Bloomberg radio My extra special guest this week is Samaritan.

susannah Palmer Bloomberg newsroom Biden Ukraine Bloomberg virtual Central Bank Bloomberg Joe Biden Charlie pellet Mary Eric Adams Federal Reserve bank of New Yo Vladimir Putin John Williams Poland Russia Chris raul Cordero Times Square Williams New York Post
"federal reserve bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:51 min | 4 months ago

"federal reserve bank" Discussed on Bloomberg Radio New York

"The Federal Reserve bank of San Francisco's study of pandemics for 700 years They derive some macroeconomic data It also provided us with a little bit of bibliography We also went looking for more and that is how we are assembling the piece that I have to write in three sections About pandemic shocks not the disease poor We know a lot about the disease part about interest rates inflation rates wages economic changes growth curves reallocation of labor to capital and what we've kind of find is every single pandemic shock delivers a similar sequence And this one is no different All right so hold on I have to interrupt you So when I think about that list that you gave us the black plague the pandemic of 1918 the 1950s these are all very different environments And I want you to walk me through them First the black plague in the middle of the last millennia how do we even have any sort of data from the 1500s and 1600s Tell us a little bit about the economic impact of the Bubonic plague Okay So what we did is this How do you find economic data That was a real challenge And you can't go to Wikipedia or some other source You've got to open a book It's an old fashioned kind of research So I have 25 books sitting around now in my office they are references historical references and they help me And they help me in this search for information And they also help me by saying what isn't in them So a good example is Sydney Homer's treatise on the history of interest rates Because I can look at interest rate data that he accumulated in his research and find information that corresponds with the time periods of plagues and pandemics At the same time I went into Alan Meltzer's history of the Federal Reserve which covered the period of the creation of the fed from 1913 to 1951 It was the first of the two volumes unfortunately Allen Meltzer died and never completed the second volume Quite fascinating Coming up we continue our conversation with David kotok Chairman and chief investment officer at Cumberland advisers.

Federal Reserve bank San Francisco Bubonic plague Sydney Homer Alan Meltzer fed Allen Meltzer David kotok Cumberland advisers
"federal reserve bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:09 min | 5 months ago

"federal reserve bank" Discussed on Bloomberg Radio New York

"Business report on John Tucker brought you by exergen Americans have been quitting their jobs in record numbers Many are starting new businesses Figures from the Federal Reserve bank of St. Louis put the number of new business applications at 400,000 in 2021 but it won't be an easy path forward for those folks Allison schrager senior fellow at the conservative Manhattan institute argues it's become more expensive in terms of regulations Each year she writes brings more rules and oversight for business In some states the cumulative effect can be prohibitive She cites the example of an aspiring entrepreneur in San Francisco who tried to open a nice cream shop and spent $200,000 on permits and related fees before giving up without ever opening his doors A study by George Washington University concludes that regulations impact the economy to the tune of $100 million a year And that's the Bloomberg small business report JIT makes innovation happen It also makes entrepreneurs like Anya odoi founder of innovate a tech driven civil engineering and construction management firm ania says and JIT is defining the future Extremely important as a hub of disciplines all in one space with all of these brilliant minds and GoT's wrong is huge when it comes to defining the future and how from an interdisciplinary point of view they have it all there whether it's the innovation hub the makerspace And JIT is already creating that collaboration between the disciplines and you have civil engineers speaking to programmers speaking to electrical engineers and together they're creating advancements that we wouldn't have been able to do without those three minds coming together and solving a problem as one rather than solving it in isolation And JIT New Jersey institute of technology Learn more at njt EDU Burden LLP accountants and advisers presents industry chat with Jack pulver and partner and leader of burden's hospitality practice The impact the pandemic has had on the hospitality industry.

Federal Reserve bank of St. Lo Allison schrager John Tucker Manhattan institute Anya odoi George Washington University ania JIT San Francisco JIT New Jersey institute of te Jack pulver
America's Staggering Inflation Was Totally Avoidable

The Charlie Kirk Show

01:27 min | 5 months ago

America's Staggering Inflation Was Totally Avoidable

"We do have Jerome Powell, clip 30. He flooded the system with money. Yes, we did. That's another way to think about it. We did. Where does it come from? Do you just print it? We printed digitally, so we, as a Central Bank, we have the ability to create money. Digitally. And we do that by buying treasury bills or bonds. Or other government guaranteed securities. And that actually increases the money supply. We also print actual currency and we distribute that through the Federal Reserve banks. Yeah, we just printed. We just created massive influx. We literally can't even print the money. As quickly, as it's being created. This is why you've seen prices go up at every turn. And now, you're going to have people. The spin is going to happen soon. I'm going to make the prediction right now. New York Times, Wall Street Journal, they're going to say, this was unavoidable. Inflation isn't every major country. Yeah, because they all shut your country down too, and they created money as well. This was totally avoidable. We never should have locked down. If we would allow to early treatments, none of this would have happened. We never should have passed a single stimulus bill. Period. Whatsoever. We opposed every single one of them. Unnecessary addition to the debt to deficit, America could have been the country that would have embraced early treatments as we would have said this entire show hydroxychloroquine Ivermectin azithromycin, et cetera and all this could have been avoided. All of it. Instead, we are going to see a massive intergenerational issue here. The likes of which we've never seen before.

Jerome Powell Central Bank Federal Reserve Wall Street Journal New York Times America
"federal reserve bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:32 min | 7 months ago

"federal reserve bank" Discussed on Bloomberg Radio New York

"On Bloomberg radio This is Bloomberg best I'm at Baxter And I'm dedic Pellegrini Denise lots of news headlines from the fed this week Yeah Including from Federal Reserve bank of Atlanta president Raphael bostic He handed maybe the pace of the fed's tapering needs to be adjusted And he also said he thinks that the reappointment of Jay Powell is fetcher and also the elevation of lael brainard at the fed is really a positive Now here he is with Bloomberg's Kathleen Hayes Yeah this decision really does take some uncertainty out of the Federal Reserve as an issue And I think that's helpful for all of us It means that we will be able to spend a 100% of our attention and focus on really trying to discern what's happening in the economy And I also say that I think the president made a fine choice Both chair pal and governor brainard are very experienced polished and effective policy makers And they both have really managed this institution through really turbulent times and with a lot of uncertainties So I'm looking forward if they are in fact confirmed that I'm working with them And continuing the good work that we've done so far You and the Boston fed the Minneapolis fed have just finished up ten conferences on racism and the economy You look at racism and banking financial services et cetera From that standpoint is it important to fill that vice chair for supervision Supervision of banks with somebody who understands firsthand what these problems are Well you know first I want to say the series has been great and if people have not seen it it's a real opportunity to understand some of the structural barriers that have prevented people from fully participating in the economy And so I'd encourage folks to Google racism on the economy Federal Reserve all of our sessions are on YouTube and it's been really an illuminating series To your specific question I think that the important thing is that whoever is in that role understands that capital markets and financial markets have had these challenges and barriers in the past And as sensitive to look out for them in terms of how we execute our regulatory policy and how banks know about their practices moving forward Whether that needs to be someone who is actually actively discriminated against or not I think that's an open question but I think the sensitivity and the awareness is something that will be important for the next person who holds that position to have So I want to come back to this question I fed policy and this persistent inflation rise we're seeing now a few of your fed colleagues in the just in the past week have either said they are certain that the fed needs to speed up the pace of the bond taper or at least talk about it seriously How about you Raphael Well I think they're a good argument to be made that we really should be considering fast We execute the taper No there's a lot of uncertainty in the market inflation as you know that is at a very high level And I think it's important that if we need to be moving interest rates that we get the taper out of the way first So a faster taper would certainly give us more optionality as we move into 2022 and see where the data takes us Doesn't it seem like maybe the stimulus question in terms of hiking rates is pretty kind of more cut and dried at this point What's the concern about about starting to hike rates and not overstimulating the economy And taking away some of the liquidity and the markets that's helping ultimately to feel inflation Now COVID is driving a lot of the dynamics that we see And I don't like using the T word I'd much prefer epic sonic and it's partially because we are in a COVID episode And there's still uncertainty Europe right now is going through a COVID lockdown that suggests that some of the energy and force might be less assured than what we've seen in the past And so there is still that uncertainty which is one reason why I think it's appropriate for us to show some caution but move in a definitive way that suggests that a position that's really to be able to move our interest rates So I'm not this is not game over We're not done with this episode yet And until we are I think that there's still prudent to be evidence based as much as possible Supply chains when you gave that famous speech famous for me anyway about not saying the word transitory with the swear jar the word transitory to put the dollar And if you say it I have a lot of money already Raphael You talked a lot about supply chains is one of the reasons you're getting a lot more worried about inflation What do you see going on with the global supply chain constraints now How long are they going to last Well you know it's something that we ask our business contacts across the southeast the 6 district all the time And we do some regional surveys We do national surveys as well And in every instance what they are telling us is that they're not expecting these supply chain challenges to resolve before the summer of 2022 in some are even saying as long as 2023 So as long as that's the case there is I think going to be continued increased inflationary pressure And we're going to have to be mindful about whether the extended nature of that pressure is going to result in businesses changing their business models and in consumers changing how they.

Bloomberg fed dedic Pellegrini Denise Raphael bostic Jay Powell lael brainard Kathleen Hayes governor brainard Boston fed economy Federal Reserve Federal Reserve bank of Atlant Minneapolis Raphael YouTube Google Europe
"federal reserve bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:40 min | 8 months ago

"federal reserve bank" Discussed on Bloomberg Radio New York

"Stocks to records tech heavy NASDAQ smashing through 16,000 point level for the first time The U.S. economy get better even expected 531,000 jobs last month unemployment rate dropping to 4.6% Now revisions to the prior two months also indicated hiring was 235,000 higher than first reported Still the sauna jobs report this morning not too much of a surprise at least according to Jeff Rosenberg over a BlackRock Relative to what's going on globally I think the U.S. is pretty much at expectations and the expectations are here that the fed will be patient that there will be lift off but they won't be so quick to lift off because they're waiting on that full employment debate Federal Reserve bank of Kansas City president Esther joris says bottlenecks contributed to high inflation will persist well into 2022 amid broadening price pressures A source suggests that this should not wait too long to respond And one of the stocks of the day peloton a cutting their annual revenue forecast by as much as a $1 billion lowering the projection for subscribers and profit margins at stock plunging S&P 500 up 30 points a rise of 7 tenths of a percent at 47 ten The Dow up 299 points of a tenth of a percent at 36,427 the NASDAQ of 87 points that's up 6 tenths of a percent at 16,027 But check the markets for you every 15 minutes during the train today right here in Bloomberg Brady on John Tucker at your Bloomberg business flash map John Tucker thank.

Jeff Rosenberg Esther joris U.S. BlackRock Federal Reserve bank of Kansas fed S John Tucker
Fed to Review Financial Trading Rules for Officials

Africa Business News

00:42 sec | 10 months ago

Fed to Review Financial Trading Rules for Officials

"The united states federal reserve is reviewed ethics policy that governor financial holdings and activities of senior officials in the wake of resent disclosure that to regional fed presidents engage in extensive trading last ti- financial disclosure form shows arabic's coupling president of the dallas federal reserve bank into into twenty treated millions of dollars of stock in companies. Such as apple. Amazon and google while eric rosengren president of the boston fat traded stocks in real estate investment. Trust coupla hours in green said last week that it trades repeated on the feds ethics rules. They however sat there will sell their holdings at the end of this month and place. In money index funds we truck a wide range of securities or in cash.

United States Federal Reserve Dallas Federal Reserve Eric Rosengren Amazon Apple Boston Google
Was Grand Central Station One of Hitler's Targets?

Conspiracy Theories

01:53 min | 1 year ago

Was Grand Central Station One of Hitler's Targets?

"Central station sprawls across almost fifty acres of prime manhattan real estate between train travel and tourism. It welcomes about seven hundred and fifty thousand visitors a day. There's a lot to gawk at its celestial ceiling twinkles above a bustling main concourse bullets restaurants and shops the four faced clog in the middle of the lobby is made of opal glass. But grand. central's most alluring room lies deep beneath its trained tunnels off limits in very much off the radar of the general public. The rooms name even evokes something classified in mysterious m forty the sub basement used to house the rotary converters that powered much of new york city's rail system somewhere between nine and thirteen storeys below grand central station. It's also the deepest place in new york city meaning further underground than the hidden. Money volts at the federal reserve bank downtown. The basement is only accessible through one elevator or unmarked staircase the precise locations of which are secret. Even the terminals official maps and blueprints don't mention the basement m forty two's very existence was seldom acknowledged until the nineteen eighties. Unless you're in the navy during world war two. A naval training film alluded to the mysterious basement marketing. It as the safest place in new york should a nuclear attack occur. Rumor has it adolf hitler. Do all about 'em forty two and wanted to blow it up. Which brings us to conspiracy theory number one. During world war two nazi spies sought to destroy the secret power station beneath grand

New York City Manhattan Grand Central Station Federal Reserve Navy Adolf Hitler New York
How consumers are using their latest relief checks

All Things Considered

02:05 min | 1 year ago

How consumers are using their latest relief checks

"To have you with us. The Federal Reserve Bank of New York is out with a new study today, looking at how people are spending or not spending their pandemic relief checks. So far, most are using the money to pay off debt or saving it. Not exactly the economic stimulus. Many are hoping for marketplaces Nancy Marshall Ganz or has more on why people are holding back on spending. The New York Fed says the consumers it surveyed who've already received their third relief checks are hanging on to the money just like they did with the 1st and 2nd relief payments. The Fed report says. Consumers are only planning to spend a quarter of the most recent check, and most of that will go toward essentials. We were savers Jason Calas are is an eighth grade teacher. He, his wife and teenage son lived near Los Angeles. He says. In the before times they go out to eat once or twice a month. But they won't be using any their stimulus money for that. In fact, he doesn't think they'll set foot in a restaurant until next year. We spent the lad better part of 13 months used, avoiding indoors and people are strangers. And then it would just be a big hurdle to get over. Salazar says they might reconsider once they're all vaccinated. Kathy Bostjancic, an economist at Oxford Economics, says a lot of other consumers feel the same way. The confidence to go out and spend on services is is very directly related to the progress we're making on the vaccinations. Question Sick thinks will make enough progress for consumer spending to jump about 3.5% over the next few months. Other economists, like Joseph Minarik of the Conference board aren't quite so optimistic. The people who worked in hotels or in transportation We're getting up to full capacity is going to take some time. Those folks are going to continue toe hold back in terms of their spending, Min Eric says. Even some people who do have jobs are worried They'll get a pink slip and economic growth won't recover without them, since roughly 70% of the U. S economy

Federal Reserve Bank Of New Yo Nancy Marshall Ganz Jason Calas Kathy Bostjancic Oxford Economics FED Salazar Joseph Minarik Los Angeles Conference Board Min Eric U.
Federal Reserve Bank of Philadelphia president on effect of pandemic on employees

Bloomberg Best

00:57 sec | 1 year ago

Federal Reserve Bank of Philadelphia president on effect of pandemic on employees

"Indicates many workers are ready to give up their paycheck and say I'm out of here I quit. A Microsoft survey of global workers finds the majority feel they're struggling or just surviving and pandemic work conditions and a large percentage you're considering leaving their employer this year. Same survey shows. Most business leaders feel the employees of thriving Federal Reserve Bank of Philadelphia President Patrick Harker says the problem is obvious. Workers want a feel like they're valued and that they're rewarded for their work. 46% of respondents say they're planning to move to a new location this year, a reflection of the greater flexibility to work from home. 41% say they're mulling leaving their jobs. JP Morgan boss Jamie Diamond says a lot of the problem is remote work, so it's hard to think okay, culture and character and all those things When you have the zoom world, 18 to 25 year olds are faring the worst. Researchers theorize their feelings of isolation or higher because they're more likely to be early in their careers in single, Quite Jared

Patrick Harker Federal Reserve Bank Of Philad Jamie Diamond Microsoft Jp Morgan Jared
Some Black-Owned Businesses Are Turning To New Banks For Paycheck Protection Loans

All Things Considered

04:02 min | 1 year ago

Some Black-Owned Businesses Are Turning To New Banks For Paycheck Protection Loans

"To help keep workers on payrolls. Businesses owned by black and Latino people were often at the back of the line. Those firms often had to wait longer for money, even though many were desperate for financial help. With a new round of business loans in the pipeline. Authorities are now trying to address that disparity as NPR's Scott Horsley reports like a lot of business sellers. Jennifer Kelly's income took a hit last year when the pandemic struck. She's a clinical psychologist near Atlanta, and some of her clients didn't make the adjustment to online or telephone counseling. Kelly, who has two employees applied to her regular bank for a loan under the federal government's Paycheck protection program. But she says the process was frustrating. It's kind of like trying to get the vaccine. They put my name on the list. And there they finally said, Oh, we all have anymore, And we're sorry that first round of P P p loans was exhausted In less than two weeks. Lots of businesses complained that banks were prioritizing their biggest customers. Bones were especially hard to come by in neighborhoods with a lot of black and brown residents When I needed them. They were not available to man, including. I'm not the big business, but I'm a small business and committed like with the fabric of America. When Congress okayed a second round of P P p loans last year, Kelly applied again. This time through a bank 250 miles away in Savannah, Georgia that specializes in working with black own firms. They were very patient through that entire process, and I didn't get approved for the loan, and I do hope that, especially in the small black banks will survive because We need to have those institutions that second bank Kelly worked with. Carver State Bank was founded 94 years ago with the goal of building financial freedom for its African American customers. 80% of its loans go to black owned businesses. Robert James, who sits on the bank's board, says he received P P p applications from around the country most looking for less than $50,000. Most of our applications are very small businesses individually owned gas station in the neighborhood or restaurants are people deserve a lot of credit for the hard work that they're putting in just to make sure that we get help to the customers that need it. The most According to the Federal Reserve Bank of New York. Even before the pandemic, black owned businesses were more than twice as likely beyond shaky financial footing as white owned firms. CEO Janine Jake Oak of the Community Development Bankers Association, says that means the extra time it took for loans to reach those businesses could be costly. They had a lot less cushion to start with, which made them much more vulnerable when the economy went south. Authorities have tried to address the disparity in P P p lending in a number of ways. First they've made more money available. They also gave banks that specialize in minority and low income communities, a head start when the latest round of paycheck protection loans was launched last month. Finally, while the loans were designed to be forgiven, some black borrowers are suspicious, a legacy of the long history of discriminatory lending. So education is also important. Carver States, James says he tried to reassure African American borrowers they can use P p p loans to keep their businesses and communities afloat. I've heard a lot of stories of customers who were eligible for these funds, but didn't trust that there wouldn't be some sort of a catch. Craig Gordon runs a company that provides in home nursing care in Georgia about 30% of his business is on hold right now because many of his customers are wary of letting anyone even a skilled nurse into their home during the pandemic. With Carver States help Gordon's just been approved for a second p p. P loan. This will buy us probably three of four months, and I'm hoping that all of those vulnerable folks that we served by again will be well vaccinated. In the meantime, cordon says the forgivable loan will help him keep dozens of people on the payroll. Scott Horsley. NPR NEWS Washington

Scott Horsley Jennifer Kelly Kelly Carver State Bank NPR Ceo Janine Jake Oak Community Development Bankers Robert James Federal Government Atlanta Savannah Georgia Federal Reserve Bank Of New Yo Congress America Carver
"federal reserve bank" Discussed on WGN Radio

WGN Radio

05:58 min | 1 year ago

"federal reserve bank" Discussed on WGN Radio

"Wellness expert. Hyleas Hi, how are you? Good. So I introduced you by saying that This will be the last time you're on with us, while Donald Trump is president next week. At this time, Joe Biden will officially be the president. Will the Will. The world changed that much for people? Will they notice any difference right away? I think we're gonna have to wait till Wednesday afternoon or maybe Thursday morning to have a sense of that. I think there's some concern about how the inauguration is going to go. And I think, depending on what happens could be a direct impact to the markets. Oh, you're talking about unrest or violence of some sort. It's possible there's a lot of life. Noise and chatter about that in the world right now, But I'm hoping for the best and what I am starting to see is that Biden has made consumers at the forefront again. The things that he's doing. So, for example, over the weekend, he tapped RoWhite Chopra, who is going to be the next director of the Consumer Financial Protection Bureau. And what's interesting about Mr Chopra is that he helped set up Cf PB with Senator Elizabeth Warren and he is a very well known consumer advocate, obviously aligned with her set this up and really understands how to put consumers first. And so I think that that bugs really well for all people who are out there, you know, doing things in the financial world. The A makeup of the Top executives in the Cabinet for the Biden administration are going to look different than Donald Trump's more women, more people of color, etcetera. I presume he's doing that because those are the most qualified people, or maybe they're also trying to make it is inclusive is possible. I think it's both John. You know, somebody that I know very well has been involved with the Democratic Party for a long time. Knows Joe Biden fairly well and had told me you know, two years ago when he started down this path That if he ended up getting elected, he would surround himself with people who were very, very smart in their particular areas. He wanted to have a very inclusive look like America. Group of people helping to run the country to help inspire confidence in all of the different federal agencies that we have. And so I do think that his his approach couldn't be more different. Then President Trump mornings that came out over the weekend is that Biden plans to nominate Gerry against Ler, Um, as the chairman of the Security and Exchange Commission, the FCC again. Zigler is a former financial regulator he's known for his aggressive bank oversight. So it's another. Sort of look that he wants to make sure the institutions are strongest possible and that they're looking out for the little person as well. Which is all of us. I don't mean to be naive, but my guess is that the inauguration thinned as it will be, anyway, is going to go very smoothly in Washington, D C at least I mean, with the presence of 20,000, National Guardsmen and women. They're the police, etcetera. I can't imagine anybody trying or getting away with anything. It's not to say that we'd be out of the woods the next day or the next day, But I think Wednesday is going to be happily uneventful, although it's a shame that we have to guard with concertina wire and extra Stan Shin's 20,000 guards, men and women The transition of power in this country. What I was thinking more about that. When I asked that question was just about something say like the stimulus. Do you have great confidence that another $1400 is going to become in people's way? Do I have a true I think. Absolutely. We're gonna see stimulus and always shapes and forms. I think that you've got the Federal Reserve Bank thinking that now with with Biden there and majority for the Democrats, even though it's you know the barest of margins. That there's going to be a push towards more stimulus and making sure that the economy recovers. I also think we're going to see an emphasis on vaccine rollout in distribution, You know, Operation works speed, which was Donald Trump's Group that put together all the vaccines and put money a lot of money towards getting those vaccines up and running. That that actually worked, right? We got I need a half a dozen vaccines out of it, which is stunning each one of them a little bit of a different take and how to, you know, vaccinate. It's all against this. But rolling it out has been slow. I'm frustrated here in Chicago that Don't know We're still we're still vaccinating sort of level one doctors and nurses and first responders. But in other states, I'm seeing people over the age of 65 get vaccinated. The sooner people get vaccinated, the faster we get back to real life in this country and in this world, and I think that Mine has made a real commitment to doing 100 million vaccines in 100 days, which doctor found, she says, is totally doable. If you put the right resources in place, so I'm hoping for that. I hope so. I don't know what West Virginia's doing that we aren't. Although I do know. In West Virginia, the National Guard distributed the vaccine and here we are trying to do this cooperative thing with pharmacies. 90 plus percent of, they said the vaccine in Illinois will be distributed not through government agencies, but through Private partners. Okay, That's the way to do it. I don't care how you all do it. Let's just do it as efficiently and quickly as possible. And West Virginia, smaller state different everything. But they're over 80% distribution of the vaccine to its citizens, and we're nowhere near that. It's It's interesting, isn't it? How different states have different approaches and are also getting different allotments? It's 12 14. Let's pause here for just a minute. We'll pick it up in just a minute with Elise Glink from think. Glink dot com First into the WGN radio newsroom and this is Lauren Lab coat,.

Joe Biden Donald Trump West Virginia president RoWhite Chopra Consumer Financial Protection Elise Glink Democratic Party Senator Elizabeth Warren Security and Exchange Commissi WGN Washington Zigler America Stan Shin Federal Reserve Bank Chicago Cabinet National Guardsmen director
"federal reserve bank" Discussed on WBSM 1420

WBSM 1420

03:49 min | 1 year ago

"federal reserve bank" Discussed on WBSM 1420

"Absolutely. And I do have to put out a little disclaimer here. I meant Susan Rice earlier. I misspoke when I said page But this new order is trying to bring back and hopefully will go a long way to bringing back from Barack Obama from different Donald Trump. How to make American architecture beautiful again if you get the opportunity to go down to the National Mall. We're even outside of the National Mall. If you're walking through Fanuel Hole, you look around you and you see the civic architecture over old times whether Brazil, British Governors house or the meeting place for the early Continental Congress is or a Massachusetts Congress's or the old Customs Customs House tower in Boston. You look around and you see beautiful architecture and you look at that. You say That's where government is. Now, if you look at the Federal Reserve Bank building in Boston, where do you go up to government Center? You see nothing but ugliness. These they don't look like courthouses. They don't look like state buildings. They don't look like Federal Reserve Bank buildings. And that's a whole product of post World War two when the architects looked out over Europe, and they said, We're going to rebuild this in a way that only we care about now only we are in control of it, not unlike overhead and global warming. That's another thing where the people are not consulted. Only the elites are in charge. They make arts for art for art's sake. And the results of that is that One of the things that draws us together as Americans and draws a rise upward and makes us a shared national identity inspires us. In the end, when what our forefathers have created. Our beautiful buildings and beautiful statues and beautiful constructions. That's why at Christmas time you like to come down to Boston common and walk through there like to walk down through Samuel Hall, but don't like to walk through government center. Oh, I disagree. I went out. I disagree, Chris. When I'm trying to get into the Christmas spirit, I love to see City Hall and just the concrete. Brutalist. I think that's what it was called that architecture was the brutalist movement, and you're absolutely right. You look at those buildings and you're like immediately depressed. It's the super depressing and that's intentional. A lot of the architectural styles that we deal with came out of Germany with a group of people who were were communists and were shaken very much by what happened in World War One World War two. They wanted to remove God and nationalism and history from religion from government, and they wanted people to feel more like worker ants. And that's why they built this. You see it all throughout the survey union. Unfortunately, seeing here in Washington, D. C. And I grew up with it in Boston. It's it's all over and hopefully this order will go a long way towards undoing that. Awesome. Thank you so much, Chris. We love having you on. Can you tell people where they can find you on Twitter and where they can read your stuff at the Federalist? Absolutely. They can read it at the Federalist Comma have another article coming out tomorrow and they can find me on Twitter and seabed for D. C. And it's great to be back on and Merry Christmas to everyone. Merry Christmas, Chris. He's a great tweeter guys. You should definitely follow him. When we get back. I am going to take your calls all the haters out there saying I haven't taken enough call. So you know what guys Opening up the phone lines, Whatever you want to talk about, If you won't talk about the omnibus bill, If you want to talk about your favorite architecture in Boston, that is fine as well. If you Wanna talk about Dr Fauci or Senator Rand. Paul or John Kerry were opening up for this last segment of the four o'clock and then when we get back for the five o'clock, we got more guests and more stuff to get to. So do not change that Dia. We will be back. I'm grace curly filling in for Howie Carr. This is the Howie Carr show. You might want to keep a close eye on your fried clams. Howie Carr turned rapper this dumb young people call us all the time and say Hey, Matthews, brothers..

Boston Chris Howie Carr Federal Reserve Bank government Center Twitter National Mall Susan Rice Barack Obama Customs Customs House tower Fanuel Hole Donald Trump Massachusetts Congress British Governors Europe City Hall Brazil Germany
"federal reserve bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:16 min | 1 year ago

"federal reserve bank" Discussed on Bloomberg Radio New York

"The American worker. I talked with the president of the Federal Reserve Bank of Philadelphia, Pat Harker, Well, he and his team have been focusing on the importance of an equitable workforce recovery. It's something that could help get out the inequities in our current workforce. It's also sometimes just a matter of first looking at what workers really need. Workers want to a Feel like they're valued. And that they're rewarded for their work and people who haven't made it yet, right people who want to get into the middle class. They need a ladder up. They need to run up on the ladder. They feel Frustrated, and that's not just in the urban centers. That's true across the country. I think about my district in rural Pennsylvania. They feel the same way, so I think that's the work we're trying to do with the Philly Fed. Is to figure out how to accelerate that process to bring more people into the middle class. We're gonna break it all down. What do you think about, though, in terms of a new administration, terms of leadership and in terms of really the meaningful policy discussions that we need to be having when it comes to workers because it's amazing, and you and I talked about this a couple of weeks ago in terms of forgotten workers. It's not just a 2020 thing. It's been around for years. Exactly And I think first, I'm looking forward to having policy discussions, right deep policy discussion having a debate. This is the nature of our democracy Having that debate I think this is worthy of a serious debate. I think this is one of those critical problems we have, because if we don't solve this problem than people lose hope, right and when they lose hope, Lots of bad things happen whether to their health or to the communities, So we've got to focus on this right now. So I also want to ask you one other macro. What is the economic backdrop that we're going to be dealing with his workers? One of the things I know we have a lot of conversations in the newsroom is workers are worried. Either worried about keeping their job or they don't have a job. What's the What's the economic backdrop we're gonna be dealing with for the next 6 to 12 months. So start out quickly before the pendant. A kid us We have a strong economy wasn't perfect. It wasn't perfect for everyone, but it was strong. This pandemic has shown It costs a lot of problems that we have underlying problems we've had in our society, whether their racial injustice and inequity or just the fragility of somebody and their family in terms of well being. That has now been exacerbated. Plus, it's accelerated trends. We already saw with respect to automation and another trends that we saw. So this endemic. I think we're not just gonna snap right back to the previous economy, and I think that's unrealistic. Are people, though that need to be retrained. This is accelerated, for example, trends in retail, right? We've seen that. I don't think retail's going to come back in the same way. So we're gonna have to figure out how to retrain that workforce. Not just to get a different job at the same pay, but ideally had a better job with higher skills. How worried are you about the U. S labor Force when you think about it over all, because, you know it's interesting. I feel like if you go back to when the major auto companies right all over Detroit, I mean, you know, working in a Ford plant or jam plant. That was a great middle class job. You supported your family. Well, those have been gone for a long time. And I feel like now we're gonna We're gonna see another cycle of that hit the American worker. It's up to us. I really believe I'm an optimist. I'm an engineer by training. I'm an optimist. We can solve this problem. This is not some problem that can't be solved. If we put our Minds to it and collectively put our minds for government business nonprofits. We can move this and this is the work we're doing in the Philly fed that we could talk about. So let's talk about creating economic resiliency when it comes to American workers. You guys have a program is called the Economic Growth and Mobility Project. Ondas. You said Pennsylvania Philadelphia, You reminded me the poorest large city in the United States, So you guys have really been looking at your back yard. In terms of what again has been a systemic problem. Tell us about this program and what you're doing. It starts from decades of work we've done and a conference a major conference we do every other year called reinventing our communities, which I really like this conference brings together policymakers, academics. Philanthropies business leaders to mix it up to figure out how to come up with practical solutions to solve the problems we face. We then doubled down on that when we put together our economic growth of mobility Project or what we call a GMP again. He has three legs to this school. Of how to create more resilient economy. One is creating good jobs. What we call opportunity occupations, jobs pay above median wages, a middle class jobs. Where you don't necessarily need a four year college degree right pathways to success that don't necessarily require culturally second. There's innovation in skills training, Then third is I broadly characterized it as infrastructure. Housing, transportation broadband access. You could put health care access in that If you can't get to a job for the job can't get to you..

Philly Pennsylvania Pat Harker Philadelphia Federal Reserve Bank president Mobility Project U. S labor Force United States engineer Detroit Ford
"federal reserve bank" Discussed on KFI AM 640

KFI AM 640

10:15 min | 1 year ago

"federal reserve bank" Discussed on KFI AM 640

"South Land whether from Ko Phi. Partly cloudy for tonight lows in the mid fifties toe lower sixties on Sunday highs from the mid upper seventies at the beaches to mid eighties to around 90 inland for Metro Allah. Eyes around 88 for inland Orange County highs in the mid eighties to mid nineties for the valleys and the I. E in Anaheim and 73 Laguna Beach, 65 in Diamond Bar 78 in Serie Toes. It's 70 we lead local live from the key. If I 24 hour news room, I'm Claudette Stefania. A secret place. This radio activity is coming for Brian suits defy nearby. A complete radio transmitter will actually broadcast from tape before the shot. I would bomb the darker secret place with Brian suits. Okay, if I Babe. I am 6 40. It is a dark secret place Brian suits here scaring you about well the real world people who are trying to become ghosts. Actually alive everywhere on the I Heart radio up. It's our number two for Halloween. 2020 and now it's time we talked last night about scenarios where civil unrest in the US I might get out of hand next week and how it might affect you in L A. They'll probably want there are some other scenarios That kind of depends on the outcome of next week's presidential election. And one of them sort of showed up as a a rumor that nobody's denying, and it's this That a third party has passed on to the United States, knowing full well that the US would talk to Israel about this. That Iran wants to know if there's a way to do a big, gigantic all in one deal. The deal would be that Iran would join all the cool kids in the neighborhood and sign a document an agreement recognizing Israel's right to exist. Pledging that they would not fight fund or support anyone who is trying to eliminate Israel from the face of the Earth. And possibly even open up a diplomatic relations, etcetera. In return, the US would drop all sanctions and If you don't know this There are many many U N sanctions on Iran and because there's virtually no enforcement mechanism, they're pretty easily sidestepped and violated in the whole thing. But when it comes to US sanctions those go through the United States Department of the Treasury. And let me tell you if you want to talk about one particular arm of the U. S government that has an outsize influence on the entire rest of the world. It's not the Pentagon. The Pentagon is nothing compared to the U. S Treasury and how the U. S treasury If they get wind of their jaws if they get their eyes locked on you Your country is going to have a really, really difficult problem with international banking and government to government in bank to bank banking. It all happens overnight over the Internet. And if the U. S Treasury has a problem With with what your country's doing. It can put the brakes on all of your above board known money conveyances besides the fact by the way, That all international business and government finances done in dollars. And dollars are U S Federal Reserve Bank notes OK, eso at the headwaters of the U. S can affect you and your economy, and this has Absolutely put Ah break on the Iranian economy since 1980 their entire trade economy. If anyone's making money eyes through Ah, blocking trade, they're getting around trade sections, bringing things into the country illegally from the Emirates across the water or over the Azerbaijani Armenian borders. Those that that option's closing up or through Afghanistan or Pakistan or even Iraq. You know they're different borders and and turkey. Guess what. President Erdogan has no problem. Hating the Iranians on the one hand on DH trading, black market oil and goods with Iranians on the other for the Iranians. They're looking at this and they're saying, you know. It's been 40 years that we're at war with the Jews and the Great Satan. Maybe maybe we try it another way. And the leverage that the US has on this, You know, now that Trump has pulled us out of the Joint Commission plan of Action the J C P away the so called Iran nuclear deal. The Iranians have incentive to come back with something better. Well, this is the secondary effect of the January, killing. Of the general in command of the Overseas terrorism Force of the Islamic Revolutionary Guard Corps. Remember I was Qassem Soleimani. As as he deplaned in Baghdad on God in a in a vehicle with the head of the Iraqi militias that the Iranians are our funding. A mysterious Hellfire missile hit hit the Lexus SUV, killing all the occupants. And a CZ. You recall a lot of pundits in American politics, decried this and said, This is reckless. This is dangerous because now they're going to strike back. This is provocative. It's needlessly provocative. All American troops in the Gulf. Are are at risk. Now Trump is ah, he's reckless. He's a reckless cowboy Manhattan cowboy in the whole thing. And if you were listening, I was filling in for Gary in Shannon that Friday. The morning it happened. And I had just heard Joe Scarborough on morning, Joe. That morning. Say that Kasim Suleimani was quote basically their vice president, close quote, which is ludicrous. It displays a complete lack of depth or knowledge about how things really run in Iran. And so I was apparently the only media person who called it the way it wass that day that that Friday because I said back, then on that Friday That The sighs of relief and the high fives were probably louder in Tehran than in Washington, D. C Because make no mistake custom, so lemony sucked the oxygen out of all the politics in Iran. He was the most devout of Muslims and he was killing foreigners. He was doing God's work by killing retired Jewish pensioners in Argentina. I think, 1987. Hey, he formed Hezbollah. He was It was the brave warrior. He was the only guy taking the fight to the Great Satan and that he was the one who personally directed that the IRGC supply. Iraqi militias with these very deadly explosive formed penetrator roadside bombs, which was a real demarcation and the summer of 2000 for when those showed up. You know what a mile away it killed the occupants of the Humvee rather than blowing your tires off and maybe you live for the explosion. So he he killed 2000 of my of my brothers and sisters in in Iraq. On doing so. He he was continuing this cold war between the United States Department of Treasury and the and the average Iranian who just wanted to have a market economy or just a regular functioning economy. So when he died, there were just a cz. Many Iranians, probably more who were glad to see him gone because he was dominating politics. There was there was a fake. Draft Sulamani for president movement About four years ago. It turned out he was funding it. He was funding people online so that he could. He could shrug his shoulders and say no, no, no. I serve the revolution in uniform. That is my calling. Not in political office. I'm I'm above politics. He was a cementing his popularity. Possibly there were many Iranians who thought that if he had wanted, he could have flipped a switch and held a coup. Okay, well, that's no longer a problem now with him out of the way. Now, now, basically with the guy who wants to fight everybody out of the room. Now the Iranians feel like, well, maybe it's time for this big, big generational deal because most people in Iranian government don't remember the Shaw Maybe they were 10 at the revolution, our unborn But now that they see this hold over from the revolution who just needed a fight who had a chip on shoulder gun? The that is what is floating? These rumors are are are keeping these rumors afloat. That since Aleman these death, the Iranians have said, maybe it's time what what would the outcome be? If Trump is re elected? What if Biden is elected? Does.

Iran United States Brian Trump Islamic Revolutionary Guard Co Iraq U. S Treasury Ko Phi Claudette Stefania Israel U S Federal Reserve Bank Orange County Pentagon United States Department of Tr Anaheim Serie Toes Baghdad Treasury President Erdogan Laguna Beach
New GDP Numbers Won't Be Enough To Repair All Economic Damage

NPR's Business Story of the Day

02:43 min | 1 year ago

New GDP Numbers Won't Be Enough To Repair All Economic Damage

"We the are expecting news this morning that the US economy grew at a record pace during the last three months not many people are popping champagne corks though this is because the economy also shrank at a record pace in the three months before that, even the strong rebound in July August September is not enough to repair the damage done by the pandemic earlier this spring, we have NPR's Scott horsely with morning Scott Good Morning David. So what is this morning's report going to tell us about how the economy's doing? It's a snapshot of an economy that has balanced partway back from the depths of the pandemic recession. We know that unemployment's dropped is now just below eight percent and while that's still more than twice as high as it was before the pandemic, it's a lot better than a lot of people for were expecting the we're gonNA see by this time of the year we don't yet know exactly what the Commerce Department will say about GDP, but we do expect it to show a record level of growth in the most recent quarter. And the president has already touting that at campaign rallies as evidence of what he calls a v-shaped recovery having a super V it's called nobody even thought we are doing numbers and where do you see that number? GDP I don't know what it is. The Fed said it may be a thirty five percent increase in GDP in fact, the forecast from Federal Reserve Bank of Atlanta is even better than that they're projecting annualized GDP growth of about thirty seven percent. But a caveat David that headline number is kind of exaggerated. Explain to me why we think that that's an exaggeration. Will the government routinely reports these quarterly shifts GDP as if they were sustained for a full year which makes both the downturn in the spring and the rebound in the summer look bigger than they were and they were. Plenty big to start with in the spring. For example, the Commerce Department said the economy shrank at an annualized rate of about thirty one percent. What that means is if the slide had gone on for a whole year, we would've wound up with an economy thirty, one percent smaller. But of course, it didn't go on for a full year the downturn was really Sharp, but it only lasted a couple of months and likewise the growth spurt we saw this summer is not likely to be maintained Narain vish WHO's chief economist at IHS market says a lot of the growth was actually front loaded in the early part of the year and the result and was the result of a lot of pent up demand when businesses reopened. If you pull back on a rubber band and like Oh, it's going to snap back but then it Kinda goes limp act. Certainly, the fourth quarter and maybe early next year will be pretty weak growth and that's especially true as the corona virus rears its head again and we've seen a sharp selloff in anticipation of that in the stock market. This week of the Dow dropped more than nine hundred points just yesterday.

Commerce Department David United States Scott Horsely NPR FED Scott Good Atlanta Federal Reserve Bank President Trump Ihs Market Narain Chief Economist
Federal Reserve Bank of Atlanta's Bostic cautions that US economic recovery is very uneven

Morning News with Manda Factor and Gregg Hersholt

00:19 sec | 1 year ago

Federal Reserve Bank of Atlanta's Bostic cautions that US economic recovery is very uneven

"Of the Federal Reserve Bank of Atlantis as he's worried about some parts of the nation's economic recovery on CBS's face, the nation, Raphael Bostic cited the ongoing struggles for hotels, for example, is also concerned about small businesses and low income and minority areas. But he acknowledged other sectors of the economy are seeing a rebound. Wall Street

Raphael Bostic Federal Reserve Bank Of Atlant CBS
Atlanta Fed CEO Bostic cautions that US economic recovery is very uneven

Understanding Your World

00:22 sec | 1 year ago

Atlanta Fed CEO Bostic cautions that US economic recovery is very uneven

"The president and CEO of the Federal Reserve Bank of Atlanta says he's worried about some parts of the nation's economic recovery. On CBS's face. The Nation, Raphael Bostic cited the ongoing struggles for hotels. Bostic is also concerned about small businesses in low income and minority areas. However, Bostic acknowledged other sectors of the economy or seeing a big

Raphael Bostic Federal Reserve Bank President And Ceo CBS Atlanta
Where is everyone driving?

The Indicator from Planet Money

02:13 min | 1 year ago

Where is everyone driving?

"I recently saw a graph showing astounding rebound and gasoline demand returning almost a pre Kobe levels after a forty percent drop in April I just want to stop in the middle of this because I love it. So much I recently saw graph is not sentence like that is not the way that most people start sentences but here the indicator. So many sentences with I recently. Graph and we awesome you're like we've got to take this question whatever comes next we're in that's the indicator tuna. ANYWAYS, here's the rest of Jeff's question about why demand for gasoline is recovered so much after that huge drop in April with so many office workers still working from home many schools still online and airline demand way down how can this be anecdotally the roads do seem more crowded where's earlier going thanks thanks Jeff. So the most recent data we have shows that total vehicle miles traveled on roads and. Streets. So that's cars and trucks in July that was about eleven percent lower than the vehicle miles traveled in July of last year. So driving is still way down but jeff is right. That's nowhere close to the forty percent down that it was an April people are driving more than they were in the months right after the pandemic. So okay I mean as jeff put it like here's everybody going. We can't know where everybody's going, but we do have this one big clue with simply that more people are commuting to work again in May still early in the pandemic forty, eight percent of workers were commuting to work at least one day a week. But as the economy many places reopened and millions of people who lost their jobs were rehired by August it was back up to sixty four percent of people were commuting. That's all according to a monthly survey by the Federal Reserve Bank of Dallas and also it is. Definitely true that there are more people working from home every day now than before Cova two and a half times more in fact but that same survey found that even now it's still only about twenty percent of workers. Now, that's a lot but it is still way fewer than the sheriff workers who commute to a workplace each week. So we can't say for sure where everybody's driving these days but we suspected a big part of the answer is to work people are driving to work. That's where everyone's going to work.

Jeff Kobe Federal Reserve Bank Cova Dallas
Governor Greg Abbott Blasts Dallas City Council For Defunding Police

Chris Krok

00:40 sec | 1 year ago

Governor Greg Abbott Blasts Dallas City Council For Defunding Police

"Abbott calls the Dallas City Council's decision to reallocate $7 million from police overtime pay. A perfect example of de funding. Police. The Federal Reserve Bank of Dallas predicts continued growth in the Texas economy as the state slowly recovers from the financial impacts of the Corona virus pandemic. Dallas Fed Vice president Pia or any OUS says the pandemic brings positive and negative risks and include a possible resurgence of the virus and prolonged low old prices and upside risk is the arrival of a safe and effective covered 19 vaccine, according to the Dallas Feds. Latest Texas ECONOMIC Report. Texas Economic growth has picked up with the decline of new covert 19 cases since July.

Dallas Texas Dallas City Council Dallas Feds Federal Reserve Bank Abbott Vice President
Did ETFs Pass the 2020 Market Collapse Stress Test

Money For the Rest of Us

06:09 min | 2 years ago

Did ETFs Pass the 2020 Market Collapse Stress Test

"There's a paper issued by the Federal Reserve Bank of Boston titled The shift from Active to passive investing potential risks to financial stability. They right to the extent that passive investing is pushing up the prices of index constituents. Two types of potential repercussions for financial stability might arise. I in theory, rising prices can lead to more index investing and the resulting index bubble eventually could burst. But they point out that this might not be the entire market but could be just elements in the market some stocks getting pushed up. While others might have their prices fall because they're not necessarily included in the index. Investors were selling active mutual funds and going in to index funds to the overall market valuation wasn't necessarily going higher. The point out that some stocks will because they are part of that basket that an ETF holds might be more liquid whereas other names are going to be less liquid. So you have different things going on that makes it challenging to figure out whether there is or was an indexing bubble Needed is a stress test. We needed people rushing to get out of ATS and other assets and to see how they hold up. One of the concerns regarding ETF, there would be a flash crash which has occurred in the past where the price of an ETF has fallen dramatically more so than the price of its underlying holdings. And this can occur when there are trading halts in either the ETF or the underlying holdings. These trading halt or circuit breakers that are implemented if the price of security ETF falls below some threshold. And they're there to suppress volatility. Do allow traders time to catch their breaths or trading systems time to recalibrate to timeout. The stress has is very, very important because ETF's are so much bigger than they were. Six trillion dollars in assets in the ETF sector that's up seven fold from two, thousand seven. So. What happened during late February and March as market sold off dramatically. Well I there was no flash crash trading volume, definitely spite. I shares shared some data for the week of February twenty. Fourth Two thousand twenty volatility spikes so the vix, the C. B. O. E. volatility index, it reached forty nine. The highest since February twenty eighteen. and. The S&P five hundred had its largest weekly decline since the two thousand eight global financial crisis. Exchange traded products that week comprise thirty, eight percent of market trading. Whereas back in twenty nineteen, they accounted on average for twenty seven percent. So there was much more trading in ats. Exchange. For the products which include ATS. Traded a record one point, four, trillion dollars volume from February twenty, four, th through February twenty, eighth, two, hundred and seventy percent greater than its average daily trading volume from the prior month. And then that trading was fairly efficient. So the bid ask spreads what investors were buying ETF for or selling e Utah. That price difference was generally line with historical averages in addition, most of the trading volume was trading in the secondary market. Investors trading the ATS with each other, rather than trading facilitated by authorized participants who interact directly with ETF sponsored in creating and redeeming shares. The volume of secondary market trading in exchange traded products was fourteen to one relative to primary activity of this trading with authorized participants. What that means is that ETF in some ways acted as shock absorber when investors were trying to get out even if the underlying securities might have been less liquid by selling ETF's taking much of that trading volume that put less pressure on perhaps some of those less liquid securities. It seemed to function. If we look at what happened during the this market twenty, twenty turmoil compared to the flash crash of two thousand, ten volatility was actually much higher during the march twenty, twenty turmoil. The minimum and maximum levels during a given day for the various indices was higher during March twenty twenty then back in the flash crash twenty ten. And yet the markets seem to function generally speaking at least for equity ETF's. Even. Michael. Berry in March twenty twenty seemed to admit this. He told Bloomberg I have a significant bearish market bat that is working out for now. A global pandemic is absolutely potential trigger for the unwinding of the passive investing bubble. But despite volatility Berry said, he hadn't noticed any signs of dysfunction in the markets that was making it harder for him, the trade or exploit investment opportunities. Equity ETF seems to have passed that stress test it worked even though the volume of trading was so much higher. The number of ATS was so much higher. There were some challenges on the bond side. The vanguard total bond market ETF. B, n De on March Twelfth, it's closing price was six point two percent less than its net asset value per share. The price was less than the supposed value of the underlying holdings on a per share basis. During the prior thirteen years that have had a point one, seven percent premium of the closing price to envy now at six point, two percent discount. Rich powers WHO'S HEAD OF ETF product management at Vanguard said this wasn't unusual. Market prices for Egypt's can move more rapidly than the net asset value that is part of the price discovery process. He's saying that's normal.

ETF Berry Boston Federal Reserve Bank Vanguard Utah Egypt Bloomberg Michael
Did ETFs Pass the 2020 Market Collapse Stress Test?

Money For the Rest of Us

04:28 min | 2 years ago

Did ETFs Pass the 2020 Market Collapse Stress Test?

"A paper issued by the Federal Reserve Bank of Boston titled The shift from Active to passive investing potential risks to financial stability. They right to the extent that passive investing is pushing up the prices of index constituents. Two types of potential repercussions for financial stability might arise. I in theory, rising prices can lead to more index investing and the resulting index bubble eventually could burst. But they point out that this might not be the entire market but could be just elements in the market some stocks getting pushed up. While others might have their prices fall because they're not necessarily included in the index. Investors were selling active mutual funds and going in to index funds to the overall market valuation wasn't necessarily going higher. The point out that some stocks will because they are part of that basket that an ETF holds might be more liquid whereas other names are going to be less liquid. So you have different things going on that makes it challenging to figure out whether there is or was an indexing bubble Needed is a stress test. We needed people rushing to get out of ATS and other assets and to see how they hold up. One of the concerns regarding ETF, there would be a flash crash which has occurred in the past where the price of an ETF has fallen dramatically more so than the price of its underlying holdings. And this can occur when there are trading halts in either the ETF or the underlying holdings. These trading halt or circuit breakers that are implemented if the price of security ETF falls below some threshold. And they're there to suppress volatility. Do allow traders time to catch their breaths or trading systems time to recalibrate to timeout. The stress has is very, very important because ETF's are so much bigger than they were. Six trillion dollars in assets in the ETF sector that's up seven fold from two, thousand seven. So. What happened during late February and March as market sold off dramatically. Well I there was no flash crash trading volume, definitely spite. I shares shared some data for the week of February twenty. Fourth Two thousand twenty volatility spikes so the vix, the C. B. O. E. volatility index, it reached forty nine. The highest since February twenty eighteen. and. The S&P five hundred had its largest weekly decline since the two thousand eight global financial crisis. Exchange traded products that week comprise thirty, eight percent of market trading. Whereas back in twenty nineteen, they accounted on average for twenty seven percent. So there was much more trading in ats. Exchange. For the products which include ATS. Traded a record one point, four, trillion dollars volume from February twenty, four, th through February twenty, eighth, two, hundred and seventy percent greater than its average daily trading volume from the prior month. And then that trading was fairly efficient. So the bid ask spreads what investors were buying ETF for or selling e Utah. That price difference was generally line with historical averages in addition, most of the trading volume was trading in the secondary market. Investors trading the ATS with each other, rather than trading facilitated by authorized participants who interact directly with ETF sponsored in creating and redeeming shares. The volume of secondary market trading in exchange traded products was fourteen to one relative to primary activity of this trading with authorized participants. What that means is that ETF in some ways acted as shock absorber when investors were trying to get out even if the underlying securities might have been less liquid by selling ETF's taking much of that trading volume that put less pressure on perhaps some of those less liquid securities. It seemed to function. If we look at what happened during the this market twenty, twenty turmoil compared to the flash crash of two thousand, ten volatility was actually much higher during the march twenty, twenty turmoil.

ETF Federal Reserve Bank Boston Utah
Boston Fed chief: States' rush to reopen slowed US recovery

AP News Radio

00:50 sec | 2 years ago

Boston Fed chief: States' rush to reopen slowed US recovery

"A Federal Reserve Bank president is criticizing decisions many states meet this spring to re open businesses before getting the corona virus fully under control Eric Rosengren says states in the south and west that allow businesses to re open after just brief shutdowns did register an initial burst of economic activity but spikes in infection rates soon followed in the Federal Reserve Bank of Boston president says those states economies are now lagging behind the northeast with consumers more cautious in bars and restaurants needing to shut down again Rosengren says limited or inconsistent efforts by states to control the virus based on public health guidance are not only placing citizens at unnecessary risk of severe illness and possible death but are also likely to prolong the economic downturn Ben Thomas Washington

President Trump Eric Rosengren Federal Reserve Bank Boston Ben Thomas Washington
Boston Fed chief: States' rush to reopen slowed US recovery

AP News Radio

00:50 sec | 2 years ago

Boston Fed chief: States' rush to reopen slowed US recovery

"A Federal Reserve Bank president is criticizing decisions many states meet this spring to re open businesses before getting the corona virus fully under control Eric Rosengren says states in the south and west that allow businesses to re open after just brief shutdowns did register an initial burst of economic activity but spikes in infection rates soon followed in the Federal Reserve Bank of Boston president says those states economies are now lagging behind the northeast with consumers more cautious in bars and restaurants needing to shut down again Rosengren says limited or inconsistent efforts by states to control the virus based on public health guidance are not only placing citizens at unnecessary risk of severe illness and possible death but are also likely to prolong the economic downturn Ben Thomas Washington

President Trump Eric Rosengren Federal Reserve Bank Boston Ben Thomas Washington
Fed's Kashkari calls for 6-week economic shutdown to control coronavirus spread

Business Beware

00:35 sec | 2 years ago

Fed's Kashkari calls for 6-week economic shutdown to control coronavirus spread

"President of the Federal Reserve Bank of Minneapolis, called for a nationwide economic shutdown of up to six weeks to get the Corona virus pandemic completely under control, warning that the rest of 2020 could be much worse than America has experienced thus far in the New York Times op Ed, he wrote, the next six months could make what we have experienced so far seem just like a warm up to a greater catastrophe. With many schools and colleges, starting stores and businesses reopening and the beginning of the indoor heating season, new case numbers will grow. Quickly using information from the Center for Infectious Disease Research. President

President Trump Federal Reserve Bank Center For Infectious Disease New York Times Minneapolis ED America
Black Owned Small Businesses Disproportionately Hit by COVID-19

WBZ Afternoon News

00:28 sec | 2 years ago

Black Owned Small Businesses Disproportionately Hit by COVID-19

"Report finds that Cove in 19 has hit black own small businesses disproportionately a new study from New York Federal Reserve banks as black owned businesses are twice as likely to fail as the virus crisis continues. The biggest reason. Many black owned businesses are heavily concentrated in cities that have been hardest hit by the pandemic. As a result, scores of black barbershops in salons, restaurants and specialty boutiques have been forced to close for good.

New York Federal Reserve Cove
New York Fed: Black-owned business hard hit by pandemic

The Conservative Circus

00:46 sec | 2 years ago

New York Fed: Black-owned business hard hit by pandemic

"Owned businesses are the least and black owned businesses, the most affected by the Corona virus pandemic. So, says a new report from the Federal Reserve Bank of New York. The overall number of active business owners fell by 22% from February to April, the largest decline ever. But for black owned businesses. It was almost twice as bad. 41% folded for Latino ex owned. It was 32% Asian 26% but only 17% of white business owners went belly up. The main reason cited in the study. Black owned firms are more likely to be located in Koven, 19 hot spots, the Paycheck protection program reached 20% or less of eligible firms in states and counties with the highest densities of black owned firms. And black owned businesses had smaller financial cushions and weaker banking relationships before the pandemic even hit

Federal Reserve Bank Of New Yo Koven
"federal reserve bank" Discussed on KLBJ 590AM

KLBJ 590AM

06:24 min | 2 years ago

"federal reserve bank" Discussed on KLBJ 590AM

"It would seem to me the president and his people are going to take credit for that and can point to statistics from the Federal Reserve Bank of Atlanta to say no senator Warren senator Sanders and all the rest it's not just the rich and the wealthy who are benefiting from a very strong economy we have in this country right now Dave's in San Marcus on kale BJ hello Dave I'll have a lot of our our great thank you so I understand the spam what you're saying by talking about their think I'm close to legalize drugs yeah but a judge is the one that told the des Moines register everything should be decriminalized right and I guess a little background I've been in the field for probably thirty years or so was a professional dealing with addicts and everybody everybody family and friends that they affect okay was great to hear from you on this topic what are your thoughts my thoughts are I think that's a great idea really look historically whenever we have tried as a as a country government legislature to curtail alcohol or drugs and I go back to the inn on the prohibition and starting with Nancy Reagan just say now it's never worked in it won't because there is there's a ten or eleven percent of the population who will always want to find a way to feel different than they do normally and when they find that way whenever it's master or or coke or alcohol they won't do anything to continue using it because they gave them some relief in the short term so if that is the case of my promises the case give them the opportunity to do that and and not an environment were somehow it could be watched I'm not sure how much yeah I'm not even sure if I'm correct on that one well I think I'd like to understand Lee as what if anybody in the more Bob I'm more about laws they share let it be out there it's going to happen anyway you're not gonna have fifty percent of the population all of a sudden and then and I'm sure perder time go crazy on drugs it just ain't gonna happen because you can get it wherever you are where do you think you can get it you can get it so if you want to is there well they let me say I respect your opinion given your background of what you've told us how long you been in the business so to speak but I mean heroin cocaine I am in two years and I'm still not sure banner so like you're not sure either you said you know put in some place where they could be watched and and let it go I I I don't know how that works in this country because I don't either yeah but I don't know how it works either I mean these hard core drugs like this I mean I see these reports of they're they're looking to legalize shrooms mushrooms hallucinogenic mushrooms out in California day does that sound like a good idea to you I thank all of it is worth of I try I don't see like I said before if the addicted person or the person who wants to use these drugs the abuser wants to use them they will find a way of doing it so all we're doing by making them illegal is creating a hell of a market for everybody who wants to be on drugs you can find a way you're gonna get it it's coming in from all over the world if you make a legal I got a feeling without great restrictions you know like legalizing marijuana in California is currently we've referred to as the people that live there as a joke the legal market is booming right I've I've read about that idea well Dave thanks were were up against the the clock here I I appreciate your thoughts and and we'll see now this message from the P. but a judge resonates on decriminalizing I got to work this in real quickly because I said I would at the top of the show a democratic senator Chris van Hollen from Maryland was on ABC yesterday with the Jonathan Karl and that he was talking about the prospect of a Senate trial and how's it going of take shape and what's it going to look like and how the Senate Republican should be a part of that and so forth here's what he had to say but if you want to call witnesses it it this trial you're going to need at least for Republicans to join all the Democrats are you talking are you seeing any other signs of Republicans breaking ranks well John that's the entire reason we're focusing on the importance of a fair trial and all Americans I think understand that a fair trial means you get to call your witnesses and the centre McAllister put her finger on the big issue right is senator McConnell the Republican leader gonna try to rig this trial are right from the start working in lockstep with the president as lawyers or is he going to allow a fair trial which your own ABC poll showed the seventy percent of Americans say that that requires witnesses and documents so that's exactly why were having the conversation there were having over these weeks of because you know we keep hearing president trump say he's gonna be exonerated look if you have a rate trial there is no exoneration in a quick are you are you seeing the narrative here if the trial doesn't happen like the Democrats wanted to there will be no exoneration for president trump and and a part of that interview we also said the Senate Republicans who support not having witnesses and so forth they are complicit in a cover up there you have it the democratic narrative when the smoke clears on all this a lot more to talk about Rush Limbaugh is coming up next and we'll be back with.

president Federal Reserve Bank Atlanta senator Warren senator Sanders
"federal reserve bank" Discussed on C-SPAN Radio

C-SPAN Radio

04:39 min | 3 years ago

"federal reserve bank" Discussed on C-SPAN Radio

"Huey long was a fascist demagogue a lunatic. A crook a swindler he was the pits. He was the worst most rotten kind of human being that you could imagine Broderick Crawford for trail of him. And all the king's men makes it seem like he's kind of an okay guy like that. There's like a good person struck. No, no, just bad just as strictly bad mammal. But if we think about we're tracking this now through the nineteenth century into the twentieth century. We're moving forward. It's still about what it's about money. They've got it William Jennings. Bryan, teddy Roosevelt and Huey long. It's all about a chicken in every pot a car in every garage. Every man a king. We're gonna take the money from the people. What's got it? And we're going to give it to the we're going to give it to them who ain't that's what we're gonna do. And it's very straightforward. And if you have four panics followed by a worldwide, depression, it turns out economic populism cells, okay? Right. But then something changes in his name is George Wallace. And what changes is that? We've got a Federal Reserve Bank. We stopped having we want. We want to World War back to back World War champs. We want to world wars we established a Federal Reserve Bank. We quick having panics. We haven't had a major we had a panic in two thousand eight but that was mostly like a sort of a no offense to millennials. That was like an existential. Like, are we what are we really anymore? I'm not anti millennial. Anyway, I am promo lineal, and they will save us. I don't think that went off. That was probably a mistake. But I do want to I do want to turn this corner. Because I think it's important because I think I think it's what we're struggling with right now. The first time George Wallace rain for the governor governorship of Alabama. He ran as a Huey long populist. He borrowed lines from William Jennings Ryan and Huey long, and the message was we're going to take that money from those rich people, and we're going to give it to everybody else. And he lost. He got crushed. And he said after the fact he said that I will never get out and word it again. He had been for Alabama of the nineteen fifties. Pretty progressive on race. He served on the board of the Tuskegee institute. He had a reputation in his courtroom for basic, fairness treated African American lawyers and defendants with dignity. Well, you better believe that his opponent use that against him and beat him with it. And he made a decision that in there that day. That from then on the virulent racism that was dying out was gonna come back, and he was going to own it. And he was going to be the one he would use it. And you know, what he found it was enormously powerful. And it wasn't just powerful in the south reasons of a cultural kind whether it was strictly about race in some places like Boston or Milwaukee it was about bussing in about those actions. But a general sense that the old order of things was falling away that the old order was threatened. And of course, if you were living in nineteen sixties America, the old order was very much threatened right people who were not allowed to vote before voting. Now, people who are not allowed to be in these places were allowed to be in other places. But also young people were disrespecting their elders. There were things the things that we count on the institutions that social capital that we count on. We started cashing in and to a lot of negative concert. Quences? Is that my phone? Now. If it I'm glad it wasn't more embarrassing. If that was what was playing. What he found out was that cultural populism is even more powerful than economic populism, especially in a rich country. If your grievances cultural. Well, if you're ravens his economic once this panic is over and once the recession ends cool. I'm good. I'm back to calming down. But there's never an intuitive. It's cultural grievance because do you feel alienated?.

Huey George Wallace William Jennings Alabama Broderick Crawford Federal Reserve Bank William Jennings Ryan Bryan Tuskegee institute ravens teddy Roosevelt America Boston Milwaukee
"federal reserve bank" Discussed on KCRW

KCRW

03:33 min | 3 years ago

"federal reserve bank" Discussed on KCRW

"The president of the Federal Reserve Bank of Dallas. And he said on Bloomberg that. You know, maybe the central Bank got a hold off raising interest rates for a bit. And also that maybe the fed oughta think about slowing down how quickly it's ringing its balance sheet, which is a it's a ledger if you will of its assets and liabilities a ledger that we ought to say in the middle of the financial crisis. The fed really expanded as it bought bonds and mortgage backed securities to give the economy a boost because we usually talk about the fed and interest rates, we figured it would be a good idea to look at this other tool, the fed has and how it uses it to control the economy, Victoria, Guido covers the fed for politico. It's good to have you on. Thanks. So what is it about? What Robert Kaplan? The president of the Dallas fed said today that has people looking at it and going so the set has been shrinking its balance sheet, they call it kind of on autopilot. And what that means is up to fifty billion dollars a month worth of bonds are rolling off the balance sheet maturing without being replaced, and the fed did that sort of deliberately because you know, back in two thousand thirteen markets kind of freaked out. The first time the fed said that they were gonna stop buying bonds. And so the fed is very aware of the fact that markets are very sensitive to changes in the balance sheet. So as long as the fed is sort of doing this on a steady schedule, they feel like markets know, what's coming in that it's not going to be a scary. But that is affecting the whole system because basically means that the said is no longer as big of a player in the market, and it's making markets. Let me get you to explain the the actual mechanics here when the fed goes out and buys bonds. It is putting liquidity into the market that is it's putting cash into the market, right? And what does that do it pays for that bond with cash rent? It pays for that bond with cash that wasn't already in the economy. Abc cash into the economy. And now when it says as it has for the past five years, we're going to stop doing that. In fact, we're going to let some of those bonds expire that is doing what it's taking cash back out of the economy. And so you know that affects you know, maybe how easy it is to get alone. Because you think about it. There's there's more cash out there in the economy banks are more likely to lend it out if there's less cash, they're less likely to do that we just sort of the point right? But the Fed's monetary policy is entirely based around, you know, loosening or tightening credit conditions, depending on what's happening in the economy. Right helped me last thing. And then I'll let you go. Help me understand the relationship between the Fed's balance sheet, and what it's doing with that and the federal funds rate, which is the interest rate that the fed controls directly, and which gets so much attention every time Jay Palestinians up in front of a microphone after the fed me. Right. That's actually really interesting part of this is the fact that interest rates completely differently now than it did before the financial crisis. So basically because the fed bought trillions of dollars worth of lawn. There was way more cash them. And so, you know, the federal funds rate used to be banks lending to each other. But because there's so much cash in the economy banks don't really need to do that anymore because they all have enough of it. And so now the way that the sets interest rates is by paying bank's interest in raising the amount of interested at pays those banks on cash deposits at the fed. And so, you know, one of the main reasons why the fed did that was to affect long term interest rates, and then at federal funds rate is sort of how it sets short-term interest rates, basically as the balance sheet shrinks that affects interest rates over the long term. In addition to interest rates over the short-term, Victoria Guido. She does financial.

fed Dallas Victoria Guido president Federal Reserve Bank Bloomberg Robert Kaplan Victoria fifty billion dollars five years