35 Burst results for "Federal Reserve Board"
What Bitcoin Did
"federal reserve board" Discussed on What Bitcoin Did
"Life, stolen away from you. And to me, that's immoral. That's why I think it's important that we spread this message about what Bitcoin is as far and wide as we possibly can. How does fear money lead to distortions? Yeah, so Fiat money leads to distortions in society because of mala investment largely. So when you have a dollar that's constantly inflating. Basically, you can think of this as like, oftentimes, you know, currency can act as a proxy for measurement. So if I put money into XYZ investment, and then I'm using the dollar as the unit of account to track it over time, and the dollar is continually inflating. So suddenly my calculations get all wonky. You can sort of think of this as like, if you were to build a house and every night, somebody would come in and add inches or centimeters to your tape ruler, and then every time you tried to measure the house, you got a different measurement. Well, you look at the house when you were all done putting nails in the wall. And it would look like something out of an escher painting. It would be all topsy turvy. You know, it would have weird angles, things wouldn't match up things wouldn't join. And so when we have this level of mal investment in the economy, essentially what we're seeing is that it's very difficult for individual actors and actors in aggregate to get a sense of what is the appropriate amount of investment or how much something is generating or what is their return on investment. And also most people are in an effort to store their wealth into the future. Most people are forced into investing, and they're forced into investing in broad market index funds, they're forced into investing in. They go further out on the risks of the risk curve and they invest in things like monkey JPEGs, or what we colloquially refer to as shit coins and the Bitcoin space, you know, things that these junk monetary units that basically have. Or, you know, for instance, like Michael Jordan rookie cards or, you know, every time you see a new wave of monetary stimulus, there is a new wave of money chasing wealth preservation essentially. And this chase causes assets to inflate. And people without assets get further priced out of the economy. So every time there's about a monetary stimulus, the rich get richer and the poor get poorer because if you don't have assets, you're not taking advantage of those. So how do Bitcoin and fear incentives differ? If you think about the way that money is structured, when you have something like the Federal Reserve board, which you have as
CryptoGlobe
USDC Regains Its Peg After U.S. Treasury Department Says Depositers of SVB Will Be Made Whole
"11 p.m. Sunday March 12th, 2023. USD C regains its peg after US Treasury Department says depositors of SVB will be made whole. On Sunday March 12th, the crypto market had a great to reason to cheer after U.S. Secretary of the Treasury Janet L Yellen, Federal Reserve board chair Jerome H Powell, and FDIC chairman Martin J Greenberg released a hugely important joint statement. As you probably already know, on Friday March 10th, Silicon Valley bank, SVB was.
Bloomberg Radio New York
"federal reserve board" Discussed on Bloomberg Radio New York
"Markets are wrong. Well, so let me say these are all of these numbers that we're throwing around here are conditional on incoming data and what happens. So we never say this is what we think will happen. We make a tentative forecast and then we let the data come in. For example, if the data were to continue to come in stronger than we expect, and we were to conclude that we needed to raise rates more than is priced into the markets or then we wrote down at our last group of forecasting December. Then we would certainly do that. We would certainly raise rates more. So today, for people who aren't familiar with the FOMC, who is actually is on the FOMC. So the U.S. 5th Central Bank consists of a board of governors here in Washington. There are 7 governors, those governors are nominated by the president and confirmed by the Senate and we serve terms that are not synced up with the election cycle. So we're independent. There are also 12 reserve banks around the country, which have a degree of independence, and so each reserve bank is led by a president who works there full time, all 12 of them sit on the FOMC. So that's 19 people sit on the FMC. So it's quite a large committee, of which 12 vote in any given year. The reserve bank presidents vote on a rotating basis, except New York, which votes every year. So when you vote, do you vote at the beginning of an FOMC meeting and then just kind of have discussions afterwards, or do you wait till the very end, and then you vote? No, we vote at the end. I mean, the FMC meeting process takes more than a full week. I'm talking to all of the participants all 18 other ones. And staff has sent around memos and there's something called the teal book, which is the staff's assessment of the economy and international economy and monetary policy and all that. Then we have an extensive discussion on the morning of the first day about the economy. Everybody talks about that. On the second day, we talk about monetary policy. And then we vote on monetary policy around noon on the second day. So does the chairman of the Federal Reserve board speak first and say, here's what I think. Or does he wait until the end and say, well, thanks for what you think, but let me tell you what I think. What do you do? Different chairs have done it different ways. And so I've tended to do what my immediate predecessor did, I think. Well, this is what I do. I speak last on the economic go around. So everyone else talks about what they think about the economy and in their district, for example, if they're reserved bank president. And I listened to all that and then I give my comments at the end and I kind of sum up what people have said. And then I speak first on monetary policy. So that was your own pal, speaking to Bloomberg, the nuts and bolts of what happens over those two day meetings, Federal Reserve chair Jerome Powell's conversation with Bloomberg coming up next. We'll give you an update on the markets and our top stories and our interview with the CEO of Mila mask. That's next. Economic. And now another no brainer money saving tip from progressive. It looks like your luggage is over 50 pounds. Is there anything you can take out? Oh, yeah. Let me just toss all these $20 bills. Great. Let me
The Trish Regan Show
Joe Biden Seems to Think He's "Curing Inflation"
"May see some market trepidation this week. I would expect it by the way I am not exactly what you would call a bull in this sort of economy, even though some people are like, oh, you know, it's great. Inflation is coming down. You know what? It's not. It's not coming down fast enough. We got the consumer personal expenditure index, which I don't even think is the right way to be looking at inflation. I really don't. There's some idiosyncrasies about it that would not make it my favorite metric if I were on the Federal Reserve board of governors to be looking at, but nonetheless, this is a thing that they watch, and it's at 5%, so they're like, oh, that's great. Well, let me just say, again, because it's not my favorite metric. If you were to actually look at this on an apples to apples basis and you went back to the early 1980s, when Paul Volcker had to raise rates so aggressively in order to contain inflation, what you would actually find is that we're much closer to roughly 14 percent. Inflation just like we were back then. And guess what else? We got all kinds of international problems. I mean, the balloon thing, this is a whole other level stuff, but nonetheless, back then, we had the Middle East crisis, and so as a result of that, you had escalating oil prices, which we have a little love today. We also have escalating food prices, leading us very much into a stagflationary style in environments. So be prepared Tuesday Tuesday night, we're going to hear from the president of the United States who's going to tell us, oh, everything's great. I mean, he actually is either stupid enough or delusional enough or deceptive enough to have sat there with a straight face on Friday and have said this about inflation. For any blame for inflation. Should you just the president? By taking blame inflation, no. Why not? Because it was already there when I got here, man. Remember what the economy was like when I got here? Jobs were hemorrhaging. Inflation was rising. We weren't manufacturing a damn thing here. We were in real economic difficulty. That's why I don't. Thank you. Okay, I just need to set the record straight on that. They're really irritates me. When people just so blatantly lie about things like the economy where we actually have metrics that we can go back and look at, including, of course, inflation. 1.4% inflation. That's what we had when Joe Biden came to office. But then he added his third stimulus check. I mean, we'd already had two from the federal government. I warned it was too many. Tuesday stimulus checks. Plus all that the Federal Reserve was doing, we certainly didn't need a third one, plus more money printing from the Federal Reserve. It was absolutely absurd.
WTOP
"federal reserve board" Discussed on WTOP
"A Honda SUV. So your local Honda dealer, 1241, now the Federal Reserve board raised interest rates again this week, although by a smaller amount than before, just a quarter point increases time, bank rate senior economic analyst in Washington bureau chief Mark Hamrick joined WTO Sean and Hillary to talk about how Wall Street did not tank on the news. This especially is fed chair Jay Powell talked about dropping inflation. Yeah, it's a little difficult to equate the directions of the market with sound logic sometimes. And we can always piece those pieces together like a crime scene investigator. I think the best explanation I can give you. Having attended the news conference myself is that I think investors, at least many institutional investors are continuing to bet that the Federal Reserve is getting very close to the point at which it will stop raising interest rates. But chairman Powell and his colleagues kept to their language that to say that ongoing rate hikes will likely be warranted and that's their way of the financial markets won't get too far ahead of them, but I think if we saw when we look at what happened with the stock market Rowling, they might be losing that battle to some degree. Now, how do we look inflation wise these days? And along with the economy because we are getting so many mixed signals about where we stand right now. Well, as chairman Powell said many times, inflation with goods, the things that we buy sort of retail or online. And that includes obviously gasoline has been at the top of this natural gas prices have come down. Markedly, the price for goods has now sort of has a minus sign in front of it on a monthly basis. But he's most concerned about how the cost of housing will feed into the inflation equation and he believes that there's still more inflation. You have to come there. And so they don't want to signal or also they just don't simply want to take their foot off the brake at this point in the sense of giving that signal that they're ready to stop, even though many investors and observers think that indeed they will not be raising rates. Let's say in the second half of the year if things perceive somewhat close to what we expect. Is there anything else that really struck you? I think he was really trying to be ambiguous. And that's partly because they've got 6 weeks between meetings and the data could turn out much differently over that period of time. I think for people listening, still need to stick to your personal financial gun, that means continuing to save for emergencies save for retirement, pay down debt, the cost of debt, particularly for credit cards, is going to go above, and annual rate of 20% here in the next few months. And so that's quite expensive and we need to try to avoid taking on that costly debt. That's been great senior economic analysts in Washington bureau chief Mark Hamrick, with us on Skype. Coming up on WTO P jackets priced it up to $1800 in now a hot item in our area, but not in a good way. We'll tell you about a 1244. This
Bloomberg Radio New York
"federal reserve board" Discussed on Bloomberg Radio New York
"I think the data today would really surprise everybody and China's economic activity improved in December despite these COVID exit waves that we're dealing with and large swaths of the population getting COVID. I think pretty much due to better retail and service sector, even though most of the growth came from food. I think the nasik is quite clear here that China's economies already passed that turning point in Q four. And I think it's going to continue to strengthen. Why we're not seeing markets rally more. And I think the reason for that is basically the fact that TBC is probably not going to drop rates given the strength in this data. And that's probably hurting the near term outlook. Especially around the growth because a lot of people are hoping that we see some policy stimulus that add on to the reopening narrative. And this is getting pushed back a little bit in my view today. So do you see the China rally being done for now or what will be the trigger that could set it off again? Well, I think the data is good. I think we're going to see a little bit of debate as to where we go from here. I think obviously the markets clearly will move on growth. And this is a big impulse because when it comes to stocks when it comes to currency, proverbial proof always lies in the data putting. And I think we're getting that right now. But I think we're seeing a little bit of profit taking again on the less impulses coming from the PBOC. I also think there's some concern here from the Federal Reserve board, especially after BLV governor Bailey yesterday suggests that this China reopening could expand inflation claims. I think this is a possibility, especially if we see an upsurge in commodity Goldman's right on this. I think the fed the Federal Reserve board is going to be back under the gun again. Suggesting that they may have to keep interest rates higher for longer to stem the inflation powers from commodity price up search. So there's a lot of stuff that's been moving parts that are going on here at the could actually prevent the rallies from continuing. But if we look at the market in the broader sense right now, I think the market's in a pretty happy zone right now, given the fact we're seeing this drop in U.S. inflation. We're starting to see growth pick up in Europe, we're starting to see obviously growth pick up in China. I guess the only worry is if this growth actually translates into higher inflation, that's something we'll have to deal with probably as we progress through the next several months? Yes, very interesting. The change in tone coming into the new year, Stephen, thank you so much for being with us. Stephen Ennis is managing partner for SPI asset management, lovely to have him on the program. Let's get a bit of a news briefing now with Bloomberg's leann garands. Caroline good morning and thank you. China's economy grew at the second slowest pace since the 1970s last year, GDP growth slowed to 3% in 2022 as a country doubled down on its now abandoned COVID zero policy, but the future does look brighter in the fourth quarter the economy expanded by 2.9% and that was from the year earlier. Here in the UK more than 100 applications from 76 companies have been made to look for oil and gas resources in the North Sea, the liters are the first step in a process to potentially develop new fossil fuel resources the government says this is key to improving energy security after Russia's invasion of Ukraine and also staying in the UK property sellers have lifted house prices for the first time in three months, according to the property portal right move, list prices increase their .9% this month after declines in the previous two months. Buyer inquiries are enjoying the biggest new year's bounce since 2016, however, the latest figures do contrast with data from lenders showing prices are falling. 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 Leanne guerin's, this is Bloomberg, Steven. Leann, thank you very much for that coming up next on daybreak, Europe will bring you our interview with the Euro group president Pascal donohue who says the Eurozone's likely to avoid recession this year
Bloomberg Radio New York
"federal reserve board" Discussed on Bloomberg Radio New York
"Just perfect to speak to you this morning. Thank you for joining this micro analysis of data post pandemic. Have you ever seen anything like it? You mentioned Alan Greenspan and he loved getting into the details of the data. So the fact is the Federal Reserve board building is pretty big and it's stock full of economists and they look into the details of all these reports. I think that the fed chair pal has been extremely transparent about a very specific mechanism about inflation. The super core or the pals power core really getting down into the third level of detail. I want to make clear John, we need to continue to look at these markets. They're narrow moves, but nevertheless we were green on the screen with a real plunge down and John just as mister Reinhart gives us wisdom. Boom, we come right back. It's interesting to see the FX moves as well. That's a 2% move on Dolly enter, which I think is what you were looking for. Yes, thank you. I missed it. We're now below one 30. One 30. What's stronger and stronger in there in a Euro dollar one O 8 will continue to look at those major pairs here with Vincent Reinhardt as Mike McKee dies deeper into the CPI report. Vince reinhard, is this inflation completely pandemic induced or do we have issues that harken back to when your lapels were wider? So I never wore that wide little pedals, Tom. But I think the answer is, why is Jake pal going into the details? Because it's the mechanics of inflation that have been worried inflation is embedded in the persistent part of the basket that households consume that services less shelter. That might keep mentioning that Jay Powell keeps mentioning that shows up in all those speeches. And in some sense, yes, we got an inflation report exactly as we expected. We also got to remind her that the labor market is running pretty hot. From the fed's perspective, aggregate demand has momentum. That's putting pressure on resources. That will put pressure on wages and therefore in prices. Maybe not this month on prices or wages, but the mechanics are there. The mechanism that you worry about inertial inflation is there. Ryan Hart, in orphanage and others from another time looking at the long-term will continue with Vincent Reinhardt at Dreyfus and Mellon, looking at the micro short term as Michael McKee, you're diving into the pages and pages of data, Michael. What do you see? Yeah, looking at the core services ex housing, which, as I mentioned, you take out the owner's equivalent rent and rent of shelter. And it is up by two basically 25 basis points. Which is a little bit higher than that BLS number that we gave earlier. Rent of shelter rose 8 tenths, which is more than last month, and rose 8 tenth in terms of primary residence, which is the same as last month. And then owners equivalent rent, up 8 tenths. A tick higher than the prior months. So we're still seeing the impact of higher home prices in higher rents in the CPI report, which is what Jay Powell's tried to take out so they can get a cleaner read on where core inflation is. It's all a witness. The market story of the day without a doubt, equity future is just about unchanged on a S&P 500 in the bond market. You've got this drop away. Just falling away now at the front end of the curve again with down 5 basis points on a two year to four 17. They're looking to hike again over at the Federal Reserve. There's two year keeps on rallying. Your two year ten year spread still about 66 basis points and no real drama there. But in the FX market, here's the move for you on Dolly Yang, Dolly and briefly breaking through one 30 with some yen strength that was a 2% move. It's now 1.7% move. I can tell you, just before the print, and after the print, you're a dollar had a look at one O 8. Now back Tom to one O 7, 73. I'd also look at Mexico with some Mexican strength and renminbi to four digits 6.7375 strong yuan as well. Vincent Reinhardt with us and thrilled he could join this morning. Vincent is there an underlying theory at the fed or are they literally making it up as they go? Is there oaken? Is there Phillips? Is there Taylor? Is there Reinhardt or are they flying blind? They're doing the best they can and it's actually pretty conventional inflation has a number of parts to it. John Williams talks about the inflation onion. We've gotten a good news on the outer shells commodity prices off energy prices in particular awful lot. Next shell in goods prices are doing better because supply chains of men did market economies work and shift resources around. Their worried about the core, they're worried about the inertial part of inflation that is importantly gets embedded into contracts that are written at different times and so it's a slow slog in which inflation has built and they're worried it's going to take a while for it to come down. So yes, I think markets got what they expected, even though they were hoping from good, even better news, don't try to get between a rally and reality, but the reality is, look at the details and the details are supportive of two of the three planks to the story that they rely on. Momentum slack. Maybe not so much right now wages and prices, but the other two things are the reason you worry about future wages and prices. It's a run hunt there. I thank you, Vince, as always. Equities down about a tenth of 1% and no real drama here into the bond market, a bit of a rally at the front end yields lower there by three or four basis points. Just putting a little bit more pressure on the U.S. dollar. Coming up in the next curve Bianco research on some of these moves and what it means for the fed Priya misra of TD, TK will throw some libor in there for you. Okay. Please do Jonathan gulliver. Next stop for this market. Earnings tomorrow morning. Yeah, which matters. I'm sorry, Mike Wilson's nailed this Morgan Stanley. This time, it really matters. I will say, hey, Mike, that was great. Thank you, Mike. Appreciate it. Might be the key is going to try to answer. That's kind of you, okay. I'll see you in about 20 minutes. Okay, Tom. That was great. A lot of people messaged me this morning. I wanted to know what was in that tank a little bit earlier on. I send you the corks from New York. This is Bloomberg.
WTOP
"federal reserve board" Discussed on WTOP
"Obviously a blow for President Biden's debt relief plan. It's a safe bet that the Biden administration will appeal this ruling to the Supreme Court. The court is already considering a similar challenge to the program that started in the 8th circuit. That is legal analyst Jessica Levinson. Well, the Biden administration and Congress are moving to prevent a railroad strike correspondent Nora O'Donnell with that. The house has voted to block a potential railroad strike that could devastate the nation's already fragile economy. The bipartisan vote forces rail companies and workers to accept the agreement The White House helped negotiate in September. That includes a 24% raise over 5 years. Lawmakers took a second vote to add 7 days of paid sick leave to the agreement. They'll now move to the Senate end. If approved will be signed by President Biden, who called on Congress to intervene. And also very much tied to the nation's economy a signal from the chairman of the Federal Reserve board that its next major interest rate increase will be somewhat smaller than the last few taking a look at that CBS News business analyst Jill schlesinger. The fed is likely to raise interest rates by a half a percentage point at their meeting on December 13th and 14th, and unless the inflation comes down substantially, the fed is going to be forced to keep these rates higher for longer. But in the short term Wall Street took the view that the cup is rather half full, jumping on what it considers good news and the indexes were up pretty sharply, all of them at least 2%. CBS News correspondent David Martin tonight reporting The Pentagon is considering training 2500 Ukrainian soldiers a month on bases in Germany. This with Russia's invasion and war in Ukraine now into month ten. And hundreds of students worn together inside the university of Idaho Wednesday night, family members of four slain classmates urging them to raise their eyes from grief and focus on love and the future. 40 years plus after the world came to know and fear the aids epidemic activist reverend Jimmy Gibbs is a gay black man who started his battle against HIV when his best friend contracted aids in the 1980s. He says we've come a long ways, but there's much work to do. Gibbs says though many with the virus have gone from taking a number of pill cocktails per day to injections now the question is, what is aging with HIV look like? Correspondent Allison keyes. This is CBS News. My
The Trish Regan Show
The Worst Is Yet to Come
"This is a challenging time. It's a challenging time for the country, and we have leadership that, frankly, and I'll just say it. You know how I feel on this. We have leadership that has really underperformed, who's running the place. I mean, can someone answer that? Who's running the place? I don't know. I'm looking to The White House for some leadership, but I'm not seeing it. Over and over again, I'm looking to our Federal Reserve for a little bit of leadership. And again, I'm not seeing it over and over again. In fact, I'm seeing quite the antithesis. One of the fed board members Charles Evans was really pretty explicit in terms of how he frightened it all. He went on a network I used to work at and used to host a show on that would be CNBC and said that fighting inflation is the top priority even if that means job losses. Price stability I quote sets the stage for stronger growth in the future. And so in other words, we should be willing to accept and allow for job losses, provided we get that price stability. Okay, buddy, you know what? Fine. So where were you in January? Where were you last year? When you had all the opportunity in the world, you and all the governors in the Federal Reserve board to actually manage this in a way that was responsible that would have accounted for some price stability. They were nowhere. I don't know, maybe they were more worried about whether or not Jerome Powell would get nominated for another term by Joe Biden. You got me.
AP News Radio
Senate approves Michael Barr to Federal Reserve post
"All 7 seats on the Federal Reserve board are now filled for the first time in roughly a decade I'm Ben Thomas with the latest By a bipartisan vote 66 to 28 the Senate easily approved Michael Barr to be the Federal Reserve's vice chair for supervision Its top banking regulator serving at treasury in the Obama administration Barr helped design the Dodd Frank financial regulations after the 2008 financial crisis During a Senate hearing he said he would promote clear rules to govern financial innovation and pledged to support the fed's efforts to reduce inflation He also said Congress and financial agencies should regulate stablecoins to protect consumers from sharp drops and value Stablecoins are a form of cryptocurrency often pegged to the dollar Ben Thomas Washington
The Indicator from Planet Money
"federal reserve board" Discussed on The Indicator from Planet Money
"To better understand the fed's thinking, we're going to start with what's called the taper tantrum. Ah, yes. The fabled taper tantrum. So bring your mind back to 2008. The height of the financial crisis, the fed had already brought short term interest rates down to zero, but the economy still needed a further nudge in the ribs, right? It needed more stimulus. And so the fed tried to do something new. It started to buy up what would eventually become trillions of dollars of assets to help drive down long-term interest rates. And this is what became known as quantitative easing or QE. So essentially the fed wanted interest rates really low. So it bought a bunch of bonds, which meant that those bonds didn't need high interest rates to attract buyers. And those low interest rates were intended to stimulate the economy. But quantitative easing was meant as a temporary measure, right? Something just to get the country through the 2008 crisis. And so several years later, by 2013, some members of the Federal Reserve board, which decides monetary policy, they were getting antsy. And one of the people on that board was Jerome Powell. So him and a couple of other buddies on the board said to Ben Bernanke, look, we got to get back to something closer to normal. We got a real in this bond buying. In a fed meeting in June 2013, drone Powell got even blinder, he acknowledged that, yes, no kind of action was risk free. But these are his actual words. We've got to jump. So he was meaning they need to get out of QE. And so that day because of that pressure that Jerome and his colleagues were putting on Bernanke, Bernanke walked over to his usual press conference in front of the reporters and the cameras. And he announced a scenario for slowing down QE purchases. For tapering off the buying of bonds. And just listen closely to this because this might be one of the most expensive sentences ever uttered in the 2010s. If the incoming data are broadly consistent with this forecast, the committee currently anticipates that it would be appropriate to moderate the monthly pace of purchases later this year. And if the sound so innocent and dull almost..
Bloomberg Radio New York
"federal reserve board" Discussed on Bloomberg Radio New York
"Listeners on vannie Quinn We're back with disorder author Helen Thompson Helen we were speaking of the dynamics that are constraining diversification from Russian natural gas And so I want to quote from disorder you say in 2005 the pipelines through Ukraine still carried around 75% of the EU's Russian gas Well hell and not much has changed as we're seeing Does Russia have the potential to pivot to Asia in particularly China the great consumer In order for Russia to be able to increase its liquid natural gas export capacity then it's going to need capital investment from these Asian countries And that may well happen I think we already seeing some signs of it from Japan and to some extent China as well But liquid natural gas exports from Russia aren't going to happen quickly So I think that in a way it keeps everybody where they are in terms of the supply chains of energy and that means prices are going up so if European citizens want their countries to buy less gas from Russia then the only thing left is really to reduce European gas consumption and we can already see that the juice energy consumption is the direction of travel I don't think that that means either that the Russian gas dependency can be eliminated quickly Is the one way in which something can be done Now the politics of this are really difficult at the moment I think there was at least moderate support for the idea of reducing gas consumption in Europe amongst many people But certainly not amongst everybody and I think some of the people who are advocating it probably haven't really quite understood what the systemic consequences of ending Russian gas imports would be Helen alliances and multilateral institutions I'm thinking particularly of NATO which seemed to be receding an importance during Trump's presidency What happens to some of these alliances in terms of the shift from globalization to economic nationalism I think that NATO is in a different position I think the fundamental difficulty that NATO has faced really comes from the differences in perspectives on the one side like Washington London Warsaw and the Baltic countries and on the other side France Germany Italy there's been very different view taken of the nature of the potential Russian threat and the nature of Russian power and that this is very divisive in the European Union because obviously there are a number of Eastern European European Union states that have got broad with Russia and feel very fearful since the war in Ukraine started And on the other side you had someone like president Macron who I think it was in late 2019 was talking about resetting relations with Russia as a necessary condition for the European project being realized So NATO brings out not only its own internal divisions but also go to the heart of the divisions within a European Union that enlarged eastwards from 2004 I think in terms of the international economic organizations we can see something different I think the World Trade Organization has been on the back foot for a long time now It was I would say largely irrelevant during the U.S. China trade war during Trump's presidency I think there was some difficult questions now for the International Monetary Fund now as we see a number of emerging market in developing countries in considerable currency and financial difficulties as a result of the high energy prices in the rising food prices that have come with them I think the situation in Sri Lanka and Tunisia and Pakistan actually are particularly troubling here As soon as we get into this minefield so to speak we've got the question of like well what kind of international financial credit can be provided to countries and what kind of political conditions come with that and even if the IMF is in a position to provide loans with tolerable conditions to the governments in these countries is we've seen over the last really since I'd say the 2007 8 financial crash how in some ways the lender that really matters in the world isn't actually the IMF but it's the Federal Reserve board essentially as an international lender of last resort And one of the countries that's been inconsiderable financially difficulty and this is back for some time now is turkey So if he's obviously pretty geopolitically significant in this war turkey doesn't have a swap line to the federal reserve board So I think that the really hard question is not particularly practical question of dealing with a country like Sri Lanka but the question of dealing with a country like turkey is in some sense been taken out of the remit of the international financial institutions or at least that's not where the decisive action is You mentioned turkey obviously experiencing runaway inflation in Egypt and another one West Africa not getting food aid and droughts staring places like Somalia in the face I mean it seems like we might be in for a period of extraordinary human suffering that was exacerbated by Russia's war in Ukraine but not necessarily caused by it Anxieties that were underlying many relationships even multilateral institutions and their members seem to be coming to the surface What reckonings need to happen Helen Well I think within the European Union and reckoning is really already happened because quite simply the view in Warsaw is over the view of Berlin and Paris during the course of this more That isn't to say that the politicians in the German government will now do exactly what the polls or the latvians et cetera I want them to do in terms of providing support for Ukraine of the kind desired by the Ukrainian government but it does mean I think that the assumption of German foreign policy going back to the 1970s So going back to the Soviet period has really shattered now I think that during politicians might want to try and reconstruct it But I think they're going to find it extraordinarily difficult to go back to the idea that economic interdependence with Russia is a constraining force on Russian behavior and they are going to have to take the problems of the security of the independent states that sit between Germany and Russia much more seriously than they've done since the Cold War I think in terms of a reckoning we'll generally I think partly what is going on is realization amongst western governments perhaps in particular that the issue of energy and climate can't really be thought of in binary terms We can't be in a position where we're only serious about climate if we're not taking any notice of what's going on with the problems of fossil fuel energy And I think you can see this in the moves that Biden has made is that Biden came in wanted to prioritize climate hope the oil supply and oil prices could take care of themselves and it isn't possible for governments to try demonstrate their climate credibility by disengaging from the issue of having fossil fuel energy strategy That isn't because we don't need to move away from fossil fuel energy but given that we can't do that with any alacrity fossil fuel energy supplies are not going to take care of themselves in the immediate present and the only way in which the pressure is on them right now is reduced is by considering reduced energy consumption Helen Thompson stays with us coming up What if you've had two elections in 16 years where the Electoral College in the popular vote diverged from each other I think that in itself considerable pressure on losers consent Helen Thompson on signs of fragility and representative democracy and late stage capitalism Listeners a reminder do get in touch as always comments and opinions welcome I'm advan Quinn on Twitter or just email vegan at Bloomberg dot net.
WABE 90.1 FM
"federal reserve board" Discussed on WABE 90.1 FM
"We're proposing new arms control measures New transparency measures New strategic stability measures These measures apply to all parties NATO and Russia alike But Biden also says the U.S. will be ready for any situation Russia denies the plans to invade its neighbor despite military exercises and troop build ups on the border Senate Republicans blocked a committee vote today on President Biden's nominees for the Federal Reserve board and pierce got hoarsely reports the move comes as the fed is under growing pressure to address the highest inflation and four years Republican senators boycotted a meeting of the Senate banking committee preventing a vote on 5 of the president's fed nominees Democratic committee chairman sherrod Brown accused the GOP lawmakers of delaying tactics Instead of showing up to work to do their jobs Republicans have walked out on the American people Republicans say they want more information from one of the nominees Sarah bloom Raskin about her work with a Colorado FinTech company Raskin had already drawn opposition from some GOP committee members for arguing that financial regulators should use their authority to address the risk posed by climate change It's got worse than NBR news Washington Wall Street hire by the closing bell the Dow up 422 points that's up 1.2% the NASDAQ gained 348 points that's up two and a half percent The S&P 500 up one and a half percent gaining 69 points You're listening to NPR news From wrap E News in Atlanta good afternoon I'm Jim bur it's 5 32 Atlanta based Norfolk Southern has begun replacing the diesel powered cranes used at its rail facilities with ones that operate mostly on electricity As a male Moffat reports the cranes are used.
The Trish Regan Show
Lisa Cook, Biden’s Pick For Federal Reserve Governor, Has Called For Reparations
"I told you the other day about Lisa cook who is just been nominated by Joe Biden to be on the Federal Reserve's board of governors. This is somebody who supports reparations. How will that would ever work? You got me. But I think what it tells you is that this team, this team in charge right now is all about spending your money. However they can, for political gain, so much so that they would even politicize an entity that shouldn't be politicized. The Federal Reserve board of governors, church and state people, okay? Church and state, but they don't believe in that. They don't
The Trish Regan Show
Biden Fed Nominee Backed Reparations for Black Americans for Slavery, Discrimination
"Cook, Lisa cook is her name. She's an African American woman. And she basically is calling for reparations. I mean, think about think about that. Lisa cook, she's a Professor of international relations and economics at Michigan state university. She has, according to reports, including one that came out of Fox, and they cited some of her comments on a 2020 podcast. She supports race specific financial compensation because the quote injury was raised specific. In other words, people that are black deserved reparations because of slavery that happened years ago. I will quote from the report she Lisa cook, the woman the president wants to nominate for our federal reserve board of governors, said quote, everybody benefited from slavery. Everybody. So I think that we absolutely need some sort of reckoning with that. This is again from a podcast in September 2020. It goes on, quote, one thing I do support is HR 40. I think that's absolutely what needs to be done. She's talking about HR 40, which basically is a bill that is establishing a commission to study and to develop reparation proposals. You want to talk about politicizing and dividing America, you really unthinkable ways. If you were to do something like reparations, that is exactly what you would
Bloomberg Radio New York
"federal reserve board" Discussed on Bloomberg Radio New York
"To help us take a look at what the Federal Reserve has in store for it coming up We welcome now a former member of the Federal Reserve board He is Daniel tarullo Dan thanks so much for being with us It's been one thing to manage the fed It's not been easy I'm not saying when we were losing monetary policy supporting the economy How difficult will it be when Jay Powell gets confirmed as the next chair to really have a very different regime Well David it's true For the first time really in about 40 years inflation is the part of the dual mandate that's front and center If not standing alone at least much more prominent than it has been And essentially what they're confronting here is that had of course a major supply side shock in the form of the virus of uncertain duration with literal variants that keep mucking up people's efforts to analyze when the effects will pass through At the same time they've had an awful lot of fiscal stimulus over the last couple of years And so when you have reduced supply and increased demand predictably you've got inflation of a sort that we haven't seen in some time Now the fed spent most of 2020 telling itself and us that they thought that inflation was going to be transitory because it was grounded in those supply side effects People not going to work not being able to get things around the country and the like Obviously they're not holding to that line anymore And the implicit policy implication of their view last year that they didn't really need to do much is now obviously been abandoned But they now need a new hypothesis as to the trajectory of inflation What will cause it to perhaps recede What will cause it to embed itself and that's really I think the first order of business on monetary policy for the fed this year Do they have as far as you can tell a theory of the case at this point What are they managing this for As they say we have to get inflation down We heard that from both fed share Jay Powell as well as layer brainer this week They agree on the goal but do they have a theory about how to come about with that goal Well they have it I wouldn't have expected that at confirmation hearings They would have put forth a more or less nuanced monetary policy view So I don't know what their operating theory is now But it's surely not just going to be last year's I mean there are several options right They tend to talk about expectations a lot That is well grounded inflation expectations in the public and markets keeping inflation down That's a hard one to judge in real time and nobody really quite understands why expectations change They could dust off a lot of the tools from the 80s They output gap analysis Phillips curve the relationship between inflation and unemployment wage price cycles and try to apply that right now Or they could come up really with transitory version two which would basically say look we think the medium term are longer term disinflationary forces in the economy globalization demographics and the like are still at work and so we don't need to make major adjustments in monetary policy but we do need to make some So those are at least three possibilities of some combination of them But I haven't seen anything yet that would give us a hint as to which particular blend of those notions the fed is going to adopt What's important David though is that they do articulate as you put it a theory of the case so that they can then judge incoming data against that theory and that allows them to make policy adjustments as appropriate Thank you so much to Daniel tarullo of the.
Bloomberg Radio New York
"federal reserve board" Discussed on Bloomberg Radio New York
"The help was take a look at what the Federal Reserve has in store for it coming up We welcome now a former member of the Federal Reserve board He is Daniel tarullo Dan thanks so much for being with us It's been one thing to manage the fed It's not easy I'm not saying when we were losing monetary policy supporting the economy How difficult will it be in when Jay Powell gets confirmed as the next chair to really have a very different regime Well David it's true For the first time really in about 40 years inflation is the part of the dual mandate that's front and center If not standing alone at least much more prominent than it has been And essentially what they're confronting here is that had of course a major supply side shock in the form of the virus of uncertain duration with literal variants that keep mucking up people's efforts to analyze when the effects will pass through At the same time they've had an awful lot of fiscal stimulus over the last couple of years And so when you have reduced supply and increased demand predictably you've got inflation of a sort that we haven't seen in some time Now the fed spent most of 2020 telling itself and us that they thought that inflation was going to be transitory because it was grounded and those supply side effects People not going to work not being able to get things around the country and the like Obviously they're not holding to that line anymore And the implicit policy implication of their view last year that they didn't really need to do much is now obviously been abandoned But they now need a new hypothesis as to the trajectory of inflation What will cause it to perhaps recede What will cause it to embed itself and that's really I think the first order of business on monetary policy for the fed this year Do they have as far as you can tell a theory of the case at this point What are they managing this for As they say we have to get inflation down We heard that from both fed share Jay Powell as well as layer Boehner this week They agree in the goal but do they have a theory about how to come about with that goal Well they haven't expected that at confirmation hearings They would have put forth a more or less nuanced monetary policy view So I don't know what their operating theory is now But it's surely not just going to be last year's I mean there are several options right They tend to talk about expectations a lot That is well grounded inflation expectations in the public and markets keeping inflation down That's a hard one to judge in real time and nobody really quite understands why expectations change They could dust off a lot of the tools from the 80s They output gap analysis Phillips curve the relationship between inflation and unemployment wage price cycles and try to apply that right now or they could come up really with transitory version two which would basically say look we think the medium term or longer term disinflationary forces in the economy globalization demographics and the like are still at work and so we don't need to make major adjustments in monetary policy but we do need to make some So those are at least three possibilities of some combination of them But I haven't seen anything yet that would give us a hint as to which particular blend of those notions the fed is going to adopt What's important David though is that they do articulate as you put it a theory of the case so that they can then judge incoming data against that theory and that allows them to make policy adjustments as appropriate Thank you so much to Daniel to.
Clark Howard Show
"federal reserve board" Discussed on Clark Howard Show
"And when I talked to anybody under age 40, probably similar experience to you, they don't believe in their head, their heart, their bones, their body, they don't believe there will be any such thing as social security by the time they're ready to bag work. And do you believe like they do that this is an old people's program for today's old people, and when they're older, it's not going to be there? Absolutely not. I believe so security is there for today's retirees and future retirees. Now due to long-term funding problems, there will be changes going forward. And I do have some bona fides in this area as well. When I was a Capitol Hill reporter for United press international, back in the 80s, I covered the social security commission on bipartisan reform. You didn't know they hired 12 year olds back then. But they did. And they did some brilliant things back then in 1983. The person who headed the commission may be a name you would recognize. Alan Greenspan, long before he was chairman of the Federal Reserve board, he was chairman of the bipartisan commission on social security reform..
WTOP
"federal reserve board" Discussed on WTOP
"Montgomery county executive Mark elric is concerned about the violence in his county He tells reporters that the county is trying to address the rise in violent crime in Silver Spring I'm going to be working with the council and submitting legislation that will address funding for areas where we currently do not have the budget or tools that we need particularly regarding collecting and managing data which is going to be critical for providing greater accountability It's three 21 two men wanted for felony child sex assault and molestation have been arrested at dulles international airport in just the past week One of them apparently isn't to come apart 31 year old Giovanni Deangelo Rio Monte was arrested on a Montgomery county extradition warrant when he arrived Tuesday on a flight from the Dominican Republic on Christmas Eve a man wanted by Georgia authorities taken into custody before he got onto a plane for Germany both turned over to airport police for extradition Three 21 President Biden could tap a Maryland Democrat for top role at the fed Here's W TOP's Joan Jones The administration is eyeing Sarah bloom Raskin to become the Central Bank's vice chairwoman of supervision The Wall Street turnover reports that's the government's most influential overseer of the U.S. banking system Under president Obama she served on the Federal Reserve board and as deputy secretary at treasury Raskin is married to Maryland congressman Jamie Raskin she believes that the Federal Reserve needs to proactively address climate related events like natural disasters and wildfires with a closely divided Senate President Biden will need every Democrat's vote or support from some Republicans to overcome holdouts from his own party Joan Jones Want to put some money on a bowl game Both D.C. and Virginia have legalized sports betting through mobile apps in Virginia it's already generated over $14 million in tax revenue this year but it'll be a while before that matter of vetting abetting I should say is legal in Maryland The rollout of sports betting in Maryland has been slow in the last few weeks 5 casinos around the state were finally approved to take cash wagers the next step is going to be the mobile vetting as well Maryland governor Larry Hogan says that'll have the most significant impact in terms of generating tax revenue But right now the state still hasn't finalized regulations surrounding mobile betting nor how mobile app operators can even apply for such a license Applications have to then come in and be reviewed and then we go through our normal vetting and qualification process John Morton's the director of the Maryland lottery and gaming control agency So yeah it's going to take several months The hope is by the 2022 football season John Doe and WTO P news It's official Arnold Schwarzenegger and Maria Shriver are divorced And it only took ten years the award winning journalist first filed for divorce in the action movie sorry in 2011 It's not clear why the process took quite this long Shriver and Schwarzenegger were married for 25 years financial details of the settlement kept confidential now because the couple's four children are all grown There's no child support or custody arrangements needing to be taken care of and LA county judge finalized the divorce on Tuesday Just ahead in money news an autonomous tractor trailer makes a first of its kind run We'll tell you about it next It's three 24.
The Charlie Kirk Show
The Biden Inflation Tax With Steve Moore
"We on this show were early, we were right. We predicted it, we saw it coming, which is the inflation crisis. If you go all the way back into the spring of 2020, a year and a half ago, we did an entire hour long program on inflation. What it is and why it's coming to America and why the leaders in charge could only be, let's say, intentionally bringing us towards an inflation curve. This is by no way whatsoever in accident. This is inflation by design. This is in my personal opinion and attempt to try to justify mass immigration to try and give a basis to try and say we need millions and more people. And someone who I know knows this very well is a friend of mine, a fellow chicagoan. Steve Moore, Steve how you doing? Hey, Charlie, great to be with you. Thanks for having me on it. You are spot on. You were right about inflation. I was right on inflation and Joe Biden was wrong. And so was Jerome Powell, the chairman of the Federal Reserve board. And the new numbers that came out this morning show that we're now the producer prices are up 8% in a year. And Charlie, this isn't complicated when producer prices go up. Guess what happens to consumer prices? They just get passed off. 8.6% increase. So can you translate the economic language to really what that means and how significant an 8.6% increases? Well, it means every time you go to the grocery store, every time you go to the gas pump, every time you go you travel every time you buy anything out of Walmart, things are going to be more expensive. And inflation is a is a regressive tax. I love when Joe Biden you've noticed he's not going to raise tax for anyone who makes less than 400,000. Charlie, he already has. Yes. Every time you go to the basket gas pump, you're paying what I call the Biden inflation
Bloomberg Radio New York
"federal reserve board" Discussed on Bloomberg Radio New York
"We make of senator Warren in the past 24 hours on the Senate floor in that speech Bit fast and loose with a couple of words corruption trades conflating trades with rebalancing For someone very well versed in all of this you wonder whether that's disingenuous or a little bit loose A steak may be I will just say without getting myself into too much trouble but probably anyway Congress has a history of also having members who have had trades going out before certain bills have been announced or things like that I mean this is a pretty pervasive issue in terms of how you go about targeting it I would say if you want to come up with a systematic way great If you want to present some evidence great what we're dealing with other Federal Reserve is a perception issue It is not necessarily an impropriety issue as far as any information that we've learned so far And given how big the fed's role is now in markets Tom does this exclude everyone from holding a position at the Federal Reserve Yesterday I mean she put that on Twitter and got a huge response I missed that one later I think it's a really important question Yeah we're my opinion is on this doesn't matter The answer is Lisa voiced what we've heard going back to the founding fathers I just struggle with do you necessarily have a blind trust Isn't there art there are other solutions to allow people who have assets to sell surf in the Federal Reserve board Or have we gotten so emotional about this debate John that were removed from the actual actuality of the issue And just want to feel angry Oh fed bashing is a full-time business Lisa that pays really well right now Some people do that full time It's very emotional Let's be clear about that this Federal Reserve and the conversation around it is incredibly emotional Yields are higher by a couple of basis points one 55 on tens Equity is softer lighter.
Mornings With Gail - 1310 KFKA
"federal reserve board" Discussed on Mornings With Gail - 1310 KFKA
"Yes it one way to look your fascinating with the federal reserve board. They have this morning in the tetons. I have been to state at the grantee. Lodge doesn't get much better net. Keith no kidding really well. They have a big glass window there in the lobby. That shows you the full extent of the teton rains. Oh my gosh. We'll see that on tv when they do that meeting. I think i have a vague memory of seeing that view. It must be breast taking spectacular and they got the money to stay there. It's a little that's no. We're they got our money to stay there her more little bit more correctly stated and that's the annual meeting for the fed and i've heard i'm hearing more and more analysts in fact i just heard one this morning. Say after that annual meeting there'll be clarification of the fed's plan moving forward with regard to tapering off that bond buying that they started doing when the economy's were shut down partnered with a quantitative easing thing and i if when they take away that uncertainty some analysts are saying we could see this market The market take off again with that. Uncertainty removed indeed. It is removed after the fed meeting end of this month and jackson hole wyoming data breath. Got it keith. It's good to talk to you. My pleasure wineman. He's he's the guy vice president more presidential brokerage tell folks get hold of you nine seven zero seven seven six seventy five hundred. That's our office in love. One nine seven zero seven seven six. Seventy five hundred. Let me take a shot at answering your questions any questions. That's something you really good at so love it here again keith. Wind and vice president vice president of presidential brokerage. That's a lot of presidents right. There won't shy also. You can check out their website if you want to presidential management Dot com so. That'd be cool. We appreciate keith. Coming in here. I know gail does as well kinda give us an idea. What's going on in the world of business. Well we we now have to get on to.
The Politics Guys
"federal reserve board" Discussed on The Politics Guys
"So i mean it seems to me that the conservative thing actually truly conservative thing to do right now is to not make any change to hold the course steady especially given that. The fed doesn't know what's going to happen with with fiscal policy given what's going on in congress and so not to not change said. Look we don't what's going to happen with this. We may not know the exact number right but we know it's going to be Certainly north of two and a half trillion probably close to three trillion. And we know what fiscal policy has been over the past year. So you know now again. Don't don't need a weather. Mandatory wind blows. At what point would you say that one of us would have to be able to come back and say i told you so or i was wrong. How long if in six months inflation is back down to around two percent or so then is it. Okay if i if i remind you of this and absolutely and it won't be okay. I'm i'm willing to. I'm willing to ban the side of the federal reserve board of governors. But we will doing sort of an over over under. Yes on infliction okay. So annually adjusted six months from now where we are okay. Okay sounds good. We were visit that but in the meantime. Why don't we move on to our next story at this week. Senate majority leader. Chuck schumer introduced the cannabis administration and opportunity act. The bill would decriminalize merrill on at the federal level. Remove it from the controlled substances act and begin regulating and taxing. It would also expunge nonviolent marijuana related arrests and convictions at the federal level entitled those who are currently in prison on federal nonviolent mural von marijuana related charges for a hearing to reconsider their sentences allow marijuana businesses in states where their legal access to the banking system as well as the ability to write off business related expenses on their federal taxes and as well as earmarking marijuana tax revenue for restorative justice programs in communities that are most affected by what the bill calls the failed federal prohibition of cannabis so jay. Why do you think is it about time for something like this. Do you see it as kind of too much too soon. Too much too soon. I'll maybe it maybe just too much right In terms of of things like the allowing for banks and so forth to deal with this. I think that's that makes sense. Based on where state. Laws are based on legalization And and of other cbd and marijuana light substances i. I don't have a big issue with that the the the the review of all the new hearings for For everyone in federal prison..
Pat Gray Unleashed
"federal reserve board" Discussed on Pat Gray Unleashed
"In line. Sure that cova vaccination at at the walgreens at the store okay. All right good. Good now but if an african-american somehow finds their way to the suburbs. That's the sweet spot where you can figure out how to get online. But if you're trying to dial in from the rural area or the inner city right no can't do but a bypass who is suburban. They may know fighting chance of themselves how to get online all right so yeah you go and you fill out this paperwork and then you tell them. And if you're a whitey then they'll know and they'll say you're not welcome. Yeah what what is happening. Man believable on this course at harvard there. Eight options for race. You can be american indian or alaskan native asian black or african american hispanic or latino middle eastern or north african native hawaiian or other pacific islander. White caucasian yeah and then the red flag goes up because then they know you're all like oh when he comes to pick up his badge deny entry because he told us online. So yeah if you if you check white caucasian you're not getting in. That's right no i. They said that you don't have to have any kind of experience right in the music business to be out there but you better not be white. Think about that. yeah. I don't have. I have no connection to the on. I just want to walk around and talk to people and you know rub shoulders and whatnot. But i am white. Who we had. We were going to you in until you told us that yet. But i'm a virtuoso on the guitar and piano Sorry you do see. The sign says bypass only by this puck by non by beat. It casper yup time to just play. America you are shining right now then over at the federal reserve. Just add a little more shine to the country. They've instructed in place to adopt quote bias free language unquote and avoid using bias terms like founding fathers so biased. According to an internal webpage the federal reserve board of governors issued the guidance for all employees nationwide on april twenty nine bias free language recognizes diversity and avoid stereotyping demeaning or excluding people on basis of gender race ethnic group religion age ability disability or sexual orientation. Try to avoid words and phrases that may be considered offensive pejorative or prejudiced as these can distract your audience from the ideas and information. You're trying to convey. The guidance contains a list of course of bias terms to avoid including blacklist grandfather. Help founding fathers me. don't use terms like denied legacy no you should use denied legacy and founders instead. Okay because we don't we don't want to remind people that there are fathers. I guess or that. The founders are the fathers of this country I don't pat it because there should be founding mothers and fathers the deal is because they may have been non binary the non binary found that. Maybe it is. Maybe it is. The fed also said the terms Whitewashed manpower manmade in singular generic pronouns. Such as he she his and her stuff. We used to make fun of his no government policy. Yeah exactly yeah should be replaced with more bias. Free alternatives like allowed artificial and pronouns. Such as they they there. And there's no. I'm not doing it even before somebody insists on doing that. I don't even just start doing it. Because point seven percent of the of the population again might be into this stuff and are we ever not a democracy where the opposite. We're minority rule here. We're massively minority rule. The fewer people in your special interest group. The more powerful you are you can control the rest of us. The rest of us are just going to bend and break to your will. That's what we're going to do everything that offends you. We're going to eliminate and just remove a from our society even if it's not meant to offend even if you haven't said you're offended we're going to save on your behalf and we're gonna preemptively strike it from civilization. How about that that good. Wow i don't. I can't believe how fast and how far we've come. It is just incredible. It is shameful that the scene among us and are not pushing back hard. We're we're we're incorporating these kind of policies and these ideas of the insane blindly just everybody's falling in line like dominoes. From from the federal government to every corporation in america. Everybody is just falling in line. The line i don't want to offend that train has left the station. You better start offending. Because it's it's pretty much too late this it's getting to that point. We got to stop this nonsense. Speak your mind. There's so many racial streets easier. There is literally racism everywhere. You look highways. The over the last few weeks highways or races words like Founding fathers or apparently racist manmade of courses racist and sex texas yeah We've we've got a hiking. Don't go in the world man you go in the woods. Good grammar is racist. Yeah i and and and the national archives. Racism taskforce quite got a racism task force now the national archives. Yeah yeah they they say. Rotunda is an example of structural racism..
WSJ What's News
Yellen Is Creating a New Senior Treasury Post for Climate Czar
"Secretary. Janet yellen wants to add a new senior treasury post climate czar. According to people familiar with the matter yellen is considering sarah bloom. Raskin a former deputy treasury secretary who worked with yellen on the federal reserve board in interviews and speeches raskin has warned regulators that they need to do more to shield the nation's financial system from the risks posed by climate
AP News Radio
Fed stresses its commitment to low rates as economy stumbles
"The federal reserve is pledging to keep its low interest rate policies in place until the corona virus pandemic is well behind us we're gonna remain accommodative until we actually see improvement in the economy and not just in the outlook and federal reserve board chairman Jerome Powell says the economy will remain at risk as long as the pandemic prevention bars and restaurants at four hundred thousand jobs we lost last month month and that's all because of the spread of the pandemic for its part the fed is keeping its benchmark short term interest rate pegged near zero and we'll keep buying treasury and mortgage bonds to keep longer term rates down he says Congress is relief bills have help too but ultimately getting the pandemic under control getting everyone vaccinated getting people wearing masks and all that that's the single most important economic growth policy Ben Thomas Washington
AP 24 Hour News
Fed keeps rate near zero and sees brighter economy in 2021
"SOCCER MAHOGANY Washington Federal Reserve Board Chairman Jerome Powell says a key interest rate will remain near zero. As the economy continues to struggle. During the pandemic. We will continue to increase our holdings of Treasury securities by at least 80 billion per month. And of agency mortgage backed securities by at least 40 billion per month until substantial further progress has been made toward our maximum employment and price stability goals. Fed officials painted a brighter picture of for the economy next year,
PBS NewsHour
Biden names diverse economic team with four women in top roles to help build recovery
"Group that features four women in top roles, including former Federal Reserve Board chair Janet Yellen as his choice for Treasury secretary. Reporter Jim Tankersley of The New York Times has been following these developments closely. He covers economics for the paper, and he's also the author of the recent book, The Riches of this Land. Jim Tankersley. Thanks so much for being with us again. What do these choices as a group tell you about Joe Biden's priorities What he may do once he takes office. Well, thanks so much for having me Judy. This is a group that is really focused on workers and on labor and maybe one of the most of union friendly groups of top economic advisers. We've seen in the White House in a long time and in particular for policy right out of the gate. It's a group that's going to be very committed on the idea of trying to get the economy up and running as fast as it can as quickly as possible in order to boost worker wages. And it's gonna be not at all shy about pushing additional deficit spending by the federal government in order to get there. And specifically with regard to covert relief, Covad economic relief. Can you tell anything from looking at this group? But what what might happen? Yeah, They've been very clear a number of them from Janet Yellen, the Neera tanden on down on these pics about the sorts of things that need to be done to help. People and businesses and state local governments survived. This pandemic on DAT includes more direct aid tol division ALS. It includes more help for small businesses and in particular age of states and local governments who have big budget holes, But also things like passing pandemic paid leave, You know a program to give family and paid leave. The workers who are on the front lines of code in particular, and I think that you will see all of those policies pushed early on by the biting teeth. So let's talk specifics. Janet Yellin at Treasury, the first woman to hold that job as we were saying, what do we know? Based on her record? What to expect from her. Janet Yellen is a labor economist by training on someone who really pushed the Federal Reserve when she was the chairman of the reserve to keep interest rates low for a long time in order to stoke growth, and I think we'll see more of that out of her hear more of a focus on inequality and unworkable is and you know another thing that she's focused on a lot in the last couple of years is on Tearing down the barriers of discrimination in the economy to help women in particular succeed, and I think you'll see her focus on that as well. It's it's been a big deal for her in the economics profession, but it's something that she is talked a lot about having enormous consequences for the broader economy. And then Cecilia Rouse, who President elect Biden Has said he wants to head his council of Economic Advisers. Not as well, a known name as the others. But so what should we know about her? She'll if she's confirmed, should be the first black economist ahead the Council of Economic Advisers she was on the council under President Barack Obama. She's also a labor economist, ah, real expert in a variety of things having to do with labor and education, and just like Jenna Galan has, as focused a lot of academic work on the effects of discrimination. S O. There are some common themes here with the team. And then there is Tol, the Office of Management and Budget. Neera Tanden, who has been around she's someone who I think is familiar. Too many who watch what's going on in Washington. What do what do we look for? From her? Near attended, runs the center for American Progress, which is a liberal think tank, and she has been on adviser to Hillary Clinton. She's been around Washington for a long time. She is someone who has really pushed on a variety of sort of liberal policy agenda items that is more of a political player than the other two. But I think with Neera Tanden, you will see Ah, focus in the Ownby. If she's confirmed on things like climate change healthcare on you on sort of Not shying away again from running budget deficits. Tosto growth, which is you know a real, I think departure from what many progressives thought they might be getting if I hadn't had appointed someone who was more of a moderate deficit, longer term deficit Hawk Democrat to that position. And Jim. What about with regard to Senate confirmation? These three positions we've been talking about all require Senate confirmation. What is expected for each one of them for yelling for rouse and for Tanda. Well, I think Janet Yellen appears likely to be confirmed. Based on the comments that we've seen in the last 24 hours from Republican senators. She's someone who has been confirmed by the Senate before. So is this is the arrest who I think is like that he converted also in less Republicans find some things in her academic work that they really object to Neera Tanden again as a more political player and someone who's Twitter feed has really offended. A lot of Republican senators may face more opposition and that was signaled by Republican senators in the last day that they don't like that she has taken after Republicans in public comments and so that that maybe get hard for them to confirm her. A lot will depend on whether Democrats control the senator Republicans do after the runoff elections that Georgia in January. And one other thing, Jim. I mean, people look to see the differences between this team and the Trump economic team. Pretty significant difference. Sure, there's just a big difference in how they approach the economy. The Trump team came in with a real focus on how do they sperm or business investment of the economy? How can they do more by taking away regulations by cutting taxes to make businesses happier and get them to spend more money on investments of this team is much more focused on workers. How do they support workers? How do they change regulations or even bolster them? To make it easier for people to work and to make that work pay off with higher wages, so it's just completely different angle at looking at the economy and very different policies that will result Him. Tankersley with the New York Times
Gaydos and Chad
Senate blocks controversial Trump nominee to Fed board
"Nominee to the Federal Reserve has stalled in the Senate after Vice President elect Kamila Harris returned at the chamber to cast key vote. Judy Shelton's nomination to join the Federal Reserve's board of governors is in limbo after handful of GOP senators missed the vote because of covert related concerns. Shelton is a critic of the Fed and was AB was opposed by three Republican senators.
Sean Hannity
Judy Shelton nomination for Fed board stalls in Senate procedural vote
"Of the Senate's blocking President Trump's nomination of Judy Shelton to the Federal Reserve's board of governors, the 66 year old Shelton's one of the president's economic advisors, A couple of Republicans joined Democrats and a procedural vote on moving the nomination to a confirmation vote. The final vote was 47 to 50 51 votes were needed to move the nomination forward and Democrats called Shelton and qualified and said her views are outside the mainstream of economic thought.
The Erick Erickson Show
BREAKING: Herman Cain Dies Of Coronavirus At Age 74 in Atlanta
"A political consultant who worked for Herman? Cain on his twenty twelve presidential campaign is announcing that he has passed away. from. covid nineteen. That's breaking news here in Y'all I'm not confide. This is not. Confirmed other than through Ellen. And I'm Yup. nope. It's IT's confirmed folks. Herman Cain has died of the corona virus. age seventy four. In Republican presidential candidate in two thousand twelve. Herman Cain ran his platform very famously was the nine nine, nine tax reform plan. He had been Fox. News contributor and a newsmax contributor newsmax is confirming his death He was admitted to the hospital on July first two days after being. DIAGNOSED WITH COVA night teen. Ten Days Prior, he had been at the Rally for the President they they don't know where he got the virus. And Herman Cain has now. Passed away He was the President of Godfather's pizza. He. Rose through the ranks He joined coca. Cola. He worked for Pillsbury. He was regional vice president for Burger, King, which at the time Pillsbury owned and then he took over. Godfather's pizza turned around made it a profitable company. And his big issue is marketing. He became the chairman of the Federal Reserve Bank of Kansas City in Nineteen ninety-five He was in the position for twenty months in nineteen in two, thousand nine you'll recall the president renominated him for the Federal Reserve. Board? He ultimately withdrew his nomination. He dabbled in politics in one, thousand, nine, hundred sixty was an adviser to the Bob Dole Jack Kemp Campaign for President He ran for the Senate in two thousand four. He was defeated in the primary by Johnny Isaacson actually campaigned for him in two thousand four. Now he beat colon cancer it was stage four and two, thousand six he was diagnosed with it the and then from two, thousand, eight, two, thousand, seven, of course, he had the Herman Cain Show in Atlanta? On WSB, I was actually hired in two thousand eleven to replace Herman on WSB Because Herman had decided, he was going to run for president and he had been in the line to replace Neil Bortz they needed somebody to replace Herman as a result. So they hired me Herman off and ran for president. He at one point was the front runner for the Republican presidential nomination, and then he the ultimately lost the nomination and came back to radio has has wound down his career over time and. Herman Cain now dead he was a good man. Seventy four years old affected by coronavirus virus. Prayers for his family. And for for those who knew and loved and worked with Herman Cain God. Bless him.
AP News Radio
Fed sees dim economic outlook as virus squeezes economy
"The federal reserve says a corona virus pandemic will act as a drag on the economy for months to come federal reserve board chairman Jay Powell following Wednesday's policy meeting said a key interest rate will remain at just above zero percent as a pandemic continues to be the most compelling factor against the economy a full recovery is unlikely until people are confident that it's safe to re engage in a broad range of activities the fed announced no new policies saying it will continue to buy about one hundred twenty billion dollars in treasury and mortgage bonds each month as a way to inject cash into the financial markets Despard borrowing and spending the fed's overall message is that it will keep rates low indefinitely with the economy in a severe downturn Tim McGuire Washington
AP News Radio
Fed sees dim economic outlook as virus squeezes economy
"The federal reserve says a corona virus pandemic will act as a drag on the economy for months to come federal reserve board chairman Jay Powell following Wednesday's policy meeting said a key interest rate will remain at just above zero percent as a pandemic continues to be the most compelling factor against the economy a full recovery is unlikely until people are confident that it's safe to re engage in a broad range of activities the fed announced no new policies saying it will continue to buy about one hundred twenty billion dollars in treasury and mortgage bonds each month as a way to inject cash into the financial markets Despard borrowing and spending the fed's overall message is that it will keep rates low indefinitely with the economy in a severe downturn Tim McGuire Washington
Bloomberg Businessweek
Senate Banking Committee Approves Contentious Nominee Judy Shelton for Federal Reserve Board
"We begin in Washington. Judy Shelton, President Trump's contentious picked for the Federal Reserve sport of Governors. Was cleared a key hurdle to confirmation by winning the approval of the majority of the Senate Banking Committee. She was back in the party load a party line vote today 13 to 12 committee also voted in favor of Fed nominee Christopher Waller, currently director of research at the ST Louis Fed. His nomination past 18 to
Kate Dalley
Disagreeing With Fed Chair, Trump Again Touts Negative Interest Rates
"Trump is said a bunch of times he wants negative interest rates you know Powell had a press conference today and you basically just laughed at the idea like he was there's like no in every fed speaker in the last week has come out against negative interest rates there's been negative interest rates in Europe and Japan and I would really characterize them as successful their economies are still more bond they haven't been successful in speeding up the economy I would say that they've been a failure trump likes negative interest rates because it likes to borrow money I think it's that simple so the mechanics of how this works is first of all if the federal reserve board to lower interest rates the lower fed funds safe from zero to minus order percent okay so the banks you know like Wells Fargo they borrow on an overnight basis in the fed funds market and they would basically be borrowing and lending at minus twenty five percent so the question is will they pass that along to depositors if they don't pass it along to depositors because basically they're lending to you so if they don't pass it along to the positives and the banks are going to incur a loss so what my guess is they'll probably pass along at some point it's been passed along in Germany in you might have a checking account or savings account that has negative attempt of a percent negative two tenths of a percent interest rates so what that means is is that if you deposit a hundred dollars in your bank account at the end of the year you'll have ninety nine dollars and ninety cents so you know minus point one percent interest rates probably aren't going to change anybody's behavior I mean the alternative is what you could do is you could take all your money out of the bank account this habit is in cash and keep it in your house but that's not really practical I mean if you a two hundred thousand dollars in your bank account now you have two hundred thousand dollars in cash in your house it's worth it to pay the tiny amount of negative interest rates to the bank just so you hold money in the bank there's been some studies have shown that you can lower interest rates to minus three quarters of a percent before cash hoarding starts to kick in many incidentally that's where negative interest rates are in Switzerland there minus three quarters of a percent but it changes it's just wacky stuff it changes everything because if you think about it if you get a cable bill right now from your cable company the cable company wants you to pay fast so if you pay fast they deposit the money in the earn interest on it but with negative interest rates the cable company doesn't want you to pay fast they want you to pay slow they want you to pay as slowly as possible and they want to stick you with a negative interest rates so in a world with negative interest rates everything gets turned upside just totally